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The Internet Of Things (IoT) in Healthcare Market size is projected to increase by USD 208.26 billion, at a CAGR of 21.39% between 2023 and 2028. The market is intricately woven with the increasing adoption of remote patient monitoring, the burgeoning use of wearables for comprehensive human health tracking, and the transformative enhancement of healthcare management facilitated by IoT-enabled devices. These advancements are revolutionizing the healthcare landscape, offering real-time monitoring and data collection to improve patient outcomes. The integration of IoT-enabled devices in healthcare management systems has led to more efficient and personalized care delivery. As these technologies continue to evolve, they are expected to play a significant role in shaping the future of healthcare.
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The market share growth by the medical devices segment will be significant during the forecast period. IoT-enabled medical devices have made remote monitoring in the sector possible and empowered physicians to provide timely and convenient treatment and personalized healthcare. Wearable medical devices are used to monitor, control, and track an individual's vital signs at regular intervals.
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The medical devices segment was the largest and was valued at USD 30.16 billion in 2018. IoT-enabled wearable medical devices are classified into vital sign monitors, sleep and activity monitors, neuromonitoring devices, ECG monitors, and fetal and obstetric monitoring devices. Diagnostic wearable medical devices are classified based on applications such as sports and fitness and remote monitoring. The rising incidence of chronic disorders, such as cardiovascular diseases (CVDs), diabetes, respiratory disorders, and obesity, as well as the increased demand for monitoring various health parameters of an individual, is expected to contribute significantly to the growth of the market during the forecast period.
Telemedicine is the delivery of long-distance healthcare with the help of telecommunications technology. A telemedicine service connects users with experts and medical professionals online. The growing adoption of telemedicine facilities with efficient telecommunication infrastructure across different countries is significant. Telemedicine services provided by professionals offer several benefits, including increasing access to care, a reduction in costs and hospital stays, and improved patient engagement and satisfaction with the services they offer. The use of telemedicine services has also helped people to self-diagnose their illnesses. Such self-diagnosing capabilities are proving highly beneficial in rural areas and developing economies, including those in Africa and Asia, primarily due to the lack of trained and skilled professionals to impart services. Such factors are expected to drive the growth of the telemedicine segment of the market during the forecast period.
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North America is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the Internet of Things in the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The US is a major revenue contributor to the Internet of Things in the market. The IoT in the healthcare market will witness growth in North America owing to high healthcare expenditure and the adoption of advanced technologies, including IoT, in the sector. The US federal government has enacted legislation such as the Affordable Care Act and Health Information Technology for Economic and Clinical Health (HITECH) Act to promote the adoption of electronic medical records (EMRs) in the sector. The US government provides incentives for healthcare providers and facilities to use EMRs, workforce training, and EMR infrastructure improvements. These factors will drive the adoption of IoT devices.
In addition, healthcare providers have increased their spending on remote patient monitoring, thereby increasing the adoption of sensors and wireless devices. The use of wearables to monitor human health and the environment is another reason that drives the IoT in the healthcare market. IoT wearables help consumers understand their own needs and allow doctors to monitor patients remotely. This technology also allows businesses to track their employee's health and safety, which is especially beneficial for people who work in dangerous environments. Such factors are expected to drive market growth in North America during the forecast period.
The market in healthcare is witnessing remarkable growth, driven by the convergence of advanced technologies and the pressing need for innovative healthcare solutions. Wearable medical devices, smart inhalers, and remote patient monitoring systems powered by IoT devices and wearable sensors are transforming patient care, especially for chronic disorders like COPD and genetic disorders. These devices enable continuous monitoring of vital signs and facilitate remote device management, enhancing patient outcomes and reducing hospital visits. The proliferation of IoT devices also streamlines clinical imaging and testing procedures, revolutionizing drug development and research. However, challenges such as application and network security, as well as bandwidth management, require advanced software and system solutions to ensure data integrity and patient privacy. As the healthcare industry embraces digitalization, IoT emerges as a cornerstone technology, driving advancements in medical devices, information processing systems, and data analytics to deliver personalized and efficient healthcare services.
Improving healthcare management through IoT-enabled devices and connected devices is notably driving market growth. It helps increase the efficiency of the workforce at healthcare facilities and reduce operational costs. This has a number of staff members and inventories. Using IoT devices and digital healthcare technology is one of the most inexpensive ways to keep track of equipment, drugs, and free resources. Diagnostics and therapeutic tools are enhanced through IoT, ensuring faster drug delivery, safer operations, and better patient care by combining the best safety approaches and the latest technology.
For instance, a smart refrigerator that is used to store drugs and vaccines keeps them from getting damaged during handling, storage, or transfer. The usage of IoT-enabled devices in pharmacies ensures greater efficiency and effectiveness in operations, error-free medical dispensing, and security. These factors, combined with big data analytics, machine learning, and logical methodologies in healthcare information systems, are driving the use of IoT in managing and, thereby, will drive the growth of the market during the forecast period.
Technological advancements in the healthcare sector are an emerging trend shaping market growth. IoT devices are used to capture and communicate data used by advanced technologies like AI and robotics. These technologies need real-time data capture and analysis. Data captured by wearable, ingestible, and embedded sensors, mobility patterns, and device usage allow for tracking patterns of user habits and can be effectively processed and analyzed to reveal critical conditions by using state-of-the-art Artificial Intelligence (AI) and Machine/Deep Learning (ML/DL) based approaches.
Moreover, there is growing interest in cloud, fog, and edge computing emerging for data processing, analysis, correlation, and inference. For data transfer, these technologies exploit the full potential of edge nodes and low-level fog nodes, which require intelligent mapping of computational and resource management tasks across the nodes and prove to meet the stringent requirements of IoMT systems. These factors will drive the growth of the market during the forecast period.
The high cost of implementation of IoT is a significant challenge hindering market growth during the forecast period. The high cost of deployment and implementation of machine-to-machine (M2M) and IoT can act as a growth inhibitor for some organizations, especially SMEs. The duration of implementing IoT is long, and most IT projects come with a lengthy project time frame, right from system planning to retirement. Adapting to changing requirements will be crucial for organizations.
Therefore, such facilities need to focus on developing open, integrated hardware and software platforms and scalable real-time networks. Generally, such facilities use a platform-based approach, which involves a single flexible hardware architecture that supports multiple applications and eliminates hardware complexities. These factors make the adoption of IoT platforms complex and expensive, which will hinder the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Market analysis and report of qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Internet of Things (IoT) Market: Internet of Things (IoT) Market Analysis APAC, North America, Europe, Middle East and Africa, South America - US, China, Germany, Norway, France - Size and Forecast
Smart Wearable Healthcare Devices Market: Smart Wearable Healthcare Devices Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast
Medical Device Security Solutions Market: Medical Device Security Solutions Market Analysis North America, Europe, APAC, Middle East and Africa, South America - US, Japan, China, Germany, UK - Size and Forecast
The market in healthcare is witnessing exponential growth driven by the proliferation of smartphones, smart devices, and wearable sensors. Innovations like smart inhalers and connected care solutions revolutionize health data management and disease management, reducing hospital readmissions. Digital health initiatives leverage medical IoT and cybersecurity measures to ensure patient safety and data security. From glucometers to smartwatches, IoT devices monitor vital signs and facilitate remote patient monitoring, particularly for chronic conditions prevalent in the geriatric population.
Additionally, advanced sensors and connectivity technologies enable real-time communication and clinical research, enhancing treatment outcomes and patient experiences. As hospitals and clinics adopt IoT-enabled systems for billing, hospital workflows, and medication management, the healthcare landscape embraces digitalization, enhancing efficiency and patient care quality while advancing clinical operations and drug development. Moreover, the market in healthcare is experiencing exponential growth, driven by the need to address health complications and improve patient outcomes. IoT devices like glucometers, tablets, and headphones are revolutionizing healthcare delivery, providing real-time data for disease diagnosis and emergency alerts.
Furthermore, connectivity technology enables seamless communication between wearable devices such as heartrate cuffs, bands, and trackers, benefiting chronic disease management and patient safety. Advanced software and wireless connections facilitate data mining and information processing, enhancing clinical research and medication compliance. From respiratory disease management to genetic disorder testing, IoT solutions encompass a wide array of medical devices, including implanted and wearable technologies. With applications in telemedicine, clinical imaging, and drug development, IoT transforms healthcare delivery while ensuring security and efficiency in data management and device connectivity.
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Market Scope |
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Report Coverage |
Details |
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Page number |
187 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 21.39% |
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Market Growth 2024-2028 |
USD 208.26 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
18.67 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 35% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Furukawa Electric Co. Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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