IoT spend by healthcare providers will grow from $16 billion in 2018 to nearly $52 billion in 2028 at a compound annual growth rate of 12%. Chronic condition management will have the largest revenue growth of $28 billion, but the highest growth rate will be in hospital hygiene monitoring (38% CAGR).
- Forecast Assumptions
- Market Impacts
- Notable Changes
Forecast Data Summary
Forecast Model Summary
Influencing Factors and Assumptions
- Influencing Factor: In-Home Chronic Condition Monitoring Improves Quality of Life and Reduces Healthcare Costs
- Forecast Assumption: To track the chronic condition status, global remote monitoring for chronic conditions will grow from one in 100 people with a device in 2018 to one in 17 in 2028.
- Influencing Factor: Aging Population Puts Pressure on Healthcare Infrastructure
- Forecast Assumption: U.S. care homes will optimize scarce resources by increasing healthcare monitoring devices used around the premises from 1.5 devices per resident to 12 devices between 2018 and 2028.
- Influencing Factor: Better and Faster Information Improves Healthcare Outcomes and Increases Operational Efficiency
- Forecast Assumption: To save staff time, clinical monitoring will grow from one device per global hospital bed in 2018 to 3.7 devices in 2028.
- Forecast Assumption: Hospitals will locate assets and people, and consequently enhance asset utilization, by more than tripling the number of tracking tags they own worldwide between 2018 and 2028.
- Forecast Assumption: Low-power wide-area (LPWA) interfaces are cost-effective for WAN tracking, so this technology will grow from 5% of global healthcare devices in 2018 to 34% in 2028.
- Influencing Factor: Telemedicine and Virtual Care Make Healthcare More Accessible
- Forecast Assumption: The need for care in rural areas means telemedicine equipment in India will grow from one device for 400 people in 2018 to one device for 200 people in 2028.
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