The Global IoT (Internet of Things) In Healthcare Market reached USD 120.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 390.2 billion by 2030. The global IoT in healthcare market is expected to exhibit a CAGR of 16.4% during the forecast period (2023-2030). The global IoT in healthcare market has grown significantly in recent years and is projected to continue on its upward trend.
Utilization of data analytics and predictive insights, growing use of wearable devices and fitness trackers, adoption of blockchain for data security, and integration of AI and IoT are some of the recent trends that are reshaping the IoT in healthcare industry.
Furthermore, the rapid advancement of IoT technologies, and rising demand for remote patient monitoring, improved patient outcomes and quality of care, and aging population and chronic disease management are driving up the IoT in healthcare market size. Significant competitors like Medtronic, Cisco Systems, Inc., IBM Corporation, GE Healthcare and others are actively operating in the market.
Metrics |
Details |
CAGR |
16.4% |
Size Available for Years |
2021-2030 |
Forecast Period |
2023-2030 |
Data Availability |
Value (US$) |
Segments Covered |
Component, Application, End User |
Regions Covered |
North America, Europe, Asia-Pacific, South America and Middle East & Africa |
Fastest Growing Region |
Asia-Pacific |
Largest Region |
North America |
Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Infection Type Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Significant advancements in technology have occurred in IoT devices, particularly wearables, remote monitoring devices, and connected healthcare systems. These improvements have had a significant impact on the healthcare sector, pushing IoT adoption. For example, IoT-enabled devices such as smartwatches and fitness trackers have grown in popularity among customers. These gadgets can monitor vital indications such as heart rate, blood pressure, and sleep patterns in real-time.
Moreover, healthcare professionals can have access to accurate and up-to-date information about a patient's health by using IoT-enabled wearables. This real-time patient monitoring allows for the early detection of potential health risks and the prompt implementation of appropriate therapies. Thereby driving the market demand over the forecast period,
In order to offer primary, preventive, and customized healthcare data, boAt has created the next generation of smartwatches in partnership with Singapore-based KaHa Technologies. These wearables can reliably track health information that will give insights into a person's health through AI-based algorithms using data that is very different from typical information that is only gathered in hospitals. This partnership helps in determining sleep and energy scores, stress and HRV monitoring, and nightly respiration rate measurement.
The need for remote patient monitoring systems has increased as a result of the aging population and the need for affordable healthcare services. IoT devices make it possible to continuously monitor patients outside of traditional healthcare settings, which lowers readmission rates to hospitals and enhances patient care.
Healthcare practitioners can remotely monitor patients' vital signs, medication compliance, and general health status thanks to remote patient monitoring systems with IoT sensors and gadgets. This decreases hospital visits and improves patient outcomes by enabling the early detection of deteriorating diseases and prompt interventions.
One of the fastest-growing applications of IoT in healthcare is remote patient monitoring (RPM), according to Lantronix's Industry Certified IEC-60601 standard. IoT technologies facilitate remote patient monitoring, and asset tracking, lower service costs, and automate and secure data collection and distribution.
Patient privacy and data security are issues that are brought up by the widespread use of IoT devices in healthcare. To guard against unauthorized access or data breaches, transmission and storage of sensitive patient information require strong security measures.
According to Capterra's 2022 Medical IoT Survey, healthcare organizations that have more connected medical equipment are more likely to encounter cyberattacks. Roughly half of these assaults hurt patient care. Two out of three (67%) healthcare cyberattacks disrupt patient data, and nearly half (48%) have an impact on patient care. Two out of three (67%) healthcare cyberattacks disrupt patient data, and nearly half (48%) have an impact on patient care.
The global IoT in healthcare market is segmented based on component, application, end user and region.
As a result of the growing acceptance of telemedicine, the market is expected to expand consistently over the forecast period. Several factors contribute to this growth, including increased demand for remote healthcare services, accelerated adoption of telemedicine as a result of the COVID-19 pandemic, increased need for remote patient monitoring and chronic disease management, and the potential cost savings and operational efficiency associated with telemedicine implementation.
Many companies and individuals are adopting this telemedicine platform also, several small startups are launch their telemedicine products or services. For example, in August 2022, Malaysian health technology startup Qmed Asia introduced its telehealth kiosk, Qmed GO. This kiosk acts as a "mini-clinic," offering remote online health consultations and diagnoses conducted by licensed GPs.
Qmed GO is equipped with cloud-connected medical IoT devices that enable real-time monitoring of up to 16 vital parameters. The data from these devices can be accessed through the Qmed patient app and the employer reference dashboard. Qmed GO also provides secure access to health records and medication delivery services. Therefore, owing the above factors the telemedicine segment is expected to grow over the forecast period.
Source: DataM Intelligence Analysis (2023)
The continuous advancement of healthcare technologies, along with proactive government initiatives to promote digital platforms, creates a favorable environment in this region. Furthermore, the presence of major market players in North America adds an additional advantage, positioning the region as a frontrunner in the global IoT healthcare market.
Several companies in the U.S. have introduced IoT-based products and services in the healthcare industry. For instance, in January 2023, Senet, a major developer of cloud-based software and service platforms for IoT connectivity, collaborated with Telli Health, a leading manufacturer of medical remote patient monitoring devices.
They collaborated to develop the first-ever remote patient monitoring (RPM) devices powered by LoRaWAN, a low-power wide-area network technology. This novel solution allows healthcare providers to reach patients in rural and underdeveloped places, including indigenous populations around the world. By leveraging this technology, healthcare equity and inclusivity are improved, while also laying the groundwork for future smart home services.
Source: DataM Intelligence Analysis (2023)
The major global players in the IoT in healthcare market include Medtronic, Cisco Systems, Inc., IBM Corporation, GE Healthcare, Microsoft Corporation, SAP SE, Infosys Limited, Cerner Corporation, QUALCOMM Incorporated, and Wipro ltd among others.
The Russia-Ukraine conflict has had a huge impact on IoT in healthcare. Damage to healthcare infrastructure, including hospitals and clinics, impairs the deployment and operation of IoT devices. Power interruptions and poor connectivity in conflict zones reduce the usefulness of IoT devices that rely on consistent power and internet access.
Displacement of healthcare workers and patients hinders continuity of care and access to healthcare services, impeding the use of IoT devices. During a war, cybersecurity concerns increase, posing hazards to medical data and IoT networks. Trade disruptions reduce the availability of IoT devices, limiting their use in healthcare. Despite these hurdles, efforts to restore stability and improve security procedures can help lessen the impact of the conflict on IoT in healthcare.
By Component
By Application
By End User
By Region
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The global IoT in healthcare market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2023
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