The growing adoption of wearable technology, the emergence of connected cars, as well as investments for deploying digital technologies are the main factors driving the growth of the Internet of Things (IoT) in the healthcare industry.
The global market for the Internet of Things (IoT) in Healthcare is anticipated to develop at a compound annual growth rate (CAGR) of 19.5% throughout the course of the forecast, to reach USD 313.07 Billion by 2030.
.jpg "The Global Internet Of Things Iot In Healthcare Market 2020-2030 (USD Billion)")
Increasing geriatric population, technological advancements, along with growing dominance of chronic conditions are substantially impacting the market growth. The global Internet of Things (IoT) in healthcare market size is anticipated to reach over USD 169 billion by 2025. This is attributed to the rising focus on active patient-centric care and patient engagement, rise in high-speed technologies for Internet of Things (IoT) connectivity, rising need for implementing cost-control actions within the healthcare sector.
Additionally, the growing need to provide better consumer experience and increase in need to get insights on customer preferences & choices are also some of the essential factors boosting the adoption of the Internet of Things (IoT) in healthcare solutions. However, initial setup cost and legacy healthcare systems are hampering the market growth. Furthermore, the advent of cloud-based analytics is expected to provide growth opportunities for the IoT in the healthcare market in the forthcoming years.
Internet of Things (IoT) in Healthcare Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 313.07 Billion |
| Growth Rate | CAGR of 19.5% during 2020-2030 |
| Segment Covered | By Component, Applications, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Agamatrix, Bosch, Capsule Technologies, Comarch SA, Cisco Systems, GE Healthcare, HQSoftware, Huawei, IBM Corporation, Intel, and others. |
Key Segment Of The Internet of Things (IoT) in Healthcare Market
by Component (USD Billion)
• Devices
• Software
• Services
by Application, (USD Billion)
• Patient Monitoring
• Telemedicine
• Operations
• Workflow management
• Remote scanning
• Sample management
• Others
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of internet Of things iot in healthcare market in 2030 was USD 313.07 Billion
the Global internet Of things iot in healthcare Market is Segmented on the basis of By Component, Applications, Region.
The base year for the report is 2023 in internet Of things iot in healthcare market
Even though the IoT in healthcare is not yet in prevalent use throughout, it is likely to experience massive growth in demand in the coming years. The rapid surge of these technologies is accredited to the reducing costs of the devices coupled with reducing the component size by making it compact and user friendly to use. Healthcare laboratories, hospitals, and pharmacies shall use IoT more efficiently for improving workflow optimization, inventory management, and medical device integration in the coming years. Having realized that the industrial internet of things can enable radical improvement in functional efficacies, numerous organizations throughout the globe are adopting predictive maintenance methods based on compatible software and smart sensors. The method can particularly enable in enhancing the safety factor while restricting the equipment downtime.
Component Segment
Based on the component segment, the market is bifurcated into three sub-segments that are medical devices, systems & software, and services. In 2019, the medical device segment gathered the highest market revenue and it is anticipated to govern the IoT in the healthcare market throughout the forecast period. The large scale implementation of medical devices owing to the increasing need for foe efficient and cost-effective solutions for enabling healthcare services. Additionally, IoT-enabled medical devices possess an essential role in tracking and gathering various information, thus, leading to the advancement of different Internet of Things (IoT) in healthcare use cases.
Application Segment
Based on the application, the market is classified into telemedicine, clinical operations, medication management, connected imaging, inpatient monitoring, and others. The market for inpatient monitoring is anticipated to witness a staggering growth over the forecast period.
The process of Inpatient monitoring involves the continuous diagnosis of a patient’s physiological functions for making therapeutic interventions and guiding management decisions. It provides different monitoring systems deliberated to collect physiological data, which is stored and analyzed using clouds and gateways.
.png "Global IoT in Healthcare Market by services 2018-2025 (USD Billion)")
Asia-Pacific region is expected to hold the highest CAGR during the forecast period 2020–2025. The growth of this region is mainly attributed to the major technological shifts, especially those heralded by the Internet of Things (IoT) that are probably to shape the future. Moreover, North America dominated the IoT in the healthcare market during the forecast period due to the presence of major market players and the availability of sophisticated healthcare infrastructures in the region.
.png "North America IoT in Healthcare Market 2018-2025 (USD Billion)")
The major players of the global IoT in the healthcare market are Agamatrix, Capsule Technologies, Cisco Systems, GE Healthcare, IBM Corporation, KORE Wireless, Medtronic, Microsoft Corporation, OSP Labs, Resideo Technologies, Royal Philips, and more. The IoT in the healthcare market is fragmented with the existence of well-known global and domestic players across the globe. Also, recognized companies are coming up with innovative and new IoT in healthcare technologies and solutions.