Internet of Things (IoT) in Healthcare Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Internet of Things (IoT) in Healthcare Market
The Internet of Things (IoT) in Healthcare market size was valued at USD 139.74 billion in 2023, and the market is now projected to grow from USD 175.61 billion in 2024 to USD 822.54 billion by 2032, exhibiting a CAGR of 21.3% during the forecast period of 2024-2032.
The advancement in information and communication technology in healthcare took a new twist after the breakout of COVID-19. The speculation towards the higher usage of remote health check, telemedicine and other contactless solutions have forced the healthcare professionals to adopt IoT for patients treatment. Smart wearables, sensors and other IoT connected devices were applied in tracking the patients’ symptoms, monitoring their health status, and controlling the number of their visits to the hospital, which was crucial to stop the spread of the virus, and protect patients. Since the pandemic put emphasis on real-time data, the IoT healthcare market expanded due to increased need for efficient and scalable healthcare solutions.
Based on several specific trends, the IoT in the health sector is progressing as follows. Packages to continuously monitor vital signs and chronic health conditions are enhancing the effectiveness of delivering precise data on how patients should be treated. A combination with artificial intelligence makes predictions better, allowing for early triage and treatment. Smart hospitals are making their ways into healthcare settings, owing to IoT devices to manage patient and operational flows. RPM is still expanding, giving care outside hospitals expanded use of remote patient monitoring. More so, IoT in drug delivery systems and even in surgeries is improving accuracy and performance of operations.
There are several factors that are mainly causing the advancement of the IoT in the healthcare market. Increased utilization in remote patient monitoring after the pandemic, and other IoT devices for monitoring a patient’s health are also popularizing IoT devices. New generation clothes and portable sensors offer more accurate information together with higher resolution in real-time. The demand for better results at lower costs, consequently, the necessity to decrease expenses and high requite for efficiency also stimulates the shift. Furthermore, the increasing number of investment in the digital health solutions and the shifting policy towards recognizing IoT-based healthcare solutions are enabling the integration of IoT in the global level healthcare systems. The above-mentioned factors are driving the Internet of Things (IoT) in Healthcare market growth.
Comprehensive Analysis Internet of Things (IoT) in Healthcare Market
The global IoT in healthcare market is categorized by components such as devices like wearables and sensors, and software, comprising, or remote device management software, data analytics and compliance & security software, asset performance management & others including data storage and EHRs. Other services they offer involve care such as cleaning services, administration of medicine, and so on. Applications are classified to telemedicine, patient monitoring, operation and workflow management, remote scanning and predicting devices. The end-users are hospitals, laboratories, clinics and other users like pathology and clinical tests. These segments allow for targeted solutions so that healthcare organisations, practice environments, and care delivery can be optimised in a range of facilities.
Currently, the IoT healthcare market is most developed in North America due to the well-developed healthcare system, the high level of technology penetration, and a high level of investment in digital health. The highest IoT device and solution market is in the United States owing to the government support, a sound and well-developed healthcare sector, and major players. There is a high demand for RPM, telemedicine, and healthcare automation in this region at the current time. Furthermore, significant scale up of efforts to augment healthcare, claims, costs, and operational effectiveness in the sphere also stimulates the expansion of the market in the North American region.
Key players in the market include Amazon, Inc. (U.S.), Cisco Systems, Inc. (U.S.), General Electric Company (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Koninklijke Philips N.V. (Netherlands), Senseonics (U.S.), Wipro (India)
The wearable health devices are only in their first category of the IoT healthcare market in 2024, with smart watches and fitness trackers as the biggest trend. These devices are progressing to include additional features with regard to the sensors for the vigorous impulse recognition of such parameters as pulse, oxygen saturation, glucose level and others. With integration, one can monitor one’s health and get immediate results of analyzed health information to avoid health complication risks. Furthermore, these wearables are capable of benefiting from better accuracy, elegance, simpler usability, longer battery life, and better integration with healthcare delivery platforms, which boost individual patient care and prevention.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2019-2032
Base Year
2023
Estimated Year
2024
Forecast Period
2024-2032
Historical Period
2019-2022
Growth Rate
CAGR of 21.3% from 2024 to 2032
Unit
Value (USD Billion)
Segmentation
By Component
Devices
Software
- Remote Device Management
- Data Analytics
- Compliance and Security
- Asset Performance Management
- Others (Data Storage, Electronic Health Record.)
By Application
Telemedicine
Patient Monitoring
Operations and Workflow Management
Remote Scanning
Sample Management
Others (Predictive Device Maintenance, Medication Management, etc.)
By End-User
Laboratory Research
Hospitals
Clinics
Others (Clinical Tests, Pathology, etc.)
By Region
North America (By Component, By Application, By End-User, and By Country)
- U.S. (By End-User)
- Canada (By End-User)
- Brazil (By End-User)
- Mexico (By End-User)
- Argentina (By End-User)
- Rest of Latin America
- United Kingdom (By End-User)
- Germany (By End-User)
- France (By End-User)
- Scandinavia (By End-User)
- Rest of Europe
- GCC (By End-User)
- South Africa (By End-User)
- Rest of MEA
- China (By End-User)
- India (By End-User)
- Japan (By End-User)
- Southeast Asia (By End-User)
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Porter’s Five Force Analysis
- 4.4. Global Internet of Things (IoT) in Healthcare Key Players Market Share/Ranking, 2023
- 5. Global Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Component (USD)
- 5.2.1. Devices
- 5.2.2. Software
- 5.2.2.1. Remote Device Management
- 5.2.2.2. Data Analytics
- 5.2.2.3. Compliance and Security
- 5.2.2.4. Asset Performance Management
- 5.2.2.5. Others (Data Storage, Electronic Health Record, etc.)
- 5.2.3. Services
- 5.3. By Application (USD)
- 5.3.1. Telemedicine
- 5.3.2. Patient Monitoring
- 5.3.3. Operations and Workflow Management
- 5.3.4. Remote Scanning
- 5.3.5. Sample Management
- 5.3.6. Others (Predictive Device Maintenance, Medication Management, etc.)
- 5.4. By End-User (USD)
- 5.4.1. Laboratory Research
- 5.4.2. Hospitals
- 5.4.3. Clinics
- 5.4.4. Others (Clinical Tests, Pathology, etc.)
- 5.5. By Region (USD)
- 5.5.1. North America
- 5.5.2. Latin America
- 5.5.3. Europe
- 5.5.4. Middle East & Africa
- 5.5.5. Asia Pacific
- 6. North America Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Component (USD)
- 6.2.1. Devices
- 6.2.2. Software
- 6.2.2.1. Remote Device Management
- 6.2.2.2. Data Analytics
- 6.2.2.3. Compliance and Security
- 6.2.2.4. Asset Performance Management
- 6.2.2.5. Others (Data Storage, Electronic Health Record, etc.)
- 6.2.3. Services
- 6.3. By Application (USD)
- 6.3.1. Telemedicine
- 6.3.2. Patient Monitoring
- 6.3.3. Operations and Workflow Management
- 6.3.4. Remote Scanning
- 6.3.5. Sample Management
- 6.3.6. Others (Predictive Device Maintenance, Medication Management, etc.)
- 6.4. By End-User (USD)
- 6.4.1. Laboratory Research
- 6.4.2. Hospitals
- 6.4.3. Clinics
- 6.4.4. Others (Clinical Tests, Pathology, etc.)
- 6.5. By Country (USD)
- 6.5.1. United States
- 6.5.1.1. By End-User
- 6.5.2. Canada
- 6.5.2.1. By End-User
- 7. Latin America Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Component (USD)
- 7.2.1. Devices
- 7.2.2. Software
- 7.2.2.1. Remote Device Management
- 7.2.2.2. Data Analytics
- 7.2.2.3. Compliance and Security
- 7.2.2.4. Asset Performance Management
- 7.2.2.5. Others (Data Storage, Electronic Health Record, etc.)
- 7.2.3. Services
- 7.3. By Application (USD)
- 7.3.1. Telemedicine
- 7.3.2. Patient Monitoring
- 7.3.3. Operations and Workflow Management
- 7.3.4. Remote Scanning
- 7.3.5. Sample Management
- 7.3.6. Others (Predictive Device Maintenance, Medication Management, etc.)
- 7.4. By End-User (USD)
- 7.4.1. Laboratory Research
- 7.4.2. Hospitals
- 7.4.3. Clinics
- 7.4.4. Others (Clinical Tests, Pathology, etc.)
- 7.5. By Country (USD)
- 7.5.1. Brazil
- 7.5.1.1. By End-User
- 7.5.2. Mexico
- 7.5.2.1. By End-User
- 7.5.3. Argentina
- 7.5.3.1. By End-User
- 7.5.4. Rest of Latin America
- 8. Europe Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Component (USD)
- 8.2.1. Devices
- 8.2.2. Software
- 8.2.2.1. Remote Device Management
- 8.2.2.2. Data Analytics
- 8.2.2.3. Compliance and Security
- 8.2.2.4. Asset Performance Management
- 8.2.2.5. Others (Data Storage, Electronic Health Record, etc.)
- 8.2.3. Services
- 8.3. By Application (USD)
- 8.3.1. Telemedicine
- 8.3.2. Patient Monitoring
- 8.3.3. Operations and Workflow Management
- 8.3.4. Remote Scanning
- 8.3.5. Sample Management
- 8.3.6. Others (Predictive Device Maintenance, Medication Management, etc.)
- 8.4. By End-User (USD)
- 8.4.1. Laboratory Research
- 8.4.2. Hospitals
- 8.4.3. Clinics
- 8.4.4. Others (Clinical Tests, Pathology, etc.)
- 8.5. By Country (USD)
- 8.5.1. United Kingdom
- 8.5.1.1. By End-User
- 8.5.2. Germany
- 8.5.2.1. By End-User
- 8.5.3. France
- 8.5.3.1. By End-User
- 8.5.4. Scandinavia
- 8.5.4.1. By End-User
- 8.5.5. Rest of Europe
- 9. Middle East & Africa Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Component (USD)
- 9.2.1. Devices
- 9.2.2. Software
- 9.2.2.1. Remote Device Management
- 9.2.2.2. Data Analytics
- 9.2.2.3. Compliance and Security
- 9.2.2.4. Asset Performance Management
- 9.2.2.5. Others (Data Storage, Electronic Health Record, etc.)
- 9.2.3. Services
- 9.3. By Application (USD)
- 9.3.1. Telemedicine
- 9.3.2. Patient Monitoring
- 9.3.3. Operations and Workflow Management
- 9.3.4. Remote Scanning
- 9.3.5. Sample Management
- 9.3.6. Others (Predictive Device Maintenance, Medication Management, etc.)
- 9.4. By End-User (USD)
- 9.4.1. Laboratory Research
- 9.4.2. Hospitals
- 9.4.3. Clinics
- 9.4.4. Others (Clinical Tests, Pathology, etc.)
- 9.5. By Country (USD)
- 9.5.1. GCC
- 9.5.1.1. By End-User
- 9.5.2. South Africa
- 9.5.2.1. By End-User
- 9.5.3. Rest of MEA
- 10. Asia Pacific Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Component (USD)
- 10.2.1. Devices
- 10.2.2. Software
- 10.2.2.1. Remote Device Management
- 10.2.2.2. Data Analytics
- 10.2.2.3. Compliance and Security
- 10.2.2.4. Asset Performance Management
- 10.2.2.5. Others (Data Storage, Electronic Health Record, etc.)
- 10.2.3. Services
- 10.3. By Application (USD)
- 10.3.1. Telemedicine
- 10.3.2. Patient Monitoring
- 10.3.3. Operations and Workflow Management
- 10.3.4. Remote Scanning
- 10.3.5. Sample Management
- 10.3.6. Others (Predictive Device Maintenance, Medication Management, etc.)
- 10.4. By End-User (USD)
- 10.4.1. Laboratory Research
- 10.4.2. Hospitals
- 10.4.3. Clinics
- 10.4.4. Others (Clinical Tests, Pathology, etc.)
- 10.5. By Country (USD)
- 10.5.1. China
- 10.5.1.1. By End-User
- 10.5.2. India
- 10.5.2.1. By End-User
- 10.5.3. Japan
- 10.5.3.1. By End-User
- 10.5.4. Southeast Asia
- 10.5.4.1. By End-User
- 10.5.5. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Amazon, Inc.
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. Cisco Systems, Inc.
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. General Electric Company
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. IBM Corporation
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Intel Corporation
- 11.5.1. Overview
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Microsoft Corporation
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. SAP SE
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. Koninklijke Philips N.V.
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Senseonics
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Wipro
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
- 12. Key Takeaways
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