Internet of Things (IoT) in Healthcare Market is Rapidly Growing at a CAGR 18.3% By 2032

Published Date : 06 May 2024

The global internet of things (IoT) in healthcare market size reached USD 212.04 billion in 2023 and is projected to hit around USD 962.21 billion by 2032 with a remarkable CAGR of 18.3% from 2023 to 2032. Rising rapid development of advanced innovative technology with several facilities integrated by the government is enhancing the internet of things (IoT) in the healthcare market. 

Internet of Things in Healthcare Market Size and Growth Rate From 2023 to 2032

Market Overview 

The internet of things (IoT) in healthcare market deals with the use of sensors and connected devices in the healthcare sector to collect and exchange data between medical equipment, patients and healthcare professionals. The objective is to improve healthcare delivery and satisfaction and boost patient engagement and overall outcomes. The market is driven by wearables, smart devices, and smartphones that monitor patients. Increasing adoption of monitoring patients remotely for improved out-of-hospital care enhanced the market growth. The emergence of connected care and growing investments in implementing advanced technologies in healthcare are the major factors driving market growth. The rising prevalence of chronic conditions, a growing geriatric population, and technological advancements positively affect the market enlargement. In addition, reduced hardware costs and growing affordability are further driving the growth of the market.  

Increasing continuous health monitoring fuels the market growth

These days, glucometers, blood pressure measuring bands, heart monitoring cuffs, fitness bands, and more advanced smart healthcare devices offer patients real-time personalized health conditions. They remind the patient to have regular check-ups to identify changing blood pressure trends, improve exercise routine, regular calorie consumption, and many more. For geriatric patients, it is important to track their health status on a regular basis, and advanced healthcare devices make their lifestyle easy by letting them know about any complications. The internet of things (IoT) in healthcare devices alerts patients and their family members about unwanted fluctuations in the patient’s health status. These are major driving factors expected to enhance the growth of the Internet of things (IoT) in healthcare market.

However, data security and privacy in healthcare may restrain the growth of the body. Privacy and data security remain key concerns discouraging consumers from using IoT technology for medical purposes, as healthcare monitoring solutions have the capacity to be hacked or breached. The exposure of sensitive and crucial information about the location and patient’s health with sensor data can have major consequences, which would challenge the advantages of IoT in healthcare. These are the major factors hindering the growth of the internet of things (IoT) in healthcare market.

Internet of Things (IoT) in Healthcare Market Top Companies 

  • GE Healthcare 
  • Schneider Electric 
  • KORE 
  • Koninklijke Philips N.V.  
  • Boston Scientific Corporation 
  • Medical Guardian 
  • Honeywell Life Care Solutions 
  • Johnson & Johnson Services, Inc 
  • AgaMtrix  
  • Siemens AG 
  • Stanley Healthcare 
  • Bio Telemetry, Inc 
  • AliveCor, Inc 
  • iHealth Lab, Inc 
  • Abbott Laboratories 
  • Hillrom- Welch Allyn 
  • Medtronic 
  • Omron Healthcare, Inc  

Recent Development by Schneider Electric Company 

  • In August 2023, to enhance the resilience of India’s healthcare ecosystem, energy management, and a digital automation company, Schneider Electric, launched an Internet of Things (IoT) powered solution designed by EcoStruxure for healthcare.  

Recent Development by KORE & Medical Guardian 

  • In February 2024, KORE and Medical Guardian, in collaboration, launched their first-ever medical alert device using eSIM technology of the Internet of Things (IoT) in healthcare. KORE is the leading provider of personal emergency response systems. 

Regional Insights  

Asia Pacific is expected to grow fastest in the forecast period. The rising adoption of telemedicine and telehealth among the population is expected to drive the growth of the Internet of things (IoT) in healthcare market in the Asia Pacific region. China, India, Japan, and South Korea are the developing countries in the Asia Pacific region. In China, the Chinese government's well-documented monitoring of users has been a vast topic in the IoT in the healthcare device sector in China. The increasing changes in lifestyle, including smoking and drinking, an aging population, and the increasing development of IoT devices in China are driving the market growth. China is importing a maximum percentage of IoT-generated high-end healthcare devices that have complexity and lower cost. Chinese and other makers of IoT-generated healthcare devices have been in digital transformation. These are the major factors anticipating the growth of the Internet of things (IoT) in healthcare market in the Asia Pacific region. 

  • In August 2023, in China, the Chinese Communist Party launched cellular radio molecules connected to IoT devices such as medical and vehicle equipment. This advanced equipment is majorly used to detect unwanted threats in the healthcare ecosystem.  

North America dominated the internet of things (IoT) in healthcare market in 2023. The adoption of new developments of the Internet of Things (IoT) in healthcare and increasing digitalization in healthcare are expected to drive market growth in North America. U.S. and Canada are the emerging countries in North America. The growing investments for healthcare IoT solutions and penetration of connected devices driving the market in U.S. Air Louisville is crowdsourcing of air quality. U.S. by utilizing smart air inhalers generated with different sensors. It is the most usable Internet of Things (IoT) enabled healthcare wearable. In the U.S., many government initiatives, such as IoHT and eHealth services, have been taken to enhance the user's health. The standardizing wireless healthcare devices used in the U.S. for healthcare treatment. E-Health services are also used to monitor patients through Internet of Things (IoT) technology. These are the major factors that are positively impacting the Internet of Things (IoT) in healthcare market in North America.  

  • In April 2024, there are approximately billions of IoT-generated healthcare devices, but the number of vulnerabilities connected to these healthcare devices has grown in maximum amount, according to Deloitte.  

Market Potential and Growth Opportunity 

Better supervision and reporting and end-to-end connectivity 

Real-time monitoring through IoT healthcare devices can save lives in healthcare emergencies, including heart failure and asthma attacks. The IoT-generated medical devices can gather data on patients’ health conditions and transfer it to doctors in real time. There was a high percentage reduction in readmission costs of patients by remote monitoring, according to the Centre for Connected Health Policy. In addition, the Internet of Things (IoT) can automatize the patient care workflow with the help of healthcare mobility solutions. IoT helps in information exchange, data transfer, and machine-to-machine communication while making healthcare delivery more convenient and more productive. The various connectivity protocols in IoT healthcare devices permit hospital workflows to detect early signs of illness in patients. These are the major opportunities that are expected to drive the growth of the internet of things (IoT) in the healthcare market.  

Internet of Things (IoT) in Healthcare Market News

  • In February 2024, in Malaysia, the Nobel Healthcare Park and KL International Hospital launched the healthcare tourism landscape through the integration of the Internet of Things (IoT).  
  • In March 2023, for the secure collection and leverage of health-related data to enhance digital transformation, Fujitsu launched the Internet of Things (IoT),  a new cloud-based platform. This advanced platform represents the creation of healthy living. The aim behind this launch was to change this platform to a fully IoT and AI-based healthcare system.  

Market Segmentation

By Medical Devices

  • Stationary Medical Devices
  • Wearable External Medical Devices
  • Implantable Medical Device
  • Other medical devices

By Software and System

  • Application Security
  • Network Security
  • Data Analytics
  • Remote Device Management
  • Network Bandwidth Management

By Services

  • Architecture (System Integration)
  • Consulting
  • Application Development (Support and Maintenance)

By Product

  • Vital Signs Monitoring Devices
    • Blood Glucose Monitors
    • ECGs/Heart Rate Monitors
    • Blood Pressure Monitors
    • Multiparameter Monitors
    • Oximeters
  • Imaging Systems
  • Respiratory Devices
  • Implantable Cardiac Devices
    • Implantable Cardioverter-defibrillators
    • Pacemakers
    • Implantable Cardiac Monitors
  • Patient Monitors
  • Infusion Pump
  • Fetal Monitoring Devices
  • Neurological Devices
  • Ventilators
  • Anesthesia Machines
  • Hearing Devices
  • Other Products

By Connectivity

  • Bluetooth
  • Zigbee
  • Wi-Fi
  • NFC
  • Embedded System
  • Others

By End User

  • Hospitals
  • Clinics
  • Laboratory Research
  • Others

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