IoT in Healthcare Market to Grow with a CAGR of 18.32% through 2029

Growing focus on preventive healthcare is expected to drive the Global IoT in Healthcare Market growth in the forecast period, 2025-2029.

 

According to TechSci Research report, “IoT in Healthcare Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global IoT in Healthcare Market stood at USD 44.47 Billion in 2023 and is anticipated to grow with a CAGR of 18.32% in the forecast period through 2029. The emergence of telemedicine and telehealth has transformed the provision of healthcare services, especially in geographically remote or underserved regions. IoT technology is instrumental in facilitating remote consultations, diagnoses, and treatments, effectively overcoming geographical limitations and enhancing access to healthcare services. Connected devices such as telemedicine carts, remote diagnostic tools, and video conferencing platforms facilitate virtual interactions between patients and healthcare providers, improving patient convenience and satisfaction. The COVID-19 pandemic has further expedited the uptake of telemedicine, fueling the need for IoT-enabled solutions that facilitate remote patient monitoring, virtual consultations, and telehealth interventions..

Wearable health devices, such as smartwatches, fitness trackers, and medical-grade wearables, have garnered significant popularity among both consumers and healthcare professionals. These devices are equipped with sensors and wireless connectivity, enabling them to monitor various health parameters like heart rate, blood pressure, activity levels, and sleep patterns. Leveraging IoT technology, wearable health devices facilitate continuous monitoring of individuals' health and wellness metrics, empowering users to proactively manage their health outcomes. Additionally, wearable devices provide valuable insights to healthcare providers, enabling personalized care interventions, chronic disease management, and initiatives focused on preventive healthcare.

 

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The Global IoT in Healthcare market is segmented into component, medical devices, system and software, services, application, end user, regional distribution, and company.

Based on the System and Software, data analytics segment emerged as the dominant segment in the global IoT in Healthcare market in 2023. This trend is primarily attributed to the critical role that data analytics plays in extracting actionable insights from the vast amounts of data generated by IoT devices in healthcare settings. Data analytics solutions enable healthcare organizations to leverage the wealth of data collected from IoT devices, electronic health records (EHRs), and other sources to derive meaningful insights, identify trends, and predict patient outcomes. By applying advanced analytics techniques such as machine learning and artificial intelligence (AI), healthcare providers can unlock valuable insights into patient health, disease patterns, and treatment effectiveness. The growing demand for data analytics in the healthcare sector is driven by several factors.

Based on the services, the managed services segment emerged as the dominant segment in the global IoT in Healthcare market in 2023. The complexity of IoT deployments in healthcare, coupled with the critical nature of healthcare operations, makes managed services an attractive option for healthcare organizations seeking to offload the burden of managing and maintaining their IoT infrastructure. Managed service providers offer expertise in designing, implementing, and managing IoT solutions, allowing healthcare organizations to focus on their core business functions while ensuring the seamless operation of their IoT systems. Managed services play a crucial role in addressing key challenges such as data security and privacy, interoperability, and regulatory compliance. Managed service providers implement robust cybersecurity measures, data governance frameworks, and compliance controls to safeguard patient data and ensure compliance with regulatory requirements such as HIPAA and GDPR.

The shift towards value-based care and population health management further underscores the importance of managed services in healthcare. Managed service providers offer analytics and insights capabilities, enabling healthcare organizations to derive actionable insights from IoT-generated data, optimize clinical workflows, and improve patient outcomes.

Based on the Application, the remote patient monitoring segment emerged as the dominant segment in the global IoT in Healthcare market in 2023. The dominance of remote patient monitoring in the Global IoT in Healthcare Market in 2023 is further fueled by the COVID-19 pandemic, which accelerated the adoption of telemedicine and virtual care delivery. With social distancing measures and infection control protocols in place, RPM solutions enable healthcare providers to deliver timely interventions, monitor patients remotely, and ensure continuity of care amidst the pandemic.The shift towards value-based care and population health management further underscores the importance of remote patient monitoring in healthcare. By enabling proactive interventions, early detection of health issues, and personalized treatment plans, RPM solutions help improve patient outcomes, reduce healthcare costs, and enhance patient satisfaction.

North America emerged as the dominant player in the Global IoT in Healthcare Market in 2023, holding the largest market share. The supportive regulatory environment and favorable government initiatives in North America foster innovation and adoption of IoT technology in healthcare. Regulatory frameworks such as the Health Insurance Portability and Accountability Act (HIPAA) in the United States and initiatives like the Health Information Technology for Economic and Clinical Health (HITECH) Act incentivize healthcare organizations to adopt electronic health records (EHRs) and invest in digital health technologies, including IoT. North America is home to a tech-savvy population that is receptive to digital health solutions and wearable devices, further fueling the demand for IoT in healthcare. Consumers in the region are increasingly embracing telehealth services, wearable health devices, and mobile health apps, driving the adoption of IoT technology in consumer healthcare settings.

 

Major companies operating in Global IoT in Healthcare Market are:

• Medtronic, Plc
• Koninklijke Philips N.V.
• GE Healthcare Inc.
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Cerner
• AgaMatrix, Inc.
• Cisco Systems, Inc.
• Intel Corporation
• Siemens Healthineers AG

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“The global IoT in Healthcare market is poised for significant expansion in the coming years. For instance, In February 2023, Wipro Ltd. teamed up with Koninklijke Philips N.V. to introduce Electronic Medical Record (EMR) enterprise solutions tailored for Saudi Arabia's healthcare sector under the Health Sector Transformation Programme- Vision 2030. This partnership reflects the growing trend of collaboration and innovation in the global IoT healthcare market. The integrated solution prioritizes localized practice, adaptable workflows, and seamless data and service connections, aligning with the evolving needs and objectives of healthcare systems worldwide. Such strategic alliances signify the escalating momentum of IoT-driven advancements in healthcare, poised to reshape patient care delivery and management in the years ahead.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“IoT in Healthcare Market - Global Industry Size, Share, Trends, Opportunity and Forecast, Segmented By Component (Medical Devices, System and Software, Services), By Medical Devices (Stationery Medical Devices, Implants, Wearables), By System and Software (Remote Device Management, Data Analytics, Application Security and Others), By Services (Managed Services, Professional Services), By Application (Telemedicine, Remote Patient Monitoring, Clinical Operations and Workflow Management, Connected Imaging and Others), By End-User (Hospitals and Clinics, Clinical Research Centres and Diagnostic Labs) By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global IoT in Healthcare Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global IoT in Healthcare Market.

 

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