The Internet of Things (IoT) in Healthcare Market is projected to reach $312.7 billion by 2030, at a CAGR of 15% from 2024 to 2030. IoT (Internet of Things) in healthcare refers to the use of connected devices and sensors to collect and exchange data between healthcare providers, patients, and medical devices. The goal is to improve healthcare delivery, increase patient engagement and satisfaction, and enhance overall outcomes. IoT monitors patient health in the healthcare sector in real time, helping to improve the telehealth infrastructure and bridging the gap between digital and physical data.
IoT supports healthcare providers by improving patient care, monitoring staff, and complying with regulations by automating hospital processes. IoT-enabled gadgets have made remote monitoring in the healthcare industry possible. IoT is transforming healthcare by changing how devices and people interact while providing healthcare solutions. Applications of IoT in healthcare are advantageous to patients, families, doctors, hospitals, and insurance providers.
The growth of this market is driven by the growing adoption of digital solutions in the healthcare sector, increasing focus on patient-centric care delivery, and digital health initiatives across the globe. In addition, the growing focus on telehealth technologies and increasing adoption of IoT for early diagnosis and faster treatment offer market growth opportunities. However, the high cost of IoT deployment and less adoption rate of healthcare IoT in emerging economies are hindering market growth. Rising concerns about data security and problems in data management are creating challenges for the growth of the market.
Growing Inclination Towards Digital Solutions in Healthcare Sector to Drive the Demand for IoT Solutions in Healthcare
The healthcare sector is rapidly adopting digital solutions to improve the quality of patient care and reduce healthcare-related costs. Artificial intelligence (AI)-enabled and IoT solutions are transforming the healthcare sector, especially after the COVID-19 pandemic. The development of new medical products, cost savings, and increased patient engagement drive the adoption of digital solutions. The healthcare industry globally relies on health information technology (health IT/HIT), electronic exchange, and the use of health information to maintain compliance, better satisfy patients, improve care quality, store massive amounts of patient data securely and efficiently manage the practices.
The adoption of digital health solutions is also advantageous to healthcare practitioners. Digital tools provide doctors more control over patient health and increase access to health data, giving healthcare practitioners a comprehensive perspective of patient health. As a result, the efficiency of healthcare services is raising, and patient outcomes are also enhancing. Consumers are also inclined towards digital solutions for managing their health.
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Increasing Focus on Patient-centric Care Delivery to Drive the Demand for IoT in Healthcare
A patient-centric approach enables healthcare systems to create partnerships between doctors, patients, and their families to make decisions that align with patients' requirements, preferences, and wants. The delivery of healthcare services is increasingly shifting from institutional-focused approaches to patient-focused. This encourages the adoption of certain technologies that facilitate interactions between healthcare providers and patients to collect essential health information for making treatment decisions. The focus on patient-centric care delivery is increasing owing to the factors such as enhanced satisfaction among patients and their families, reduced expenses during treatment, better resource administration in the hospital, and improved productivity among healthcare providers.
IoT is frequently used to give medical care that is patient-centered. A key component in providing patient-centric healthcare is processed data. With the help of IoT, healthcare providers can gather and process large amounts of data, which plays an important role in personalized healthcare for a patient-centric approach. Patients are also inclined toward technology-enabled devices and platform to collect the data about their health.
The focus on patient-centric care delivery is also increasing as it is expanding to the diagnosis and treatment that hospitals provide. It helps in customizing the patients' care plan and personalized medicine. The patient-centric care approach involves the consideration of patients' overall well-being, including genetics, metabolism, immune system, and biomarkers which are helping the penetration of personalized medicines.
Key Findings in the IoT in Healthcare Market Study:
In 2024, the Medical Devices Segment to Account for the Largest Share of the IoT in Healthcare Market
Based on component, the IoT in healthcare market is segmented into medical devices, software, and services. In 2024, the medical devices segment is expected to account for the largest share of the IoT in healthcare market. IoT-enabled medical devices compile data and generate reports with the help of devices that instantly upload data to a cloud database, making it simpler for doctors to recognize trends or discover warning signs earlier than ever before and improving diagnostic accuracy. Access to patient data enables more effective specialist collaboration, allowing patients to receive the required care on time. IoT in medical devices is the enabler of better patient care, owing to which the share of this segment is the highest.
In 2024, the Telehealth/Telemedicine Segment to Account for the Largest Share of the IoT in Healthcare Market
Based on application, in 2024, the telehealth/telemedicine segment is expected to account for the largest share of the IoT in healthcare market. The large market share of the segment is attributed to the higher adoption of telemedicine by healthcare providers and patients for convenience in disease diagnosis and treatment. In telemedicine, a patient uses IoT technology, such as wearable devices, for real-time data transmission to healthcare providers, which can help in early disease diagnosis, further increasing its adoption. The reliance on telemedicine exponentially increased during the COVID-19 pandemic. According to the U.S. CDC data, in the first quarter of 2020, telehealth visits increased by 50% compared to the same period in 2019. Additionally, telemedicine can provide quality healthcare at a relatively low cost as it considerably declines hospital visits, increases the reach of healthcare services in ruler areas, reduces the risk of exposure to pathogens, especially for the children and geriatric population, and provides easy access to specialists for treatment.
Home Care & Long-Term Care Centers Segment to Grow with the Lucrative Growth Over the Forecast Period
Based on the end user, the IoT in healthcare market is segmented into hospitals & clinics, home care & long-term care centers, health insurance companies, personal users, and other end users. The home care & long-term care centers segment is projected to register the highest CAGR during the forecast period. The growing need for long-term care centers, the rising prevalence of chronic diseases, and the growing geriatric population are driving segment growth. The use of IoT-enabled sensors and monitoring devices in care centers gives health insights of patients to healthcare providers, thus reducing the risk of possible complexities and illness. Additionally, IoT in care centers considerably reduces the burden on healthcare providers, provides better quality of healthcare service, and supports patients suffering from chronic diseases. It combines the data and allows providers to see the patient status in almost real-time to access patient information without needing physical visits, thus increasing its adoption in care centers and driving the market growth.
North America to Dominate the Market in 2024
In 2024, North America is expected to account for the largest share of the IoT in healthcare market. The key factors contributing to this market’s large share are the advanced digital health infrastructure, the high adoption of digital health solutions, the presence of key market players, and the increasing consumer demand for wearable medical devices for monitoring. Additionally, an increase in government support for IoT adoption in healthcare is driving the regional market.
Key Players
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in this market in the last three to four years. Some of the key players in the IoT in healthcare market include Medtronic plc (U.S.), GE HealthCare Technologies Inc. (U.S.), Koninklijke Philips N.V., Philips (Netherlands), Siemens Healthineers (Germany), Abbot Laboratories (U.S.), Boston Scientific Corporation (U.S.), Honeywell Life Care Solutions (U.S.), BIOTRONIK SE & Co. KG (Germany), AgaMatrix, Inc. (U.S.), Securitas Healthcare, LLC. (U.S.), AliveCor (U.S.), iHealth Labs, Inc. (U.S.), Johnson & Johnson (U.S.), Baxter (U.S.), OMRON Healthcare, Inc. (Japan), Intel Corporation (U.S.), International Business Machines Corporation (U.S.), and Microsoft Corporation (U.S.).
Scope of the Report:
IoT in Healthcare Market Assessment, by Component
- Medical Devices
- Medical Devices, by Type
- Benchtop & Portable Medical Devices
- Implantable Medical Devices
- Wearable Medical Devices
- Medical Devices, by Product
- Imaging Systems
- Monitoring Devices
- Blood Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Blood Pressure Monitoring Devices
- Multiparameter Monitoring Devices
- Respiratory Monitoring Devices
- Fetal and Neonatal Monitoring Device
- Neurological Monitoring Devices
- Other Monitoring Devices
- Cardiovascular devices
- Implantable Cardioverter Defibrillators
- Pacemakers
- Patient Monitors
- Ventilators
- Infusion Pumps
- Anesthesia Machines
- Hearing Devices
- Dialysis Machines
- Other IoT-enabled Medical Devices
( Note: Other monitoring devices include Oxygen Concentrator, Thermometer, and Weight Monitoring Devices )
( Note: Other IoT-enabled medical devices include Sleep Therapy devices, Medical Emergency Response Systems, Hand Hygiene Monitors, Posture and Activity Tracking, and Connected inhalers )
( Note: Consumer electronic devices such as smartwatches and fitness trackers are not considered under the scope of this study )
- Software
- Data Collection and Analytics
- Device Integration
- Hospital Operation Management
- Other Software
- Services
(Other software include Medication Management, Hospital Components Management, and Data and Application Security)
IoT in Healthcare Market Assessment, by Application
- Telehealth/Telemedicine
- Hospital Operations & Workflow Management
- Inpatient Monitoring
- Imaging
- Other Applications
(Other applications include Fitness and wellness Measurement, Predictive Device Maintenance, and Medication Management)
IoT in Healthcare Market Assessment, by End User
- Hospitals & Clinics
- Home Care & Long-Term Care Centers
- Health Insurance Companies
- Personal Users
- Other End Users
(Other end users include Academic & Research institutes, Defense, and Government Agencies)
IoT in Healthcare Market Assessment, by Geography
- North America
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report: