The global IoT in healthcare market is expected to expand from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, with a compound annual growth rate (CAGR) of 17.8% during this period. Several factors are driving this growth, including the increasing emphasis on active patient engagement and patient-centered care, the growing need for cost-control measures in healthcare, the rising adoption of high-speed network technologies for IoT connectivity, the advancement of complementary technologies such as AI and big data, and the demand for healthcare services in remote areas.
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Medical Devices segment to hold the highest market share during the forecast period
The large-scale adoption of medical devices can be attributed to the growing need for cost-effective and efficient solutions for delivering healthcare services. With an increasing prevalence of chronic, age-related health conditions, fast-paced growth in the medical device industry has been observed globally. Some newly emerging technologies, including cloud computing, the internet of things (IoT), and artificial intelligence, have contributed significantly to the advancement in the medical device industry.
Wearable External Medical Devices segment to grow at the highest CAGR during the forecast period
Wearable external medical devices are becoming increasingly popular for monitoring and managing various health conditions. Factors such as increasing health awareness, preference for preventive care, rising need for the extended home health monitoring of patients owing to the growing geriatric population, and subsequent prevalence of chronic diseases are making wearable devices common in-home care settings.
Asia Pacific (APAC) region to record the highest growth rate in the IoT in Healthcare market in 2023
Asia Pacific is an emerging region in the IoT in Healthcare market. High-growth markets in Asia Pacific are China, India, and other countries, such as South Korea, Singapore, Malaysia, and Thailand. These countries are expected to provide significant opportunities for players in this market. This can be attributed to the increasing patient burden in highly populated Asia Pacific countries, growing geriatric population and disease burden, as well as the high penetration of smartphones, tablets, and high-speed networks, and continuous initiatives by national governments to digitalize their healthcare sectors.
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Unique Features in the IoT in Healthcare Market
One of the most unique features of IoT in healthcare is the ability to continuously monitor patients’ health in real time. IoT-enabled devices such as wearables and sensors allow healthcare providers to track vital signs and other health metrics remotely, enabling early detection of potential issues and personalized care.
IoT is revolutionizing access to healthcare, especially in remote and underserved areas. Through IoT-enabled devices, healthcare professionals can remotely diagnose, monitor, and treat patients, reducing the need for frequent in-person visits. This feature is particularly critical for individuals in rural or hard-to-reach locations, making healthcare more accessible and convenient.
IoT generates vast amounts of healthcare data, which, when combined with AI and big data analytics, enables more informed decision-making. By analyzing real-time and historical data, healthcare providers can make predictive diagnoses, optimize treatment plans, and improve patient outcomes.
IoT facilitates automation in hospitals and healthcare facilities through smart systems. Automated workflows, such as inventory management, medication tracking, and patient scheduling, reduce administrative burdens, minimize errors, and improve overall hospital efficiency.
The integration of IoT allows healthcare providers to deliver highly personalized care by tailoring treatments based on individual patient data collected from connected devices. This feature supports precision medicine, where treatments are customized to a patient’s specific health profile, offering a more effective and patient-centric approach to care.
Major Highlights of the IoT in Healthcare Market
A key highlight of the market is the shift towards patient-centric care. IoT devices enable healthcare providers to focus more on personalized care and patient engagement by continuously monitoring health metrics and enabling remote consultations. This growing emphasis on patient-centricity is a major factor driving the widespread adoption of IoT solutions.
IoT is becoming a crucial tool for controlling healthcare costs. By automating routine processes, reducing hospital readmissions, and improving resource management, IoT helps healthcare providers optimize costs without compromising patient care. This cost-control benefit is particularly attractive to hospitals and healthcare institutions looking to improve profitability.
The increasing availability of high-speed networks, including 5G, is a key driver in the growth of IoT in healthcare. High-speed connectivity allows for seamless data transfer between IoT devices, facilitating real-time monitoring, telemedicine services, and quick decision-making, which are essential for timely and effective patient care.
The integration of IoT with emerging technologies like artificial intelligence (AI), machine learning (ML), and big data is another major highlight. These technologies work together to analyze the large amounts of data generated by IoT devices, providing predictive insights, improving diagnostics, and enabling more accurate treatment plans.
IoT’s role in expanding access to healthcare services in remote or underserved areas is a significant market highlight. Through telemedicine, wearable devices, and remote monitoring systems, IoT allows healthcare providers to deliver care to patients without the need for them to visit hospitals, thus expanding healthcare access and convenience.
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Top Companies in the IoT in Healthcare Market
Key and innovative vendors in Key and innovative vendors in the IoT in healthcare market include Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensely (US), Clover Health (US). These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the IoT in healthcare market.
Cisco (US)
Cisco is engaged in the provision of hardware, software, networking, and system communication technology-based products and services. The offerings of the company cater to verticals, such as energy, government, education, financial services, retail, sports and entertainment, manufacturing, healthcare, transportation, and hospitality. Products and services offered by Cisco are divided into five segments: infrastructure platforms, services, applications, security, and other products. Cisco delivers IoT products under the term Internet of Everything (IoE). The company launched a fog computing platform that supports IoT applications, real-time big data, and real-time analytics. Cisco offers field network products and embedded network products, such as switches and routers, and cybersecurity solutions for IoT. It further offers wireless, enterprise networking, security, and collaboration portfolios to help meet the growing demand for IoT. Enhanced security, reduced complexity, and lower costs are some key benefits offered by Cisco IoT solutions.
IBM (US)
IBM is one of the leading providers of IT and business services to clients in 175 countries. It operates through six business segments: cognitive solutions, technology services, cloud platforms, Global Business Services (GBS), systems, and global financing. IBM caters to various verticals, such as aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. It offers the Watson IoT platform in the market, which provides comprehensive IoT services, such as connectivity, information management, real-time analytics, and risk and security management. The Watson IoT platform?provides support to the main IoT product, such as connecting, storing, analyzing, and managing data along with monitoring support through the Watson IoT platform dashboard. IBM provides the Cognitive IoT for Healthcare solution that focuses on analyzing data collected from patients or individuals. The data is also collected through the signals generated from sensors in everyday objects, environmental sensors, and wearables.
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