New York, USA, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Market Overview:
According to a new report published by Polaris Market Research, the Internet of Things (IoT) in healthcare market size was valued at USD 128.18 billion in 2023 and is estimated to reach USD 556.71 billion by 2032, growing a CAGR of 17.9% from 2023 to 2032.
Market Introduction:
What is Internet of Things (IoT) in Healthcare?
The Internet of Things (IoT) in healthcare is a system of Internet-enabled devices and services that holds immense potential for data collection and exchange. These devices, known as IoT healthcare devices, empower healthcare professionals to monitor patients remotely, track medical assets, manage inventories, and streamline healthcare delivery processes.
Wearable devices such as smartwatches and implanted medical devices are some of the most commonly used IoT devices in healthcare. These devices allow patients to track their fitness levels and monitor their health measures in real time. Further, remote patient monitoring (RTM), being one of the most popular examples of IoT in healthcare, allows healthcare professionals to automatically collect health metrics like heart rate, blood pressure, and temperature of remote patients and recommend treatments.
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Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 128.18 billion |
| Market value by 2032 | USD 556.71 billion |
| CAGR | 17.9% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
What Is Current State of IoT in Healthcare?
- The Internet of Things in healthcare market is driven by factors including the growing adoption of Internet of Things (IoT) technology, increasing development of new innovative technology, surging demand for automated remote patient care, and rise in investments in IoT in healthcare.
- The market is segmented on the basis of component, connectivity technology, end user, application, and region.
- Based on region, North America held the largest Internet of Things (IoT) in healthcare market share in 2023.
Internet of Things in Healthcare Market Key Players
- Cisco Systems Inc.
- GE Healthcare Ltd.
- Honeywell Life Care Solutions
- IBM Corporation
- Koninklijke
- Medtronic PLC
- Microsoft Corporation
- Philips N.V.
- Qualcomm Life Inc.
- Resideo Technologies
- Royal Philips
- Siemens
- Sensely
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Growth Drivers and Trends:
- Demand for Automated Remote Patient Care: Remote patient monitoring devices eliminate the need a stay at the healthcare facility for continuous patient monitoring. Healthcare providers can gather information on patients outside of the healthcare center and recommend treatments or generate alerts based on that. Thus, the rising demand for automated remote patient care is fueling the Internet of Things (IoT) in healthcare market sales.
- Investment by Government: As technology upgrades, the government globally invests more in IoT to facilitate remote access to healthcare services. As a result, increasing government activities toward technological advancement promotion and adoption accelerates the Internet of Things (IoT) in healthcare market growth.
- Integration of AI in IoT in Healthcare: IoT medical devices integrated with artificial intelligence (AI) offer healthcare providers the potential to streamline healthcare facilities, enhance prediction, automation, and optimization, and provide advanced solutions, thereby augmenting the market growth.
- Spending On IoT in Healthcare: The market is expected to see immense growth owing to a surge in investments and the adoption of digital technology in healthcare facilities. The increasing elderly population, rising prevalence of chronic illnesses, growing demand for smartphones, and technological enhancements are some of the key contributors expected to propel IoT in healthcare's expansion.
- Poor Internet Accessibility: People with poor literacy rates and those living in rural areas are more likely to face weak internet access due to a lack of advanced facilities. This negatively affects the implementation and adoption of IoT solutions in the healthcare sector.
Which Region Dominates Internet of Things (IoT) in Healthcare Market Globally?
In 2023, North America dominated the market with the largest revenue share and was predicted to maintain its dominance during the foreseen period. The key contributing factors can include a surge in the usage of telemedicine, e-reports, and IoT solutions in managing patients. The market is gaining huge growth as demand for electronic health records increases.
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Segmental Outlook:
IoT in Healthcare Market – By Component-Based Outlook:
- Medical device
- System & software
- Services
IoT in Healthcare Market – By Connectivity technology Based Outlook:
- Cellular
- Low Power Wide Area Networks
IoT in Healthcare Market – By End-User Based Outlook:
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Government and Defense Institutions
- Research and Diagnostic Laboratories
IoT in Healthcare Market – By Application Based Outlook:
- Telemedicine
- Clinical Operations and Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Others
IoT in Healthcare Market – By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Australia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
Browse PMR's IoT in Healthcare Market Report Coverage from Different Publications:
The global Internet of Things (IoT) in healthcare market size is expected to reach USD 556.71 billion by 2032, exhibiting a CAGR of 17.9% during the forecast period.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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