The global Internet of Things (IoT) in healthcare market is set to experience exponential growth, with market value expected to surge from USD 181.4 billion in 2022 to an impressive USD 952.3 billion by 2032. This rapid growth, fueled by a compound annual growth rate (CAGR) of 18.0%, reflects the increasing role of IoT in the digital transformation of healthcare systems worldwide. The market recorded a year-on-year (Y-o-Y) growth rate of 20.7% from 2021 to 2022, climbing from a previous valuation of USD 150.3 billion.
IoT technology is revolutionizing the healthcare industry by enabling seamless connectivity between medical devices, healthcare providers, and patients. Smart healthcare solutions, such as wearable devices, remote patient monitoring, and real-time data tracking, have become essential components of modern healthcare delivery. With healthcare providers and technology firms ramping up investments in IoT-enabled healthcare applications, the market is expected to witness substantial growth over the next decade.
The demand for IoT in healthcare is being driven by the need for improved patient outcomes, enhanced operational efficiency, and cost reduction. IoT solutions provide real-time health tracking, predictive analytics, and personalized treatment plans, offering a transformative approach to patient care. Moreover, the growing shift toward telehealth, home-based care, and remote patient monitoring has further accelerated the adoption of IoT devices in healthcare.
Key Takeaways:
- Market Growth: The IoT in healthcare market is projected to grow from USD 181.4 billion in 2022 to USD 952.3 billion by 2032, with an 18.0% CAGR.
- Digital Transformation: IoT plays a critical role in healthcare’s digital transformation, enabling real-time health tracking, wearable devices, and smart healthcare systems.
- Technological Advancements: Increased adoption of remote patient monitoring, telehealth, and connected medical devices is driving demand for IoT healthcare solutions.
- Y-o-Y Growth: The market recorded a 20.7% Y-o-Y growth rate from 2021 to 2022, reflecting heightened demand for IoT-enabled healthcare solutions.
As healthcare providers and technology stakeholders continue to embrace IoT-based solutions, the market is poised for rapid expansion. From wearable health monitors to predictive analytics, IoT technologies are transforming patient care, improving health outcomes, and driving operational efficiencies across healthcare systems worldwide.
Key Drivers of Growth
- Digital Transformation: IoT is a critical component in the digital transformation of healthcare, facilitating enhanced patient care through connected devices that allow for real-time monitoring and data sharing.
- Increased Demand for Remote Monitoring: The rise in chronic diseases and an aging population are driving the need for continuous health monitoring, which IoT devices can effectively provide.
- Cost Efficiency: IoT solutions are expected to reduce healthcare costs significantly by minimizing unnecessary hospital visits and improving operational efficiencies.
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How Competitive is the IoT in Healthcare Market?
The Internet of Things (IoT) in healthcare is somewhat competitive, with numerous prominent competitors. Certain strategic efforts, such as mergers, new product launches, acquisitions, and collaborations, are being implemented by corporations to assist them increase their market position.
IoT in Healthcare Market Developments
- Medtronic worked with IBM Watson in January 2019 to provide IQcast, a new feature of its current product Sugar.IQ, for iOS mobile devices in the USA. The software would provide patients with a hypoglycemic episode to monitor their low glucose level by anticipating the occurrence 1 to 4 hours in advance.
- In April 2019, Royal Philips and Spencer Health Solutions expanded their relationship to provide chronically sick patients in selected European Union (EU) nations with in-home medication adherence and the Philips telehealth platform.
Key Players
- Apple Inc.
- Cisco Systems Inc.
- GE Healthcare Ltd.
- Google (Alphabet)
- International Business Machines Corporation
- Medtronic PLC
- Microsoft Corporation
- Proteus Digital Health
- Koninklijke Philips N.V.
- QUALCOMM Incorporated
- Abbot Laboratories
Key Segments Covered in the IoT in Healthcare Industry Report
By Component:
- Hardware
- Portable Diagnostic Devices
- Non-Portable Diagnostic Devices
- Software
- Services
By Application:
- Telemedicine
- Medication Management
- Clinical Operations
- Patient Monitoring
- Connected Imaging
- Healthcare Applications
By Technology:
- Bluetooth-based
- Wi-Fi-based
- NFC-based
- Zigbee-based
- RFID-based
- Other Technologies (Cellular, Satellite, Zwave, EnOcean)
By End User:
- Hospitals
- Pharmaceuticals
- Clinics & Laboratories
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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