IoT in Healthcare Market Expected to Reach US$ 556.71 Billion by 2032
The IoT in healthcare market is seeing significant growth due to the introduction of new innovative technologies and the rising demand for automated remote patient care. According to a recent report by Polaris Market Research, the market size for Internet of Things (IoT) in healthcare was valued at USD 128.18 billion in 2023 and is projected to reach USD 556.71 billion by 2032, with a compound annual growth rate (CAGR) of 17.9% from 2023 to 2032.
What is IoT in Healthcare?
Internet of Things (IoT) in healthcare refers to a system of Internet-enabled devices and services that have the potential for data collection and exchange. These devices, known as IoT healthcare devices, enable healthcare professionals to remotely monitor patients, track medical assets, manage inventories, and streamline healthcare delivery processes. Wearable devices like smartwatches and implanted medical devices are commonly used in healthcare IoT, allowing patients to monitor their health in real-time. Remote patient monitoring (RPM) is a popular application of IoT in healthcare, enabling healthcare providers to collect health metrics from remote patients automatically and recommend treatments.
The Current State of IoT in Healthcare
The IoT in healthcare market is being driven by factors such as the increasing adoption of IoT technology, the development of new innovative technologies, the growing demand for automated remote patient care, and investments in IoT in healthcare. The market is segmented based on components, connectivity technology, end-users, applications, and regions. In 2023, North America held the largest market share for IoT in healthcare.
Key Players in the IoT in Healthcare Market
Some of the key players in the IoT in healthcare market include Cisco Systems Inc., GE Healthcare Ltd., Honeywell Life Care Solutions, IBM Corporation, Medtronic PLC, Microsoft Corporation, Philips N.V., Qualcomm Life Inc., Resideo Technologies, Royal Philips, Siemens, and Sensely.
Growth Drivers and Trends
The increasing demand for automated remote patient care, government investments in IoT, integration of artificial intelligence (AI) in healthcare IoT, and spending on IoT in healthcare are driving the market’s growth. Investments in digital technology in healthcare facilities, the aging population, prevalence of chronic illnesses, growing smartphone usage, and technological advancements are expected to propel the expansion of IoT in healthcare. However, challenges such as poor internet accessibility in rural areas may hinder the adoption of IoT solutions in the healthcare sector.
Regional Dominance in the IoT in Healthcare Market
In 2023, North America led the market with the largest revenue share and is expected to maintain its dominance in the forecasted period. Factors contributing to this dominance include the increasing use of telemedicine, e-reports, and IoT solutions in patient management. The market is experiencing significant growth as the demand for electronic health records rises.
Segmental Outlook of IoT in Healthcare
The IoT in healthcare market is segmented based on components (medical devices, systems & software, services), connectivity technology (cellular, low power wide area networks), end-users (hospitals, surgical centers, clinics, research organizations, government institutions, diagnostic laboratories), applications (telemedicine, clinical operations, connected imaging, inpatient monitoring, medication management), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
Conclusion
The IoT in healthcare market is poised for substantial growth, with projections indicating a market size of USD 556.71 billion by 2032. The increasing adoption of IoT technology, government investments, integration of AI, and rising demand for remote patient care are driving this growth. North America currently dominates the market, but regions like Europe, Asia Pacific, Latin America, and the Middle East & Africa are also expected to witness significant growth in the coming years. As the healthcare industry continues to embrace digital transformation, IoT in healthcare is set to revolutionize patient care and streamline healthcare delivery processes.