IoT Healthcare Market

Industry Overview

The Global IoT Healthcare market size is expected to grow from USD 53.65 billion in 2023 to USD 169.99 billion by 2030 at a CAGR of 21.2% during the forecast period ranging from 2025 to 2030.

IoT or Internet of Things in healthcare is the software of devices that are embedded with sensors, software, network, and connectivity. This facilitates data collection and exchange by the devices. This technology is used for different applications in healthcare such as telemedicine, inpatient monitoring, clinical operations, and workflow management, and medication management.

The growth of the Global IoT Healthcare market is quite significant rate due to rise in investment for healthcare IoT solutions and the increasing accessibility of connected devices in healthcare. In addition, the improvements in the efficiency of the processes and the growing demand for convenience among patients has resulted in the higher demand for telemedicine as well. This has significantly reduced the length of hospital stays and has contributed significantly to the growth of the market.

The market growth is however hindered due to specific factors. One of the primary factors is the concern over the lack of data security and privacy. However, higher participation in the development projects of the products and the rapid technological development are creating novel growth opportunities for the Global IoT Healthcare market.  

Market Segmentation

Insight by Component

The Global IoT Healthcare market is segmented on the basis of the component into medical devices, services, and systems and software. All these segments are further subdivided. For example, the medical devices segment is further subdivided into wearable external medical devices, stationary medical devices, and implanted medical devices. The services segment is further subdivided into system integration services, support, and maintenance services and professional services. The system and software segment is further subdivided into data analytics, remote device management, network security, network bandwidth management, and application security. Out of all these segments, the systems and software segment are expected to grow at the fastest rate during the forecast period due to significant factors such as the higher degree of autonomy and data security.

Insight by Application

The Global IoT Healthcare market on the basis of application into telemedicine, inpatient monitoring, clinical operations and workflow management, medication management, connected imaging, and other segments. Out of all these applications, the telemedicine segment, which is further divided into store-and-forward telemedicine, interactive telemedicine, and remote patient monitoring, is expected to account for the largest share in the IoT healthcare market during the forecast period and grow more due to the higher efficiency of processes and additional convenience for patients due to its ability to reduce the length of hospital stays.

Insight by Connectivity Technology

The Global IoT Healthcare market is split on the basis of connectivity technology into Wi-Fi, Near Field Communication (NFC), Bluetooth Low Energy (BLE), cellular, ZigBee, and satellite segments. Out of all these segmentations, the Wi-Fi segment is expected to account for the largest share of the IoT healthcare market due to its higher efficiency, more popularity, and wide spread adoption and use.

Insight by End User

On the basis of the different end users, the Global IoT Healthcare market is divided into different segments such as hospitals, surgical centers, and clinics, government and defense institutions, clinical research organization (CRO), and research and diagnostics laboratories. Among all these segments, the hospitals, surgical centers, and clinics segments will account for the larger share of the IoT healthcare market and grow at a higher rate during the forecast period due to the rising number of admittance and treatments.

Global IoT Healthcare Market Report Coverage

Industry Dynamics

Industry Trends

The most significant trend of the IoT healthcare market is the growing adoption of IoT devices and wearables. In addition, use of blockchain technology to improve data security and integrity in IoT healthcare applications along with the growing emphasis on incorporating IoMT devices and platforms to manage chronic diseases are also significant. Apart from that, growing traction of edge computing, in IoT healthcare for real-time data processing, increased use of AI-driven IoT solutions, and consumerization of healthcare to empower patients are trends to notice in the IoT healthcare market.

Growth Drivers

One of the most significant reasons for the Global IoT Healthcare market to grow at a significantly high rate during the forecast period is the significant rise in the investment for more effective healthcare IoT solutions. The market growth is further attributed to the growing demand for more efficient remote patient monitoring services as well as the significant progress and implementation of artificial intelligence technology in healthcare. Add to that, the significant rise in the number of incidents of chronic and lifestyle related diseases especially among the geriatric population facilitates the market growth. Furthermore, the growing adoption of cloud-based services and cloud technology in healthcare and the rising preference for personalized medicine are also fueling the growth for the IoT healthcare market across the world.

Challenges

One of the most significant hindrances to the growth of the Global IoT Healthcare market is the lack of awareness among the consumers regarding its use and benefits. In addition, stringent government regulations and high standards as well as the high capital requirements also prevents new entrants to the market thereby restricting its growth. Apart from that, the unsatisfactory healthcare infrastructure especially in developing economies also pose significant challenges for market growth.

Opportunities

Novel growth opportunities are presented to the Global IoT Healthcare market due to the improved operation efficiency of the products and their ability to facilitate monitoring of patients remotely or outside conventional clinical settings. Active participation of the patients by using wearable devices and collaborations and partnerships between healthcare and IoT technology providers are also opening new avenues for market growth.

Geographic Overview

North America is the largest contributor to the IoT healthcare market and will continue its dominance due to the increased spending in healthcare in this specific region. In addition to that, the market is also expected to grow more during the forecast period due to the rising aging population who are more prone to chronic and long-term illnesses. Furthermore, the improving healthcare infrastructure in the region is also pushing the IoT healthcare market in North America forward.

The Asia-Pacific market will also grow at a higher CAGR during the forecast period due to the significant rise in the number of surgical centers and hospitals, especially in the developing economies such as India. Apart from that, the significant rise in the demand for cloud-based solutions is also propelling the growth of the IoT healthcare market in the region.

Competitive Insight

Key players in the IoT healthcare market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In October 2015, IBM acquired Merge Healthcare Incorporated, to help healthcare providers and researchers to engage in personalized approaches to diagnosis, treatment, and monitoring of patients. Medtronic Plc, Microsoft Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., General Electric Company, SAP SE, Cisco Systems, Inc., Qualcomm Incorporated, International Business Machine Corporation (IBM), and Stanley Black & Decker Inc. are the key players offering IoT healthcare.

Industry Segmentation

The IoT Healthcare Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• By Component
  • Medical devices
  • Services
  • Systems
  • Software
• By Application
  • Telemedicine
  • Inpatient monitoring
  • Clinical operations
  • Workflow management
  • Medication management
  • Connected imaging
  • Others
• Connectivity Technology
  • Wi-fi
  • Near Field Communication (NFC)
  • Bluetooth Low Energy (BLE)
  • Cellular
  • ZigBee
  • Satellite
  • All connectivity technologies
• End User
  • Hospitals
  • Surgical centers
  • Clinics
  • Government and defense institutions
  • Clinical research organization (CRO)
  • Research and diagnostics laboratories

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East and Africa (MEA)
  • Saudi Arabia
  • U.A.E
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of Latin America

Primary Research Interviews Breakdown