Internet of Things in Healthcare Market Overview
As per MRFR analysis, the Internet of Things in Healthcare Market Size was estimated at 54.12 (USD Billion) in 2023. The Internet of Things in Healthcare Market Industry is expected to grow from 60.34(USD Billion) in 2024 to 200 (USD Billion) by 2035. The Internet of Things in Healthcare Market CAGR (growth rate) is expected to be around 11.51% during the forecast period (2025-2035).
Key Internet of Things in Healthcare Market Trends Highlighted
The Global Internet of Things (IoT) in the Healthcare Market is undergoing substantial trends as a result of the growing demand for improved patient monitoring and healthcare management solutions. The increasing prevalence of chronic diseases and the geriatric population are among the primary market drivers that require innovative healthcare solutions.
The significance of digital health technologies in enhancing patient outcomes is underscored by governments and health organizations worldwide. Additionally, the demand for cost-effective solutions in healthcare facilities is motivating numerous stakeholders to incorporate IoT technologies, which enable the integration of devices that will allow real-time data monitoring and analysis.
This market offers a plethora of opportunities for exploration, particularly in the development of wearable devices that monitor health metrics such as glucose levels, blood pressure, and pulse rate. Healthcare providers can optimize operational efficiency and improve remote patient engagement by utilizing these technologies. Furthermore, the Internet of Things (IoT) has the potential to considerably enhance telehealth services, thereby increasing the accessibility of healthcare, particularly in remote regions.
In recent years, there has been a growing trend toward the integration of IoT and artificial intelligence in healthcare, which enables the provision of personalized healthcare services and predictive analytics.
As the volume of patient-generated data increases, it is also becoming increasingly important to implement improved data security measures. Additionally, the advancement and implementation of IoT solutions in the healthcare sector are becoming increasingly dependent on the collaboration of a variety of stakeholders, such as technology companies, healthcare providers, and regulatory bodies. In general, the global emphasis on health equity and enhanced health outcomes serves to bolster market expansion and further propel these trends.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Internet of Things in Healthcare Market Drivers
Growing Demand for Remote Patient Monitoring
The increasing demand for remote patient monitoring is significantly driving the growth of the Global Internet of Things in the Healthcare Market Industry. With the rise of chronic diseases and an aging population, healthcare providers are turning to digital solutions to manage patients outside of traditional healthcare settings. According to the World Health Organization (WHO), the global elderly population is projected to reach 1.5 billion by 2050, creating a substantial need for effective management of chronic conditions.
Organizations like Philips and Medtronic are investing heavily in remote monitoring technologies, such as connected devices and telehealth solutions, to improve patient engagement and outcomes. This transition not only promises to enhance the quality of life for patients but also reduces the strain on healthcare facilities, thereby fostering sustainable healthcare practices.
Furthermore, a survey from the American Telemedicine Association reveals that over 75% of healthcare providers believe that telehealth has improved access and alleviated some of the pressures faced by respective institutions.
Innovations in Wearable Health Devices
Innovations in wearable health devices are playing a crucial role in the expansion of the Global Internet of Things in the Healthcare Market Industry. The global wearable technology market is expected to exceed approximately USD 60 billion by 2025, driven by advancements in sensor technologies and connectivity. Companies like Fitbit and Apple have pushed the boundaries of health tracking, allowing real-time data collection on heart rates, oxygen levels, and even stress management.
These devices not only provide valuable data for consumers but also enable healthcare providers to make informed decisions regarding patient health. A study published by the Journal of Medical Internet Research noted that wearables can lead to a 30% increase in adherence to treatment protocols among chronic disease patients, showcasing the potential of these technologies in supporting long-term health management.
Increase in Data Analytics for Healthcare Decision Making
The increase in data analytics for healthcare decision-making is driving the Global Internet of Things in the Healthcare Market Industry towards more informed and optimized healthcare practices. With the exponential growth of data generated from connected devices, healthcare organizations are leveraging analytics to extract actionable insights regarding patient care.
The Healthcare Information and Management Systems Society (HIMSS) highlights that healthcare data analytics is expected to grow at a CAGR of around 23.4% through 2027.Leading companies such as IBM Watson Health and Google Health are focusing on harnessing artificial intelligence and machine learning algorithms to enhance clinical decision support systems, aiming to reduce costs and improve patient outcomes. As a result, healthcare providers are able to identify trends, anticipate complications, and personalize treatment plans, leading to better resource allocation and improved patient safety.
Internet of Things in Healthcare Market Segment Insights
Internet of Things in Healthcare Market Application Insights
The Global Internet of Things in the Healthcare Market, particularly within the Application segment, showcases a robust landscape poised for substantial growth. In 2024, the overall market is projected to reach a valuation of 60.34 USD Billion and is expected to increase significantly to 200.0 USD Billion by 2035. The Application segment consists of critical areas such as Patient Monitoring, Medication Management, Telemedicine, Clinical Operations, and Asset Management, each contributing uniquely to the healthcare ecosystem.
The Patient Monitoring segment is projected to dominate the landscape, valued at 20.0 USD Billion in 2024. It is expected to soar to 70.0 USD Billion by 2035, reflecting its crucial role in enhancing patient care, safety, and the ability to track health metrics in real time.Medication Management follows suit, with an estimated valuation of 15.0 USD Billion in 2024, potentially rising to 55.0 USD Billion in 2035, signifying the growing importance of ensuring proper medication adherence and reducing errors in treatment.
Telemedicine, valued at 10.0 USD Billion in 2024 and poised for growth to 40.0 USD Billion by 2035, represents a significant advancement in providing remote healthcare services, effectively expanding access to care for patients worldwide.
Clinical Operations, currently at 8.0 USD Billion, is expected to ascend to 25.0 USD Billion by 2035, emphasizing efficiencies in healthcare processes through IoT technology.Lastly, Asset Management has a further valuation of 7.34 USD Billion in 2024, projected to grow to 10.0 USD Billion, highlighting its importance in tracking and managing healthcare assets effectively.
The rising demand for data-driven decision-making, increased efficiency, and improvements in patient outcomes drive growth in these areas. Significant opportunities lie ahead as healthcare providers leverage IoT to enhance quality care, streamline operations, and promote patient-centric services globally. Overall, the Application segment of the Global Internet of Things in the Healthcare Market is geared towards revolutionizing how healthcare is administered and monitored, ensuring a comprehensive approach to improving the overall healthcare landscape.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Internet of Things in Healthcare Market Component Insights
The Global Internet of Things in the Healthcare Market, valued at 60.34 billion USD in 2024, is experiencing significant growth driven by advancements in technology and an increasing demand for remote patient monitoring and healthcare efficiency. In this market, the Component segment plays a crucial role, including Devices, Software, and Services, each contributing uniquely to the overall landscape.
Devices, such as wearables and implantable sensors, are pivotal in real-time health monitoring and data collection, making them a key driving force in the industry.Software solutions provide the necessary platforms for data analytics and connectivity, enabling healthcare professionals to harness the full potential of IoT in delivering personalized patient care. Meanwhile, Services encompass installation, maintenance, and consulting, ensuring seamless integration of IoT technologies in healthcare settings.
The integration of these components not only enhances operational efficiency but also improves patient outcomes, demonstrating their significance in the Global Internet of Things in the Healthcare Market. The overall market is projected to reach 200 billion USD by 2035, reflecting the ongoing trends and opportunities in this dynamic industry.
Internet of Things in Healthcare Market End-Use Insights
The Global Internet of Things in Healthcare Market is marked by considerable advancements, particularly across various end-use applications. By 2024, the market is projected to reach a value of 60.34 USD Billion, reflecting a strong demand for IoT solutions to enhance patient care and operational efficiency. Among the key applications, hospitals take a leading role due to their extensive need for real-time monitoring, which improves patient outcomes and optimizes resource management.
Diagnostics centers are also witnessing robust integration of IoT technologies, as they rely on precise data analysis to provide accurate diagnostic results promptly.Home care is emerging as a significant sector within this market, driven by the growing preference for remote patient monitoring and management, enabling personalized care and timely interventions.
These segments are crucial as they address the increasing pressures on healthcare systems globally, such as aging populations and the demand for cost-effectiveness. The increased connectivity and data-driven approaches in these areas present both opportunities and challenges, shaping the future landscape of the Global Internet of Things in the Healthcare Market.
Internet of Things in Healthcare Market Technology Insights
The Global Internet of Things in Healthcare Market is poised for considerable growth, with a projected value of 60.34 USD Billion by 2024. This market is significantly driven by advancements in Technology, which play a crucial role in enhancing healthcare delivery and patient outcomes. Major segments within this domain include Wearable Technology, Remote Patient Monitoring, and Smart Medical Devices. Wearable Technology is emerging as a key player, enabling continuous health monitoring with user-friendly devices, thus fostering patient engagement and proactive health management
Similarly, Remote Patient Monitoring is gaining traction, allowing healthcare providers to track patient data in real-time, ultimately reducing hospital visits and improving patient care efficiency. Smart Medical Devices, equipped with IoT capabilities, enhance the clinical workflow, facilitate data collection, and offer precise interventions.
The increasing demand for connected healthcare solutions, along with technological advancements, provide ample opportunities for innovation in the Global Internet of Things in the Healthcare Market. As the industry progresses, challenges such as data security and integration of services present hurdles that need addressing to realize the potential of IoT in healthcare fully.
Internet of Things in Healthcare Market Regional Insights
The Global Internet of Things in Healthcare Market is projected to reach substantial valuations across various regions. In 2024, North America leads with a value of 25.0 USD Billion. It is expected to rise to 80.0 USD Billion by 2035, reflecting its significance as a major market player driven by advanced healthcare systems and technological innovations. Europe follows closely with a valuation of 15.0 USD Billion in 2024, increasing to 50.0 USD Billion, indicating a strong and growing emphasis on digitization and improving patient outcomes.
The APAC region, valued at 12.0 USD Billion in 2024, is anticipated to increase to 40.0 USD Billion, showcasing the increasing adoption of IoT technology in healthcare, propelled by the rising demand for better healthcare infrastructure.South America and the MEA regions also contribute to this market, with valuations of 5.0 USD Billion and 3.34 USD Billion in 2024, respectively, and they are expected to see growth to 15.0 USD Billion and 15.0 USD Billion by 2035.
These regions, although smaller in comparison, hold the potential for significant growth due to increasing healthcare investments and technological advancements. Overall, the Global Internet of Things in Healthcare Market revenue across these regions underlines the transformative impact of IoT solutions in healthcare delivery and management.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Internet of Things in Healthcare Market Key Players and Competitive Insights
The Global Internet of Things in the Healthcare Market has seen a remarkable transformation driven by innovation in technology and interconnected devices. As healthcare systems globally shift towards digitization and enhanced patient-centric care, the incorporation of IoT solutions has become critical in improving operational efficiencies, patient monitoring, and data management.
The competitive landscape is characterized by the presence of numerous players, ranging from established technology giants to emerging startups, each vying to provide innovative solutions that leverage IoT capabilities. Companies are increasingly focusing on developing integrated platforms that facilitate real-time data exchange, analytics, and decision-making processes to improve patient outcomes and reduce costs.
The race is not only to provide state-of-the-art technology but also to ensure compliance with regulatory standards, addressing data privacy, security concerns, and the growing demand for interoperability in healthcare systems.IBM stands out as a key player in the Global Internet of Things in the Healthcare Market, leveraging its expertise in data analytics and cloud computing to deliver tailored IoT solutions for healthcare providers.
The company's strengths lie in its robust technological infrastructure, extensive research and development capabilities, and a strong emphasis on artificial intelligence and machine learning applications, which are integral to processing large volumes of health data in real-time. IBM's commitment to enhancing patient care through IoT is evident in its efforts to develop smart healthcare solutions that connect devices with healthcare systems, enabling proactive management of patient conditions.
With a worldwide presence, IBM has successfully established strategic partnerships with healthcare organizations, enhancing its competitive edge while driving innovation in IoT healthcare applications.SAP also plays a significant role in the Global Internet of Things in the Healthcare Market, offering a range of solutions designed to improve operational efficiencies and patient engagement.
The company's key products include analytics platforms, patient safety solutions, and supply chain management tools that are specifically tailored for the healthcare sector. SAP's strengths encompass a strong emphasis on data integration and real-time analytics, which empower healthcare providers to make informed decisions promptly.
The company's presence in the global market is reinforced through strategic mergers and acquisitions that expand its capabilities and foster innovation within the IoT healthcare domain. By harnessing the potential of cloud computing and IoT technologies, SAP is well-positioned to drive digital transformation across healthcare systems worldwide, ultimately enhancing patient care and operational performance.
Key Companies in the Internet of Things in Healthcare Market Include
- IBM
- SAP
- Philips
- Roche
- GE Healthcare
- Johnson and Johnson
- Abbott
- Microsoft
- Qualcomm
- Medtronic
- Boston Scientific
- Honeywell
- Cisco
- Siemens Healthineers
- Oracle
Internet of Things in Healthcare Market Industry Developments
Recent developments in the Global Internet of Things in the Healthcare Market highlight a significant integration of technology and healthcare solutions. In October 2023, IBM announced enhancements in its Watson Health technologies, aiming to improve patient outcomes through data analytics. Similarly, Philips has been expanding its remote monitoring capabilities, facilitating better healthcare access and efficiency.
Current affairs focus on the surge in connected devices post-COVID-19, with industry reports indicating an estimated market growth of over 30% year-over-year, mainly driven by healthcare providers' adoption of IoT solutions.In the realm of mergers and acquisitions, in August 2023, Siemens Healthineers acquired Varian Medical Systems, bolstering its portfolio in digital health and precision oncology. In July 2023, Johnson and Johnson announced the acquisition of a digital health startup to enhance its surgical technologies.
Additionally, Medtronic's partnership with Qualcomm, established in early 2023, aims to innovate through advanced health monitoring devices. Over the last two years, significant market activities have also included increased collaborations for Research and Development, enhancing patient care through real-time data and analytics, reflecting a robust trajectory in this global market space.
Internet of Things in Healthcare Market Segmentation Insights
Internet of Things in Healthcare Market Application Outlook
- Patient Monitoring
- Medication Management
- Telemedicine
- Clinical Operations
- Asset Management
Internet of Things in Healthcare Market Component Outlook
- Devices
- Software
- Services
Internet of Things in Healthcare Market End-Use Outlook
- Hospitals
- Diagnostics Centers
- Home Care
Internet of Things in Healthcare Market Technology Outlook
- Wearable Technology
- Remote Patient Monitoring
- Smart Medical Devices
Internet of Things in Healthcare Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric Source: |
Details |
| MARKET SIZE 2023 |
54.12(USD Billion) |
| MARKET SIZE 2024 |
60.34(USD Billion) |
| MARKET SIZE 2035 |
200.0(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) |
11.51% (2025 - 2035) |
| REPORT COVERAGE |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR |
2024 |
| MARKET FORECAST PERIOD |
2025 - 2035 |
| HISTORICAL DATA |
2019 - 2024 |
| MARKET FORECAST UNITS |
USD Billion |
| KEY COMPANIES PROFILED |
IBM, SAP, Philips, Roche, GE Healthcare, Johnson and Johnson, Abbott, Microsoft, Qualcomm, Medtronic, Boston Scientific, Honeywell, Cisco, Siemens Healthineers, Oracle |
| SEGMENTS COVERED |
Application, Component, End Use, Technology, Regional |
| KEY MARKET OPPORTUNITIES |
Remote patient monitoring solutions, Smart medical devices integration, Predictive analytics for patient outcomes, Enhanced data security solutions, Telehealth service expansion |
| KEY MARKET DYNAMICS |
Rising demand for remote monitoring, Increasing adoption of wearables, Advancements in data analytics, Growing investment in healthcare IoT, Expanding regulatory frameworks |
| COUNTRIES COVERED |
North America, Europe, APAC, South America, MEA |
Internet of Things in Healthcare Market Highlights:
Frequently Asked Questions (FAQ) :
The projected market size is expected to be valued at 200.0 USD Billion by the year 2035.
The expected CAGR for this market is 11.51% for the period from 2025 to 2035.
The Patient Monitoring application segment is estimated to have the highest market value, projected at 70.0 USD Billion in 2035.
The estimated market size for the North America region is valued at 25.0 USD Billion in 2024.
Significant key players include IBM, SAP, Philips, Roche, GE Healthcare and others.
The market size for Medication Management is expected to reach 55.0 USD Billion by 2035.
The Asset Management segment is expected to grow to 10.0 USD Billion by 2035.
The projected market value for the Europe region is estimated at 15.0 USD Billion in 2024.
The overall market size is expected to be valued at 60.34 USD Billion in 2024.
The Telemedicine application is expected to be valued at 40.0 USD Billion in 2035.
