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Report Overview
2023
Base Year
2017-2023
Historical Year
2024-2032
Forecast Year
Global IoT in Healthcare Market Outlook
The global IoT in healthcare market size was valued at USD 222.24 billion in 2023, driven by the rising disposable income, rising healthcare expenditure, increasing health awareness, and growing adoption of smart devices. The market is anticipated to grow at a CAGR of 19.1% during the forecast period 2024-2032 to reach a value of USD 1,071.59 billion by 2032.
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IoT Enabled Remote Monitoring to Provide Impetus to the IoT in Healthcare Market Growth
The growth of the global market for IoT in healthcare is driven by the advancement in digital technology. IoT in healthcare has been rapidly revolutionising the medical infrastructure with the introduction of IoT enable devices like sensors, wearables, and monitoring devices. In addition to this, the market growth can further be associated with the partnership of IoT with Artificial Intelligence (AI) and Big Data that allows for data-driven predictions. Additionally, the advanced digital technology allows physicians to observe patients’ health trends enabling them to arrive at a rapid analysis of raw data. Thus, the accuracy of analysis is a key factor escalating the market growth of IoT in healthcare.
Furthermore, IoT in healthcare has made remote patient monitoring plausible by providing robust opportunities for physicians to deliver superlative care and keep patients safe and healthy. In line with this, the advent of the coronavirus pandemic has been fuelling the market growth of IoT in healthcare owing to the implementation of social distancing to prevent the spread of infection. Applications such as telemedicine and wearables are actively gaining popularity and boosting the market growth. In addition, it has also reduced the length of hospital stay and readmissions, thereby significantly reducing costs. Hence, these are some of the factors escalating the market growth of IoT in healthcare.
IoT in Healthcare Market Segmentations
IoT in healthcare is defined as a network of connected medical devices like sensors, medical equipment, and diagnostic devices that enable the exchange and analysis of data through the internet.
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Market Breakup by Component
- Medical Devices
- Wearable External Devices
- Implanted Medical Devices
- Stationary Medical Devices
- System and Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Services
- System Integration Services
- Consulting, Training, and Education
- Support and Maintenance Services
Market Breakup by Connectivity Technology
- Wi-Fi
- Bluetooth
- ZIGBEE
- Near-Field Communication
- Cellular
- RFID
- Satellite
IoT in Healthcare Market Breakup by Application
- Telemedicine
- Patient Monitoring
- Connected Imaging
- Clinical Operations
- Medication Management
- Others
Market Breakup by End User
- Hospitals and Clinics
- Clinical Research Organizations
- Research and Diagnostic Laboratories
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Introduction of Surgical Robots to Propel the Growth of IoT in Healthcare Market
The growth in the global market for IoT in healthcare is expected to be driven by the advancements in medical equipment. The development of IoT and AI-driven robots to assist or perform independent surgeries are predicted to positively influence the growth of the market in the coming years. IoT enabled robots have been robustly gaining popularity in surgeries like orthopaedics and urology, among others, which are further expected to occupy a substantial share in the overall growth of the market.
The popularity of surgical robots can be characterised by minimum procedures and reduced risk of errors. In addition to this, with the developing digital technology, the introduction of IoT applications designed to guide surgical robots to perform surgeries safely and efficiently is pushing the growth of the market. Moreover, the market growth can further be linked to robust advancements in the healthcare structures by various developed and developing nations.
Key Players in the Global IoT in Healthcare Market
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT in healthcare market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
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The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players.
- Medtronic
- Cisco Inc
- GENERAL ELECTRIC
- STANLEY Healthcare
- Capsule Technologies, Inc
- IBM Corporation
- Koninklijke Philips N.V.
- SAP affiliate company
- AdhereTech
- Cerner Corporation
- Meru Health
- LifeFuels Inc
- CARRÉ TECHNOLOGIES INC.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2017-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Component |
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| Breakup by Connectivity Technology |
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| Breakup by Application |
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| Breakup by End User |
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| Breakup by Region |
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| Market Dynamics |
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| Supplier Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global IoT in healthcare market reached a value of USD 222.24 billion in 2023.
The market is anticipated to grow at a CAGR of 19.1% during the forecast period of 2024-2032 to reach a value of USD 1,071.59 billion by 2032.
The market is being driven by the ability of IoT enabled devices to aid in remote patient monitoring and diagnosis using IoT connected devices and arriving at accurate analysis aided by advanced computer technology like AI and Big Data.
The market is expected to be defined by the advancements in surgical robotic technology to perform surgeries with minimum procedures and reduced risk of errors.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant components of IoT in healthcare include medical devices, system and software, and services.
The connectivity technologies in the market can be divided into Wi-Fi, Bluetooth, ZIGBEE, near-field communication, cellular, RFID, and satellite.
The various end uses of IoT in healthcare are clinical research organisation, hospitals and clinics, and research and diagnostic laboratories, among others.
The major applications of IoT in healthcare are telemedicine, medication management, clinical operations, inpatient monitoring, and connected imaging, among others.
The key players in the market can be categorised into Medtronic, Cisco Inc, GENERAL ELECTRIC, STANLEY Healthcare, Capsule Technologies, Inc, IBM Corporation, Koninklijke Philips N.V., SAP affiliate company, AdhereTech, Meru Health, LifeFuels Inc, CARRÉ TECHNOLOGIES INC., and Cerner Corporation.
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