Austin, United States, Dec. 03, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, The Global Internet of Things in Healthcare Market was valued at USD 133.72 billion in 2023 and is projected to reach USD 668.98 billion by 2032, growing at a CAGR of 19.61% during the forecast period 2024 to 2032.”
This growth is primarily fueled by the increasing demand for connected devices, remote patient monitoring, and healthcare automation solutions that promise to enhance care delivery and reduce operational costs.
Market Overview
The IoT in healthcare market is experiencing significant growth, driven by technological advancements and a growing preference for telehealth and remote monitoring solutions. The integration of IoT devices in healthcare facilities, including hospitals, clinics, and home settings, enables continuous patient monitoring, improved management of chronic diseases, and better decision-making capabilities for healthcare providers. This has led to higher patient engagement and better clinical outcomes.
In terms of demand, there is an increasing need for IoT solutions due to the global rise in chronic diseases, an aging population, and the growing focus on preventive healthcare. From a supply perspective, the rapid development of connected devices such as wearable sensors, smart medical devices, and remote monitoring systems is supporting this surge. Additionally, healthcare providers are looking to implement IoT solutions to enhance patient care and operational efficiency, which is expected to significantly drive the market forward.
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Key Internet of Things in Healthcare Companies Profiled:
- Cisco
- IBM
- GE Healthcare
- Microsoft
- SAP
- Medtronic
- Royal Philips
- Resideo Technologies
- Securitas
- Bosch
- Armis
- Oracle
- PTC
- Huawei
- Siemens
- R-Style Lab
- HQSoftware
- Oxagile
- Softweb Solutions
- OSP Labs
- Comarch SA
- Telit
- Kore Wireless
- ScienceSoft
- Intel
- AgaMatrix
- Welch Allyn
- AliveCor
- Sensely
- Clover Health
Internet of Things in Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 133.72 billion |
| Market Size by 2032 | US$ 668.98 billion |
| CAGR | CAGR of 19.61% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
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Segment Analysis
By Component
In 2023, Devices emerged as the dominant component in the IoT healthcare market, accounting for over 45.0% of the market share. The increasing adoption of connected medical devices, such as wearables, diagnostic equipment, and sensors, has significantly contributed to this dominance. These devices enable real-time patient monitoring and provide valuable data that can aid in chronic disease management and personalized healthcare. The growing trend of home healthcare and the increased demand for remote patient monitoring have further fueled the growth of this segment.
The Services segment is expected to grow at the fastest rate within the IoT healthcare market. This includes installation, maintenance, and consulting services related to IoT devices and systems. The increasing reliance on IoT solutions for large-scale data management in healthcare settings has created a high demand for expert guidance and technical support. This segment is projected to grow at a CAGR of over 20% in the coming years.
By Application
Telemedicine dominated the IoT healthcare application segment in 2023, accounting for more than 30.0% of the market share. The rise of telehealth services, accelerated by the COVID-19 pandemic, has increased the adoption of IoT-powered telemedicine solutions. IoT devices such as wearable health trackers and remote patient monitoring systems play a vital role in telemedicine, transmitting patient data to healthcare providers for virtual consultations. The segment is expected to maintain its dominance due to the growing demand for remote healthcare services.
Patient Monitoring is the fastest-growing application segment. The demand for real-time monitoring of patients with chronic conditions, elderly individuals, and post-surgical recovery patients has surged. Devices such as continuous glucose monitors (CGM), wearable ECG monitors, and blood pressure monitors are in high demand. The global shift towards preventive healthcare and chronic disease management is expected to drive the growth of this segment, with a projected CAGR of 18%.
By End-User
In 2023, Hospitals dominated the end-user segment with a market share of approximately 40.0%. IoT solutions in hospitals are utilized for various purposes, such as patient monitoring, asset tracking, inventory management, and workflow optimization. The integration of IoT in hospitals helps enhance operational efficiency, reduce costs, and improve patient care, contributing to the segment’s dominance.
The Clinics segment is projected to grow at the fastest rate, with an expected CAGR of 22%. The increasing adoption of IoT technologies in outpatient care and smaller healthcare settings, like clinics, is driving this growth. Clinics are leveraging IoT devices for patient monitoring, chronic disease management, and improving care coordination, which is expected to accelerate in the coming years due to the rising number of outpatient visits and the need for efficient healthcare delivery systems.
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Key Market Segments
By Component
- Devices
- Software
- Remote Device Management
- Data Analytics
- Compliance and Security
- Asset Performance Management
- Others
- Services
By Application
- Telemedicine
- Patient Monitoring
- Operations and Workflow Management
- Remote Scanning
- Sample Management
- Others
By End-User
- Laboratory Research
- Hospitals
- Clinics
- Others
Regional Insights
North America was the largest market for IoT in healthcare, accounting for over 40.0% of the global market share in 2023. The U.S. leads the market, driven by the high adoption of advanced technologies, strong healthcare infrastructure, and government initiatives aimed at improving healthcare delivery through digital transformation. For instance, the U.S. FDA's approval of connected medical devices and Medicare's reimbursement for remote patient monitoring have played significant roles in accelerating the adoption of IoT in healthcare. Additionally, the increasing prevalence of chronic diseases such as diabetes and heart disease has propelled demand for continuous monitoring devices. Canada is also witnessing rapid adoption of IoT solutions, particularly in telehealth services, to improve access to care in remote areas.
Recent Developments
- September 2023: Infosys expanded its strategic partnership with NVIDIA Corporation to leverage generative AI technologies and enhance productivity across industries, including healthcare.
- January 2023: HARMAN, a subsidiary of Samsung, launched a digital healthcare platform tailored for businesses in the healthcare and life sciences sectors, aimed at improving customer experiences through advanced healthcare solutions.
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Table of Contents – Major Key Points
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates and Penetration (2023)
5.2 Device Connectivity Trends (2023)
5.3 Market Revenue Distribution by Region (2023)
5.4 Volume of IoT Devices by Region (2020–2032)
5.5 Healthcare Spending on IoT Technologies (2023)
5.6 Patient and Provider Usage Statistics (2023)
5.7 Data Volume and Management Trends (2023)
5.8 Regulatory and Policy Trends (2023)
6. Competitive Landscape
7. Internet of Things in Healthcare Market Segmentation, by Component
8. Internet of Things in Healthcare Market Segmentation, by Application
9. Internet of Things in Healthcare Market Segmentation, by End-User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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