Internet of Things (IoT) in Healthcare Market Share, Size, Trends, Industry Analysis Report; By Component (Medical device, System & software, Services); By Connectivity Technology; By End-User; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Apr-2024
- Pages: 120
- Format: PDF
- Report ID: PM1212
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Internet of Things (IoT) in healthcare market size was valued at USD 128.18 billion in 2023. The market is anticipated to grow from USD 148.70 billion in 2024 to USD 556.71 billion by 2032, exhibiting a CAGR of 17.9% during the forecast period.
Internet of Things (IoT) in Healthcare Market Overview
The IoT in healthcare is a network of interconnected sensors, devices, and systems that collect and exchange data within the healthcare infrastructure. These IoT devices are used to monitor patients remotely, track medical assets, manage inventories, and optimize healthcare delivery processes. The integration of IoT in healthcare aims to improve efficiency, reduce costs, enhance patient care quality, and enable real-time data-driven decision-making by healthcare providers. Key applications include remote patient monitoring, telemedicine, medication management, and predictive maintenance of medical equipment. As technology advances, IoT continues to transform the healthcare industry by enabling more personalized and proactive patient care solutions.
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IoT in the healthcare market is growing continuously, indicating a significant move toward proactive, data-driven patient care. The Internet of Things (IoT) in healthcare links all the equipment and devices and enables Internet-based data storage and transfer. Rising demand for automated remote patient care and linked medical equipment is driving the market expansion. During the last few years, the healthcare market has shifted towards electronic health record systems. The government is encouraged to invest in IoT to offer remote access to healthcare services due to the rapid advancement of technology. Therefore, government actions promoting technological advancement and adoption would propel the significant expansion of the Internet of Things (IoT) in healthcare sector. Some of the many uses for IoT include sophisticated medical systems for medication management and wearable Internet of Medical Things (IoMT) devices that measure health parameters in real time.
For instance, in November 2023, Fujitsu Spain signed a General Action Protocol with the Regional Government of Andalusia to establish a framework for collaboration and institutional cooperation on cybersecurity in healthcare, particularly in the Internet of Medical Things (IoMT), at a national and international level.
The Internet of Things (IoT) in healthcare market is expected to encounter difficulties regarding cybersecurity and data privacy. It holds the personal and medical data of patients, which makes it vulnerable to data breaches. Sensitive user data, including medical history, disease information, insurance details, and financial transaction data, can be exploited. Hence, the market for the technology is anticipated to have a negative impact on healthcare data.
However, the COVID-19 pandemic had a favorable impact on the Internet of Things (IoT) in healthcare industry, hastening the implementation of cutting-edge technology such as the IoT. Concerns about face-to-face interaction and social distancing policies drove a sharp increase in the demand for remote patient monitoring systems. For instance, in December 2022, eSanjeevani marked 80 million teleconsultations and has become the world’s largest government-owned telemedicine platform.
IoT in Healthcare Market Dynamics
Market Drivers
Rising Use of AI in IoT in Healthcare
The rising awareness among key players and patients worldwide regarding the Internet of Things (IoT) in the healthcare sector is increasing as connected technology permeates more aspects of everyday life. Linked medical devices and medical mobile applications (known as IoMT) are empowering healthcare providers with cutting-edge solutions, increased operational effectiveness, improved prediction, automation, and optimization, all leveraging artificial intelligence (AI). Healthcare practitioners may diagnose and anticipate illnesses in real time with the aid of AI-enabled IoT devices. For instance, in March 2024, Microsoft announced its collaboration with healthcare organizations and partners to integrate AI in healthcare.
Increase in Investments in IoT in Healthcare
Rise in investments and the adoption of digital technology in healthcare facilities are the main drivers of the Internet of Things (IoT) in healthcare market growth. The market is expected to increase as a result of the growing geriatric population, rising prevalence of chronic illnesses, and technological improvements. In addition, the rising market demand for smartphones driven by increasing affordability is anticipated to fuel IoT in healthcare's expansion and enhance data security. For instance, in January 2024, British healthcare and health insurance provider Bupa invested heavily in IoT and artificial intelligence (AI) infrastructure, focusing on vertical integration made possible by its exceptional position as payor and payee.
Market Restraints
Weak Internet Access and Penetration Rate
Weak internet access is majorly an obstacle to the adoption of IoT solutions in the healthcare sector. Consumers such as elderly patients, people with poor literacy rates, and people living in rural regions are more likely to have underdeveloped internet facilities and weak internet accessibility. This causes hindrance in implementing the IoT in healthcare sector in full fledge. For instance, in February 2023, Cubans suffered from painfully slow internet due to underdeveloped internet and Wi-Fi services, which are never speedy.
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Report Segmentation
The Internet of Things in healthcare market is primarily segmented based on component, connectivity technology, end-user, application, and region.
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By Connectivity technology |
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By Region |
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IoT in Healthcare Market Segmental Analysis
By Component Analysis
The medical devices segment dominated the market due to the widespread use of medical devices as a result of the growing need for effective and affordable ways to provide healthcare services. For instance, Schneider Electric launched ‘EcoStruxure’- IoT-based solution for healthcare. IoT sensors integrated into medical equipment provide doctors with real-time health data and enable its monitoring. Furthermore, the need for linked medical devices in the healthcare industry is predicted to soar due to the expanding desire for self-monitoring gadgets like wearables. For instance, in August 2023 Bristol Health and CloudMD launched a Deviceless Remote Patient Monitoring Program for patients of Bristol Health.
The system & software segment is expected to grow at a healthy CAGR in the Internet of Things (IoT) in healthcare market during the forecast period. This is due to technical developments and investments in the creation of innovative linked solutions for the healthcare sector. Additionally, the category may grow as more health facilities use digital technology and linked systems.
By Connectivity Technology Analysis
The cellular connectivity technology segment accounted for the largest Internet of Things (IoT) in healthcare market share and is likely to retain its market position throughout the forecast period. Cellular technology enables the transfer of extensive amounts of data across great distances using enormous cellular networks. These are employed for remote patient monitoring in healthcare since they allow dissemination and real-time data collection to medical specialists. Therefore, it is adopted as a safer, quicker, and more convenient option for remote connectivity and monitoring. Technology integration also enhances medical equipment mobility, adaptability, and usage.
The low power wide area networks segment is anticipated to grow over the forecast period due to the ability of these networks to send small data over a long range within different medical devices. Their low power consumption makes them more suitable for emerging healthcare devices and wireless monitoring. Also, the low device cost and deployment cost make them a considerable solution to integrate data analytics, artificial intelligence, and machine learning into medical devices. All these factors lead to the expansion of the growth landscape for LPWAN as compared to others.
By End-User Analysis
The hospitals, surgical centers, and clinics segment held the biggest Internet of Things in healthcare market revenue share. IoT technologies help hospitals improve their operational and functional efficiency. These technologies assist hospitals in managing medication compliance, hospital processes, medical records, invoicing, and real-time communication, which increases overall operational efficiency. IoT technologies also provide better disease management, treatment results, and patient experiences, all of which contribute to better care delivery.
The clinical research organizations (CROs) sector is expected to rise at the quickest CAGR over the projected period, indicating a considerable rate of growth. The growing use of IoT solutions to improve clinical research accuracy and the increasing adoption of these technologies by CROs have improved patient recruitment and retention. Therefore, these characteristics are projected to propel the segment throughout the projection time.
By Application Analysis
Telemedicine dominated the Internet of Things (IoT) in healthcare market share due to the rising incidence of chronic illnesses and the growing need for patient monitoring. Recent developments in telemedicine technology and the introduction of telemedicine services are driving the need for IoT solutions. The innovation of cutting-edge telemedicine tools or solutions to enhance the healthcare system is the primary goal of major participants in the Internet of Things in healthcare industry.
The clinical operations and workflow management segment is anticipated to grow at the fastest CAGR due to its ability to increase patient satisfaction, use available resources effectively, and improve general healthcare delivery efficiency. Clinical workflow and operational software can help hospitals optimize patient flow, minimize wait times, and enhance patient comfort and safety.
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IoT in Healthcare Market Regional Insights
The North America Region Dominated the Global Market With the Largest Market Share
The North America region dominated the global Internet of Things (IoT) in healthcare market with the largest market share in 2023 and is expected to maintain its dominance over the anticipated period. The growth of the segment market can be largely attributed to the increased usage of telemedicine, e-reports and IoT solutions in managing the patients. The demand for electronic health records is expanding, driving the growth of this segment.
The Asia Pacific region is expected to be the fastest growing region with a healthy CAGR during the projected period. The region’s robust growth is attributed to the demand for IoT due to the region's improved healthcare infrastructure, rising healthcare spending in developing Asian countries, and growing adoption of advanced technology to reduce medical costs and streamline hospital operations. Additionally, a growing percentage of young people, increasing awareness of health-related concerns, and elevated financial resources all support the growth of the market
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Competitive Landscape
The Internet of Things (IoT) in healthcare market is fragmented and is anticipated to witness competition due to several players' presence. Major service providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global Internet of Things in healthcare market include:
- Cisco Systems Inc.
- GE Healthcare Ltd.
- Honeywell Life Care Solutions
- IBM Corporation
- Koninklijke
- Medtronic PLC
- Microsoft Corporation
- Philips N.V.
- Qualcomm Life Inc.
- Resideo Technologies
- Royal Philips
- Siemens
- Sensely
Recent Developments
- In March 2024, KORE launched the First eSIM-powered Medical Alert Device in collaboration with Medical Guardian to overcome cell signal challenges and address healthcare access disparities through optimal 24/7 connectivity.
- In February 2024, e& enterprise and Burjeel Holdings announced the launch of a pioneering telemedicine services project for healthcare in the UAE. The project aims to improve patient access to medical services by enabling remote medical care and prioritizing accessibility and efficiency across the regions.
Report Coverage
The internet of things (IOT) in healthcare market report emphasizes on key regions across the globe to provide a better understanding of the product to the users. Also, the report provides market insights into recent developments and trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers an in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides a detailed analysis of the market while focusing on various key aspects such as competitive analysis, components, connectivity technology, end-users, applications, and their futuristic growth opportunities.
IoT in Healthcare Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 148.70 billion |
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Revenue forecast in 2032 |
USD 556.71 billion |
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CAGR |
17.9% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Component, By Connectivity Technology, By End-User, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
The key companies in the Internet of Things (IoT) in healthcare market are Cisco Systems Inc., GE Healthcare Ltd., Honeywell Life Care Solutions, and IBM Corporation.
IoT in healthcare market is projected to exhibit a CAGR of 17.9% during the forecast period.
Internet of Things (IoT) in healthcare market report covering key segments are component, connectivity technology, end-user, application and region.
The key factors driving the Internet of Things (IoT) in healthcare market growth are rising investments and increased use of AI in IoT in healthcare.
The Internet of Things (IoT) in healthcare market size is estimated to be worth USD 556.71 billion by 2032.
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