IoT in Healthcare Market
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)
IoT in Healthcare refers to the integration of Internet of Things (IoT) devices and technologies into healthcare systems to improve patient care, operational efficiency, and clinical outcomes. It involves the use of connected devices, such as wearable health monitors, smart medical equipment, and remote patient monitoring systems, to collect real-time data on a patient’s health. This data is then analyzed and shared with healthcare providers for timely interventions.
The adoption of IoT in healthcare is transforming the industry by enabling personalized care, reducing hospital readmissions, and improving treatment accuracy. With the ability to monitor patients remotely, healthcare professionals can offer better management of chronic conditions, increase patient engagement, and provide more efficient healthcare delivery.
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Growth Drivers in IoT in Healthcare Market:
Growing Advancements in Technologies Drive the Growth of the IoT in Healthcare Market
Recent technological advancements in IoT devices, especially wearables, remote monitoring tools, and connected healthcare systems, have significantly impacted the healthcare sector and driven the adoption of IoT. For instance, IoT-enabled devices like smartwatches and fitness trackers have become increasingly popular among consumers. In collaboration with Singapore-based KaHa Technologies, boAt has developed the next generation of smartwatches designed to deliver personalized healthcare data. These wearables use AI-based algorithms to track and analyze health information, providing insights that go beyond the traditional data collected in hospitals.
Rising Demand for Remote Patient Monitoring will Drive the Demand for IoT in Healthcare Market
IoT-enabled remote patient monitoring systems allow healthcare practitioners to track patients’ vital signs, medication adherence, and overall health remotely. This reduces the need for hospital visits and enhances patient outcomes by enabling early detection of health issues and timely interventions.
Remote patient monitoring (RPM) is one of the fastest-growing IoT applications in healthcare, according to Lantronix’s Industry Certified IEC-60601 standard. IoT technologies not only support RPM but also assist with asset tracking, reduce service costs, and automate secure data collection and distribution.
Market Segments:
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.
By Region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa
Top Key Players:
- Medtronic
- Cisco Systems, Inc.
- IBM Corporation
- GE Healthcare
- Microsoft Corporation
- SAP SE
- Infosys Limited
- Cerner Corporation
- QUALCOMM Incorporated
- Wipro ltd
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Regional Growth
North America held about 41.4% of the market share, driven by technological advancements and strong government initiatives.
The continuous progress of healthcare technologies, combined with proactive government efforts to promote digital platforms, has created a supportive environment in North America. Additionally, the presence of major market players in the region further strengthens its position as a leader in the global IoT healthcare market.
Several U.S.-based companies are driving innovation with IoT-based products and services in healthcare. For example, in January 2023, Senet, a key developer of cloud-based software for IoT connectivity, partnered with Telli Health, a prominent manufacturer of remote patient monitoring devices.
They teamed up to create the first remote patient monitoring (RPM) devices powered by LoRaWAN, a low-power wide-area network technology. This innovative solution enables healthcare providers to reach patients in rural and underserved areas, including indigenous populations globally. By using this technology, healthcare equity and inclusivity are enhanced, while also paving the way for future smart home healthcare services.
Key Development
On March 14, 2023, Securitas Healthcare, a leader in visibility and analytics solutions for the healthcare sector, introduced a new cloud-based solution designed to monitor conditions in the care environment. The Securitas Healthcare AeroScout Links IoT platform uses smart sensors connected to a cloud network, enabling small hospitals, outpatient providers, pharmacies, and other organizations to easily monitor cold storage and other critical operations that require precise temperature control for safe patient care.
On March 29, 2023, Cynerio, a top provider of healthcare IoT cybersecurity, announced a partnership with Sodexo, a global leader in healthcare technology management. Together, they will offer hospitals and healthcare systems enhanced visibility into their Internet of Medical Things (IoMT) footprint, enabling rapid identification and remediation of threats, with step-by-step guidance for addressing each risk.
