Internet of Things (IoT) in Healthcare Market Size Worth $556.71 Billion By 2032 | CAGR: 17.9%

The global Internet of Things (IoT) in healthcare market size is expected to reach USD 556.71 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

IoT (Internet of Things) intends to expand the scope of information and communication technology by incorporating software and hardware to collect, communicate, and integrate data through short-range mobile transceivers into various healthcare gadgets. To make better use of their resources, biotechnology, hospitals, diagnostic labs, and pharmaceutical businesses employ this technology. IoT technology is being widely adopted by hospitals to provide cost-effective information and vital pharmaceuticals in real-time to patients as well as healthcare professionals. It is also being incorporated into medical equipment to monitor blood pressure, heart rate, and blood glucose levels, among other health factors. IoT-enabled medical devices help doctors and other healthcare professionals diagnose chronic illnesses, including diabetic, neurological, and cardiovascular ailments, early and in real time.

The Internet of Things in healthcare market is anticipated to face concerns with data privacy and cybersecurity. Patients' personal and healthcare information is stored, making it susceptible to data breaches. Sensitive user data, such as financial transaction data, insurance details, medical history, and illness information, can be possibly exploited.

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In recent years, there has been a growing trend of IoT in healthcare. This trend has given rise to rapidly evolving sectors such as remote patient monitoring, real-time transmission of health data, healthcare providers making informed decisions, and patients receiving timely care. Predictive analytics and AI are also playing a key role in this transformative era, as IoT is being integrated into predictive analytics and AI systems. Robotics is another significant development in healthcare, with advanced robotic systems being integrated into various fields to enhance precision, outcomes, and efficiency. Edge computing is crucial for making time-sensitive decisions by reducing latency and enabling real-time data analysis. Additionally, smart hospitals and integrated healthcare systems are improving patient care and resource management.

Top of FormInternet of Things (IoT) in Healthcare Market Report Highlights

• The medical device segment dominated the Internet of Things (IoT) in healthcare market due to the increasing usage and the rising demand for efficient and cost-effective ways to offer healthcare services.
• The cellular connectivity technology segment has dominated the market. It allows massive volumes of data to be sent across long distances, enabling data gathering and distribution in real time.
• Hospitals, surgical centers, and clinics have witnessed the highest CAGR owing to growing hospitals' operational and functional efficiency as a result of IoT.
• North America led the industry and accounted for a majority of the market revenue share, owing to a rapid increase in the usage of telemedicine, e-reports, and IoT solutions in managing patients.
• The global key market players include Cisco Systems Inc., GE Healthcare Ltd., Honeywell Life Care Solutions, IBM Corporation, Koninklijke, and many others.

Polaris Market Research has segmented the IoT in healthcare market report based on component, connectivity technology, end-user, application, and region:

IoT in Healthcare, Component Outlook (Revenue - USD Billion, 2019 - 2032)

• Medical device
• System & software
• Services

IoT in Healthcare, Connectivity Technology Outlook (Revenue - USD Billion, 2019 - 2032)

• Cellular
• Low Power Wide Area Networks

IoT in Healthcare, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

• Hospitals, Surgical Centers, and Clinics
• Clinical Research Organizations
• Government and Defense Institutions
• Research and Diagnostic Laboratories

IoT in Healthcare, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Telemedicine
• Clinical Operations and Workflow Management
• Connected Imaging
• Inpatient Monitoring
• Medication Management
• Others

IoT in Healthcare, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Australia
  • Malaysia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

  • Rest of Middle East & Africa

IoT in Healthcare Market Report Scope