IoT in Healthcare Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global IoT in Healthcare Market is segmented By Component (Medical Devices, Systems and Software, Services), By Application (Telemedicine, Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Others), By End User (Hospitals and Clinics, Clinical Research Organizations, Research and Diagnostic Laboratories, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2024-2031

IoT in Healthcare Market Size

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 2031. The global IoT in healthcare market is expected to exhibit a CAGR of 16.4% during the forecast period (2024-2031). 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.

IoT in Healthcare Market Scope

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IoT in Healthcare Market Dynamics

Growing Advancements in Technologies Drive the Growth of the IoT in Healthcare Market

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.

Rising Demand for Remote Patient Monitoring will Drive the Demand for IoT in Healthcare Market

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.

Data Security and Privacy Concerns will Hamper the Growth of the Market

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.

IoT in Healthcare Market Segment Analysis

The global IoT in healthcare market is segmented based on component, application, end user and region.

Owing to the Usage, the Telemedicine Segment Accounted for Approximately 29.6% of the IoT in Healthcare Market Share

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)

IoT in Healthcare Market Geographical Share

North America Accounted for Approximately 41.4% of the Market Share in 2022, Owing to Technological Advancements and Better Government Initiatives

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)

IoT in Healthcare Industry Players

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. 

Russia Ukraine Conflict Analysis

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

• Medical Devices 
  • Wearable External Medical Devices
  • Implanted Medical Devices
  • Stationary Medical Devices
• System & Software 
  • Remote Device Management
  • Network Bandwidth Management
  • Data Analytics
  • Application Security
  • Network Security
• Services 
  • Deployment & Integration
  • Consulting
  • Support & Maintenance

By Application

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

By End User

• Hospitals and Clinics
• Clinical Research Organizations
• Research and Diagnostic Laboratories
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K.
  • France
  • Spain
  • Italy
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On November 7, 2022, OXY AID launched India's first IoT-enabled mobile medical oxygen plant. It is the country's first mobile containerized oxygen-generating truck with Internet of Things capabilities.
• On March 14, 2023, Securitas Healthcare, a market leader in visibility and analytics solutions for the healthcare industry, announced the launch of a new cloud-based solution for monitoring conditions in the care environment. The Securitas Healthcare AeroScout Links IoT platform integrates smart sensors across a cloud-based network to allow small hospitals, outpatient service providers, pharmacies, and other organizations to easily monitor cold storage and other aspects of their operations that must be kept at specific temperatures for safe patient care.  
• On March 29, 2023, Cynerio, the leading provider of healthcare IoT cybersecurity, announced a new partnership with Sodexo, a global leader in healthcare technology management, to provide hospitals and healthcare systems with unprecedented visibility into their IoMT footprint, enabling immediate remediation of identified threats through step-by-step mitigation recommendations for each attack and risk.

Why Purchase the Report?

• To visualize the global IoT in healthcare market segmentation based on component, application, end user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of IoT in healthcare market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global IoT in healthcare market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies