The IoT revolution in healthcare is reshaping patient care and operational efficiency. With smart devices and wearable tech, doctors can monitor patients in real-time, reducing hospital visits and enabling proactive care. The global IoT healthcare market is expected to grow exponentially, driven by innovations in remote monitoring, telehealth, and data analytics. As per the report published by The Brainy Insights, the global IoT healthcare market is expected to be USD 173.01 billion in 2022 to USD 970.43 billion by 2032, at a CAGR of 18.82% during the forecast period 2023-2032. North America emerged as the most significant IoT healthcare market, with a 42.91% market revenue share in 2022. Nations such as the U.S., Canada and Mexico have a tremendous demand for IoT healthcare systems due to state agencies’ rising investment in healthcare institutions. The high investment in research and development of high-end and next-generation IoT healthcare systems and software will lead to a substantial growth rate in the market. Further, technological advancements have increased the reliability of IoT healthcare software, systems and devices.
Leading companies includeCisco Systems Inc., Medtronic, IBM Corporation, Microsoft Corporation, GE Healthcare, Infosys Limited, SAP SE, Cerner Corporation, QUALCOMM Incorporated, Wipro Ltd., Intel Corporation, Koninklijke Philips N.V., Siemens Healthineers, Abbot Laboratories, Honeywell Life Care Solutions, Boston Scientific Corporation, Securitas Healthcare, LLC., Johnson & Johnson, OMRON Healthcare among others. The significant players continuously focus on new product developments and venture capital investments to obtain market share.
The global IoT healthcare market has been segmented based on connectivity, product type, application, end-users and region. The connectivity segment is divided into Wi-Fi, cellular, Bluetooth, Zig bee, LPWANs, RFID and others. The Wi-Fi segment dominated the market, with a share of around 29.03% in 2022. Wi-Fi enables IT administrators in the healthcare industry to address the rising connectivity needs of patients, their relatives, and healthcare workers. The use of Wi-Fi contributes to universal interoperability and a good user experience as the number of Wi-Fi devices connected to hospital networks rises. The product type segment is divided into medical devices, services and software. The medical devices segment further includes implanted medical devices, wearable external devices and stationary medical devices. The services segment further includes support & maintenance services, system integration services and consultation & training. The software segment further includes data analytics, remote device management, application security, network bandwidth management and network security. The medical devices segment dominated the market, with a share of around 46.11% in 2022. The IoT healthcare medical devices are used in several applications across hospitals, clinics, diagnostic laboratories and diagnostic centres. The IoT sensors stream real-time information such as health rate, blood pressure and glucose monitoring. The application segment is divided into patient monitoring, clinical operations, connected imaging, telemedicine, medical management and others. The telemedicine segment is expected to augment the market during the forecast period. Remote consultations and diagnosis are made possible by telemedicine. There are many ways for patients to make an appointment with a healthcare provider using telemedicine technology. The end-users segment is divided into hospitals and clinics, clinical research organizations, government and defence institutions, and research and diagnostic laboratories. The clinical research organizations segment is expected to augment the market during the forecast period. Decentralized clinical are quickly adopted, allowing contract research organizations to access participants’ and biometric data online more quickly. This has led to the high adoption of IoT healthcare among clinical research organizations.
The COVID-19 pandemic catalyzed the quick uptake of telemedicine and remote patient monitoring, causing a seismic upheaval in the healthcare sector. Not only have these technologies changed the way healthcare is provided, but they have also created new investment opportunities. Over the years, there has been high investment in IoT healthcare devices and systems that can be used for telemedicine departments.
