Internet of Things in Healthcare Market Size, Share & Trends Analysis Report By Component (Medical Devices, System & Software, Services), By Connectivity Technology, By Application, By End-use, By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global internet of things in healthcare market size was exhibited at USD 253.9 billion in 2022 and is projected to hit around USD 1,210.06 billion by 2032, growing at a CAGR of 16.9% during the forecast period 2023 to 2032.

internet of things in healthcare market size

Key Pointers:

  • In 2022, North America dominated the internet of things in healthcare market with a share of 45.2%. 
  • Asia Pacific is anticipated to witness the fastest growth over the forecast period. 
  • By component, the medical devices segment held the largest share of 38.1% in 2022. 
  • The system & software segment is anticipated to exhibit a rapid CAGR during the forecast years. 
  • By connectivity technology, the cellular segment held the largest share of 23.1% in 2022. 
  • The LPWANs segment is expected to witness rapid growth over the forecast period.
  • By application, the telemedicine segment held the largest share of 32.9% in 2022.
  • The patient monitoring segment is anticipated to witness rapid growth over the forecast period.
  • The hospitals and clinics segment captured the highest revenue share of 56.1% in 2022.
  • The clinical research organizations (CROs) segment is anticipated to expand at a significant pace with a CAGR of 17.1%.

Internet of Things in Healthcare Market Report Scope

Report Coverage Details
Market Size in 2023 USD 296.81 Billion
Market Size by 2032 USD 1,210.06 Billion
Growth Rate From 2023 to 2032 CAGR of 16.9%
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Component, Connectivity technology, Application, End-use 
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)
Regional Scope North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa
Key Companies Profiled Medtronic; Cisco Systems; Inc.; IBM Corporation; GE Healthcare; Microsoft Corporation; SAP SE; Infosys Limited; Cerner Corporation; QUALCOMM Incorporated; Amazon; Intel corporation; Wipro ltd

 

The market is driven by the increasing usage of smartphones, smart devices, and wearables to monitor patients. Also, the increasing adoption of remote patient monitoring for improved out-of-hospital care boosts the market. Along with this, rising investments in implementing digital technologies in healthcare institutions, and the emergence of connected care are the key factors boosting industry growth. Technological advancements and the growing geriatric population coupled with the rising prevalence of chronic conditions are also positively impacting the market expansion.

High penetration of smartphones is one of the significant factors boosting the growth of the market. As per the statistics published in GSM Association’s report, The Mobile Economy 2018, the number of people connected to mobile services surpassed 5 billion in 2017 and the number of unique mobile subscribers is expected to reach 7.11 billion by 2032 (72% of the global population).

There is rising awareness among people for self-health monitoring and diagnosis due to the increase in the burden of various health issues at the early component of life. Rising awareness regarding healthy lifestyles among the young and adult population to adopt smart wearables to remotely monitor health activities and track them and monitor health issues is driving the market growth. Furthermore, many companies and healthcare institutions are launching mHealth programs for remote patient monitoring, which is leading to an increase in the adoption of IoT solutions for remote patient monitoring services.

Technological advancements in healthcare IT infrastructure, including the use of IoT, AI, and big data are one of the key factors boosting the market growth. Moreover, the growing demand for efficient & effective treatment and increasing awareness among patients about upgraded technology are also some of the factors expected to boost the internet of things in the healthcare market over the forecast period. Advanced technologies, such as smart sensors, robotic pills, microcontroller, digital networking, automotive microcontrollers, radiofrequency, and sensors, play a significant role in driving the market.

Rise in healthcare spending across the globe is driving the demand for the implementation of IoT solutions in the healthcare sector. According to estimates published by WHO in 2020, global spending on healthcare witnessed a significant surge, accounting for 11% of the global GDP or USD 9 trillion. The healthcare industry is evolving from fee-for-service model to value-based model, wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is escalating globally as its cost is increasing faster than the growth of economies.

Furthermore, IoT solutions-enabled clinical trials also offer an opportunity for cost reduction as IoT simplifies the overall process and captures sophisticated endpoints. Remote patient monitoring solutions help in handling of noncritical patients at home, which eventually reduces hospital admissions and improves workflow efficiency. In addition, IoT solutions also enhance clinical operations through asset tracking and improvement in data capturing helping in significant cost savings. Thus, the demand for the development of the internet of things in healthcare is rising globally.

Some of the prominent players in the Internet of Things in Healthcare Market include:

  • Medtronic
  • Cisco Systems, Inc.
  • IBM Corporation
  • GE Healthcare
  • Microsoft Corporation
  • SAP SE
  • Infosys Limited
  • Cerner Corporation
  • QUALCOMM Incorporated
  • Amazon
  • Intel corporation
  • Wipro ltd

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Internet of Things in Healthcare market.

By Component 

  • Medical Devices
    • Wearable External Devices
    • Implanted Medical Devices
    • Stationary Medical Devices
  • System and Software
    • Remote Device Management
    • Network Bandwidth Management
    • Data Analytics
    • Application Security
    • Network Security
  • Services
    • System Integration Services
    • Consulting, Training, and Education
    • Support and Maintenance Services

By Connectivity Technology 

  • Cellular
  • Wi-Fi
  • Bluetooth
  • LPWANs
  • Zigbee
  • RFID

By Application 

  • Telemedicine
  • Patient Monitoring
  • Connected Imaging
  • Clinical Operations
  • Medical Management
  • Others

By End-use 

  • Hospitals and Clinics
  • Clinical Research Organizations
  • Research and Diagnostic Laboratories
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Chapter 1. Methodology and Scope
                   1.1. Market Segmentation and Scope
                   1.2. Research Methodology
                       1.2.1. Information Procurement
                   1.3. Information or Data Analysis
                   1.4. Methodology
                   1.5. Research Scope and Assumptions
                   1.6. Market Formulation & Validation
                       1.6.1. Country Market: Cagr Calculation
                   1.7. Country Based Segment Share Calculation
                   1.8. List of Data Sources
Chapter 2. Executive Summary
                   2.1. Market Outlook
                   2.2. Segment Outlook
                   2.3. Regional Insights
                   2.4. Competitive Insights
                   2.5. Internet of Things (IoT) in Healthcare Market Snapshot
                   2.6. Internet of Things (IoT) in Healthcare Market Segment Snapshot
                   2.7. Internet of Things (IoT) in Healthcare Market Competitive Landscape Snapshot
Chapter 3. Internet of Things (IoT) in Healthcare Market Variables, Trends, & Scope
                   3.1. Market Lineage Outlook
                   3.2. Market Dynamics
                       3.2.1. Market Driver Analysis
                       3.2.2. Market Restraint Analysis
                       3.2.3. Industry Challenge
                   3.3. Internet of Things (IoT) in Healthcare Market Analysis Tools
                       3.3.1. Industry Analysis - Porter’s
                            3.3.1.1. Bargaining power of the suppliers
                            3.3.1.2. Bargaining power of the buyers
                            3.3.1.3. Threats of substitution
                            3.3.1.4. Threats from new entrants
                            3.3.1.5. Competitive rivalry
                       3.3.2. PESTEL Analysis
                            3.3.2.1. Political landscape
                            3.3.2.2. Economic and Social landscape
                            3.3.2.3. Technological landscape
                   3.4. Impact of COVID-19 on Internet of Things (IoT) in Healthcare Market
Chapter 4. Internet of Things (IoT) in Healthcare Market: Component Estimates & Trend Analysis
                   4.1. Segment Dashboard
                   4.2. Internet of Things (IoT) in Healthcare Market: Component Movement Analysis, USD Million, 2023 & 2032
                   4.3. Medical Devices
                       4.3.1. Medical Devices Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.3.2. Wearable External Devices
                            4.3.2.1. Wearable External Devices Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.3.3. Implanted Medical Devices
                            4.3.3.1. Implanted Medical Devices Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.3.4. Stationary Medical Devices
                            4.3.4.1. Stationary Medical Devices Market Revenue Estimates and Forecasts, 2020 - 2032
                   4.4. System and Software
                       4.4.1. System and Software Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.4.2. Remote Device Management
                            4.4.2.1. Remote Device Management Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.4.3. Network Bandwidth Management
                            4.4.3.1. Network Bandwidth Management Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.4.4. Data Analytics
                            4.4.4.1. Data Analytics Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.4.5. Application Security
                            4.4.5.1. Application Security Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.4.6. Network Security
                            4.4.6.1. Network Security Market Revenue Estimates and Forecasts, 2020 - 2032
                   4.5. Services
                       4.5.1. Services Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.5.2. System Integration Services
                            4.5.2.1. System Integration Services Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.5.3. Consulting, Training, and Education
                            4.5.3.1. Consulting, Training, and Education Market Revenue Estimates and Forecasts, 2020 - 2032
                       4.5.4. Support and Maintenance Services
                            4.5.4.1. Support and Maintenance Services Market Revenue Estimates and Forecasts, 2020 - 2032
Chapter 5. Internet of Things (IoT) in Healthcare Market: Connectivity Technology Estimates & Trend Analysis
                   5.1. Segment Dashboard
                   5.2. Internet of Things (IoT) in Healthcare Market: Connectivity Technology Movement Analysis, USD Million, 2023 & 2032
                   5.3. Cellular
                       5.3.1. Cellular Market Revenue Estimates and Forecasts, 2020 - 2032
                   5.4. Wi-Fi
                       5.4.1. Wi-Fi Market Revenue Estimates and Forecasts, 2020 - 2032
                   5.5. Bluetooth
                       5.5.1. Bluetooth Market Revenue Estimates and Forecasts, 2020 - 2032
                   5.6. LPWANs
                       5.6.1. LPWANs Market Revenue Estimates and Forecasts, 2020 - 2032
                   5.7. Zigbee
                       5.7.1. Zigbee Market Revenue Estimates and Forecasts, 2020 - 2032
                   5.8. RFID
                       5.8.1. RFID Market Revenue Estimates and Forecasts, 2020 - 2032
Chapter 6. Internet of Things (IoT) in Healthcare Market: Application Estimates & Trend Analysis
                   6.1. Segment Dashboard
                   6.2. Internet of Things (IoT) in Healthcare Market: Application Movement Analysis, USD Million, 2023 & 2032
                   6.3. Telemedicine
                       6.3.1. Telemedicine Market Revenue Estimates and Forecasts, 2020 - 2032
                   6.4. Patient Monitoring
                       6.4.1. Patient Monitoring Market Revenue Estimates and Forecasts, 2020 - 2032
                   6.5. Connected Imaging
                       6.5.1. Connected Imaging Market Revenue Estimates and Forecasts, 2020 - 2032
                   6.6. Clinical Operations
                       6.6.1. Clinical Operations Market Revenue Estimates and Forecasts, 2020 - 2032
                   6.7. Medication Management
                       6.7.1. Medication Management Market Revenue Estimates and Forecasts, 2020 - 2032
                   6.8. Others
                       6.8.1. Others Market Revenue Estimates and Forecasts, 2020 - 2032
Chapter 7. Internet of Things (IoT) in Healthcare Market: End-use Estimates & Trend Analysis
                   7.1. Segment Dashboard
                   7.2. Internet of Things (IoT) in Healthcare Market: End-use Movement Analysis, USD Million, 2023 & 2032
                   7.3. Hospitals and Clinics
                       7.3.1. Hospitals and Clinics Market Revenue Estimates and Forecasts, 2020 - 2032
                   7.4. Clinical Research Organizations
                       7.4.1. Clinical Research Organizations Market Revenue Estimates and Forecasts, 2020 - 2032
                   7.5. Research and Diagnostic Laboratories
                       7.5.1. Research and Diagnostic Laboratories Market Revenue Estimates and Forecasts, 2020 - 2032
                   7.6. Others
                       7.6.1. Others Market Revenue Estimates and Forecasts, 2020 - 2032
Chapter 8. Internet of Things (IoT) in Healthcare Market: Regional Estimates & Trend Analysis
                   8.1. Internet of Things (IoT) in Healthcare Market Share, By Region, 2023 & 2032, USD Million
                   8.2. North America
                       8.2.1. North America Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.2.2. U.S.
                            8.2.2.1. U.S. Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.2.3. Canada
                            8.2.3.1. Canada Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                   8.3. Europe
                       8.3.1. Europe Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.2. U.K.
                            8.3.2.1. U.K. Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.3. Germany
                            8.3.3.1. Germany Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.4. France
                            8.3.4.1. France Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.5. Italy
                            8.3.5.1. Italy Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.6. Spain
                            8.3.6.1. Spain Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.7. Denmark
                            8.3.7.1. Denmark Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.8. Norway
                            8.3.8.1. Norway Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.3.9. Sweden
                            8.3.9.1. Sweden Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                   8.4. Asia Pacific
                       8.4.1. Asia Pacific Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.4.2. China
                            8.4.2.1. China Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.4.3. Japan
                            8.4.3.1. Japan Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.4.4. India
                            8.4.4.1. India Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.4.5. Thailand
                            8.4.5.1. Thailand Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.4.6. South Korea
                            8.4.6.1. South Korea Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.4.7. Australia
                            8.4.7.1. Australia Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                   8.5. Latin America
                       8.5.1. Latin America Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.5.2. Brazil
                            8.5.2.1. Brazil Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.5.3. Mexico
                            8.5.3.1. Mexico Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.5.4. Argentina
                            8.5.4.1. Argentina Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                   8.6. Middle East and Africa
                       8.6.1. Middle East and Africa Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.6.2. South Africa
                            8.6.2.1. South Africa Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.6.3. Saudi Arabia
                            8.6.3.1. Saudi Arabia Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.6.4. UAE
                            8.6.4.1. UAE Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
                       8.6.5. Kuwait
                            8.6.5.1. Kuwait Internet of Things (IoT) in Healthcare Market estimates and forecasts, 2020 - 2032
Chapter 9. Competitive Landscape
                   9.1. Company Overview
                   9.2. Financial Analysis
                   9.3. Product Benchmarking
                   9.4. Strategy Mapping
                       9.4.1. Expansion
                       9.4.2. Product Launch
                       9.4.3. Acquisition
                       9.4.4. Partnerships
                       9.4.5. Collaboration
                   9.5. Recent Developments & Impact Analysis, by Key Market Participants
                   9.6. Company/Competition Categorization
                   9.7. List of key emerging companies/technology disruptors/innovators
                   9.8. Company Market Position Analysis 

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