IoT Healthcare Market to Reach
$267.6 Billion by 2023
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IoT Healthcare Market
Global IoT healthcare market size is expected to reach $267.6 billion by 2023. The market is
mainly driven by the growing need for remote patient monitoring services, growing demand for
advanced healthcare information systems, increasing prevalence of chronic and lifestyle
associated diseases, growing demand for mHealth technologies, and increasing support from
government organizations.
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IoT Healthcare Market
On the basis of component, the IoT healthcare market has been categorized into medical devices,
systems and software, and services. Among all types, the sales of medical devices were the largest
in this market, accounting for 44.6% share in 2017.
Based on technology, the IoT healthcare market is categorized into Wi-Fi, BLE, NFC, ZigBee, cellular,
and satellite. Among these, the fastest growth during the forecast period is expected from Wi-Fi
technology, with 32.1% CAGR. This is attributed to the increasing adoption of Wi-Fi gadgets and
tools in hospitals for sending the medical data to-and-from the cloud.
IoT in healthcare finds application in telemedicine, clinical operations, medication management,
connected imaging, inpatient monitoring, and others. During the forecast period, the market is
expected to witness the highest growth from the telemedicine application category, with a CAGR
of 32.1%.
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IoT Healthcare Market
During the forecast period, the IoT healthcare market is expected to witness the fastest growth in
Asia-Pacific (APAC), at a CAGR of 34.4%. This growth in the regional-level market is mainly due to
the growing geriatric population and surge in the occurrence of various chronic diseases such as
diabetes, chronic obstructive pulmonary disease, asthma, and others. Furthermore, North
America held the largest share in the global market, contributing over 44.3% revenue in 2017,
owing to improved healthcare infrastructure and increased healthcare spending.
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IoT Healthcare Market
Key players in the IoT healthcare industry are seeking partnerships and acquisitions to provide more
effective solutions. For instance, in February 2018, Qualcomm Life Inc., a subsidiary of Qualcomm
Incorporated, announced an exclusive strategic licensing agreement with AlertWatch Inc., an Ann Arbor
based company, for the development of intelligent care software systems to assist the real-time care of
patients in the operating room. The agreement provides Qualcomm Life Inc. with exclusive rights to
market and sell AlertWatch, used by clinicians for secondary monitoring of patients in operating rooms.
Some of the other key players operating in the IoT healthcare industry are PhysIQ Inc., Adheretech,
Proteus Digital Health Inc., Koninklijke Philips N.V., Cisco Systems Inc., General Electric Company,
Honeywell International Inc., SAP SE, Stanley Black & Decker Inc., International Business Machines (IBM)
Corporation, Medtronic plc, and Microsoft Corporation.
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