Internet of Things (IoT) in Healthcare Global Market Report 2024

The internet of things (iot) in healthcare market size has grown exponentially in recent years. It will grow from $188.23 billion in 2023 to $229.44 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The expansion observed in the historical period can be attributed to economic growth in emerging markets, a rising prevalence of chronic diseases, and an increase in internet penetration.

The internet of things (iot) in healthcare market size is expected to see exponential growth in the next few years. It will grow to $481.64 billion in 2028 at a compound annual growth rate (CAGR) of 20.4%. The anticipated growth in the forecast period can be attributed to the increasing adoption of smart devices and wearables in healthcare, a rise in the geriatric population, and the growing adoption of digital transformation in healthcare. Key trends expected in this period include technological advancements, the use of telemedicine, the incorporation of edge computing technology, the adoption of real-time health monitoring systems, product launches, and an emphasis on partnerships and collaborations.

The anticipated growth in the adoption of digital transformation is expected to be a significant driver for the expansion of the Internet of Things (IoT) in the healthcare market. Digital transformation in healthcare involves leveraging various technologies and digital care programs to advance patient services and healthcare practices. The increased digital transformation in healthcare has led to the widespread use of technologies such as artificial intelligence (AI). Notably, 81% of healthcare executives indicate that the pace of digital transformation within their organizations is accelerating, with 93% emphasizing innovation urgency. Initiatives such as PharmStars aim to align pharmaceutical and digital health companies for collaborative innovation. In 2021, the KidsX Accelerator program was launched to drive digital health solutions' development in pediatrics. The Indian digital healthcare market is projected to reach $485.43 billion by 2024, according to the India Brand Equity Foundation. Therefore, the growing adoption of digital transformation in healthcare is expected to propel the growth of the IoT in the healthcare market.

The increasing global geriatric population is poised to contribute to the growth of the IoT in the healthcare market. The geriatric population, aged 65 years and above, often experiences multiple health problems, making technology a valuable tool to cater to their needs. The World Health Organization predicts that by 2030, one in six people globally will be aged 60 or above, reaching 1.4 billion. By 2050, the population of individuals aged 80 or older is expected to triple to 426 million. The rise in the geriatric population is anticipated to boost demand for IoT in healthcare as technology aids in addressing the health challenges associated with aging.

A prominent trend in the IoT in healthcare market is technological advancements, particularly the development of control system software based on AI technologies. Major companies in this market are actively developing new technologies to enhance their market position. For example, GE Healthcare introduced around 60 innovative technology solutions, underpinned by AI and digital solutions, to transform healthcare delivery. These solutions cover various aspects such as patient screening, diagnostics, therapy planning, guidance, and monitoring. The ulrichINJECT CT Motion, utilizing automated syringeless technology, and Digital expert access, a real-time virtual solution integrated into imaging devices, are part of these advancements.

Healthcare companies in the Internet of Things (IoT) sector are actively forming partnerships and collaborations as a strategic approach to fortify their market position. These collaborations serve various purposes, including diversification of business lines, expansion of geographical reach, and the creation of broader portfolios with increased capital efficiency. For instance, in February 2022, GAVS Technologies (GAVS), a leading India-based company specializing in AI-led Digital Transformation in healthcare, entered into a partnership with NASSCOM (National Association of Software and Service Companies). This unique venture focuses on providing comprehensive knowledge about the Industrial Internet of Things, covering both conceptual and practical aspects, including Artificial Intelligence. The collaboration aims to establish a platform for intelligence-sharing, technology collaboration, and incubation, fostering the adoption and implementation of cutting-edge technology in the healthcare industry in India. Another significant collaboration occurred in March 2022 when Manipal Hospitals, a prominent healthcare services provider in India, joined forces with Connected Life, a Singapore-based company offering state-of-the-art sensor technology, mobile applications, and AI for motor state diagnostics, developed with Google Cloud. This collaboration leverages Fitbit's wearable technology, integrated with Connected Life's virtual platform, to monitor patient progress and enhance the 'Continuity of Care Post-High-Risk Surgeries.' Through this partnership, clinical teams at Manipal Hospitals gain a comprehensive view of patients post-discharge, allowing tailored interventions to meet individual patient needs and ongoing monitoring throughout the recovery journey.

In January 2022, Claroty, a US-based cybersecurity firm specializing in cyber-physical systems (CPS) security for industrial, healthcare, and enterprise contexts, made a strategic move by acquiring Medigate for an undisclosed amount. This acquisition positions Claroty ideally to enhance the security of the extended Internet of Things (XIoT) by offering unparalleled visibility, protection, and threat detection for all interconnected enterprises through a unified integrated solution. Medigate, a US-based company, specializes in providing an IoT security platform for healthcare providers, ensuring the safe delivery of connected care.

Major companies operating in the internet of things (iot) in healthcare market report are IBM Corporation, Microsoft Corporation, Koninklijke Philips N.V, GE Healthcare, Cisco Systems Inc., SAP SE, Medtronic PLC, Siemens Healthiness GmbH, Intel Corporation, Comarch, Lenovo Healthcare Information Technology, China Unicom Ltd., MyrIoTa, NTT Communications, HCL technologies Harbinger system, Aeron Systems, FuGenX Technologies Pvt. Ltd, Fuji Electric Systems Co., Ltd, Mediatek Inc., Huawei, Telkom Indonesia, Xiaomi Inc., Apteki+, Insilico Medicine, Gero, Alibaba Group Holding Ltd., Bioserenity, Orange Business Services, Robert Bosch GmbH Singtel, Infineon Technologies, BIoTronik, Coimbra Genomics, Doctoralia, Emperra, Exovite, Genexyx, NeurNation, Psious, Px Healthcare, TrialReach, XtremeVRI, Skin Analytics, Babylon Health, Cambridge Cognition, DeepMind Technologies, BenevolentAI, Renalytix AI, Exscientia, Iktos, Novartis, Care Mentor AI, MediSensum, Botkin, Ardigen, Hill-Rom Services, Inc., Oracle Corporation, Altizon Systems, Qualcomm Technologies Inc, Fire Eye Inc., STANLEY Healthcare, TeleMD, Webiomed, Senseonics Holdings Inc, TeleTracking Technologies Inc, Honeywell Lifecare Solutions, Deep Genomics, Cyclica, Boston Scientific Corporation, Health Care Originals, Dacadoo, Healthbank, SilverCloud, Diagnocat, Hewlett Packard Enterprise UAE, Nutrino.

North America was the largest region in the internet of things (IoT) in healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the internet of things (iot) in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the internet of things (iot) in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of IoT in the healthcare market include medical devices, systems and software, and services. Medical devices encompass any instrument or related object that the producer intends for use in combination for a medical purpose. Connectivity technologies include cellular, Wi-Fi, near-field communications, satellite, Bluetooth, and Zigbee. Various applications include telemedicine, clinical operations, workflow management, inpatient monitoring, medication management, connected imaging, and other applications utilized by clinical research organizations, government institutions, research and diagnostic laboratories, hospitals and clinics, and other end-users.

The internet of things in healthcare market research report is one of a series of new reports that provides internet of things in healthcare market statistics, including internet of things in healthcare industry global market size, regional shares, competitors with an internet of things in healthcare market share, detailed internet of things in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the internet of things in the healthcare industry. This internet of things in the healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The internet of things (IoT) in the healthcare market consists of revenues earned by entities by providing wearable external medical devices and stationery medical devices. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.