How Has The Internet Of Things (IoT) In Healthcare Market Size Evolved In Recent Years?
The internet of things (iot) in healthcare market has seen considerable growth due to a variety of factors.
• The rapid expansion of the internet of things (IoT) in the healthcare market has been quite noticeable in the last few years. The market size is expected to increase from $231.71 billion in 2024 to around $282.23 billion in 2025, indicating a compound annual growth rate (CAGR) of approximately 21.8%.
The historic period's growth can be linked to economic development in burgeoning markets, an escalated incidence of chronic conditions, and an uptick in internet access levels.
What Is The Projected Growth Of The Internet Of Things (IoT) In Healthcare Market?
The internet of things (iot) in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to expand significantly in the forthcoming years, the market size of internet of things (IoT) in healthcare is predicted to surge to $616.29 billion in 2029 with a compound annual growth rate (CAGR) of 21.6%.
This robust growth during the forecast period is largely driven by heightened uptake of smart gadgets and wearable tech in healthcare, increase in aging population, and rising implementation of digital transformation in the healthcare sector. Key market trends expected during this phase include rapid tech advancements, prevalence of telemedicine and edge computing technology, greater usage of real-time health monitoring systems, introduction of novel products, and increased alliances and collaborations.
What Are The Key Drivers Fueling Growth In The Internet Of Things (IoT) In Healthcare Market?
The escalating uptake of digital transformation is anticipated to fuel the expansion of the Internet of things in the healthcare sector. When we refer to the digital transformation of the healthcare field, we're discussing the evolution facilitated by a variety of technologies and digital treatments that better serve patients with healthcare advancements. The escalation in the healthcare sector's digital transformation has heightened the application of several technologies, including artificial intelligence. According to 81% of healthcare administrators, their organization's digital transformation rate is surging, and 93% state that they are initiating innovations with a sense of urgency and a call to action for this year. For example, the GOV.UK reported in November 2023 that the government's digital and data profession saw a 19% rise from April 2022 to April 2023, effectively addressing vital digital skills requirements. Thus, the escalating adoption of digital transformation in healthcare is poised to enhance the expansion of the Internet of things in the healthcare market.
What Are The Principal Market Segments In The Global Internet Of Things (IoT) In Healthcare Healthcare Industry?
The internet of things (IoT) in healthcare market covered in this report is segmented –
1) By Component: Medical Devices, Systems And Software, Services
2) By Connectivity Technology: Cellular, Wi-Fi, Near Field Communications, Satellite, Bluetooth, Zigbee
3) By Application: Telemedicine, Clinical Operations And Workflow Management, Inpatient Monitoring, Medication Management, Connected Imaging, Other Applications
4) By End Users: Clinical Research Organizations, Government Institutions, Research And Diagnostic Laboratories, Hospitals And Clinics, Other End Users
Subsegments:
1) By Medical Devices: Wearable Devices, Remote Patient Monitoring Devices, Implantable Devices, Diagnostic Equipment
2) By Systems And Software: Health Information Systems (HIS), Electronic Health Records (EHR), Cloud-based IoT Platforms, Data Analytics Software
3) By Services: Consulting Services, Integration Services, Maintenance And Support Services, Training And Education Service
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Which Emerging Market Trends Are Altering The Internet Of Things (IoT) In Healthcare
Leading businesses operating in the healthcare Internet of Things (IoT) sphere are introducing ground-breaking solutions such as cloud-based systems to amplify patient monitoring, streamline data handling, and stimulate remote health services. These cloud-based platforms are online services storing and managing the data on distant servers, empowering users to access apps and data via the internet, easing collaboration, scalability, and real-time data sharing, excluding the requirement of local infrastructure. For instance, in November 2023, Philips, a technology firm based in the Netherlands, introduced HealthSuite Imaging, an advanced cloud-based PACS platform at #RSNA23. HealthSuite Imaging by Philips is a next-generation cloud-based PACS (Picture Archiving and Communication System) that gives radiologists secure access to diagnostic instruments and reports from any location. The system also boasts AI-enabled workflow coordination to straighten and speed up clinical processes, thereby enhancing operational productivity and patient treatment.
Who Are the Key Players in the Internet Of Things (IoT) In Healthcare Market?
Major companies operating in the internet of things (IoT) in healthcare market include:
• 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.
What are the Regional Insights into the Internet Of Things (IoT) In Healthcare Market?
North America was the largest region in the Internet of Things (IoT) in the healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the Internet of things (IoT) in the healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
