The IoT revolution in healthcare is transforming patient care and operational efficiency. Smart devices and wearable technology allow doctors to monitor patients in real time, reducing hospital visits and enabling proactive care. The global IoT healthcare market is expected to grow exponentially due to innovations in remote monitoring, telemedicine, and data analytics. According to a report published by The Brainy Insights, the global IoT healthcare market is expected to grow at a CAGR of 18.82% during the forecast period 2023-2032, reaching USD 173.01 billion in 2022 and USD 970.43 billion in 2032. North America was the most significant IoT healthcare market, capturing a market revenue share of 42.91% in 2022. Countries such as the United States, Canada, and Mexico are experiencing a tremendous demand for IoT healthcare systems due to increasing investments by government agencies in healthcare institutions. The market will grow significantly due to significant investments in research and development of high-end and next-generation IoT healthcare systems and software. Furthermore, technological advancements have made IoT healthcare software, systems, and devices more reliable.
Some of the major players include Cisco Systems Inc., Medtronic, IBM Corporation, Microsoft Corporation, GE Healthcare, Infosys Limited, SAP SE, Cerner Corporation, QUALCOMM Incorporated, Wipro Ltd., Intel Corporation, Koninklijke Philips NV, Siemens Healthineers, Abbot Laboratories, Honeywell Life Care Solutions, Boston Scientific Corporation, Securitas Healthcare, LLC, Johnson & Johnson, OMRON Healthcare, etc. Major players are continuously focusing on new product development and venture capital investments to gain market share.
The global IoT healthcare market is segmented based on connectivity, product type, application, end user, and region. The connectivity segment is divided into Wi-Fi, cellular, Bluetooth, Zig bee, LPWAN, RFID, and others. The Wi-Fi segment dominated the market, accounting for approximately 29.03% share in 2022. Wi-Fi enables IT managers in the healthcare industry to address the growing connectivity needs of patients, their families, and medical professionals. As an increasing number of Wi-Fi devices are connected to hospital networks, the use of Wi-Fi contributes to universal interoperability and better user experience. The product type segment is divided into medical devices, services, and software. The medical devices segment further includes implantable medical devices, wearable external devices, and stationary medical devices. The services segment further includes support and maintenance services, system integration services, and consulting and 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, accounting for approximately 46.11% share in 2022. IoT Healthcare Medical devices are used in various applications in hospitals, clinics, diagnostic laboratories, and diagnostic centers. IoT sensors stream information in real time, such as health rates, blood pressure, and blood glucose monitoring. The application segment is divided into patient monitoring, clinical operations, connected imaging, telemedicine, healthcare management, and others. The telemedicine segment is expected to expand the market during the forecast period. Remote consultations and diagnosis are made possible by telemedicine. There are numerous ways in which patients can make appointments with healthcare providers using telemedicine technology. The end-user segment is divided into hospitals and clinics, clinical research institutes, government and defense organizations, and research and diagnostic laboratories. The clinical research institutes segment is expected to expand the market during the forecast period. Distributed clinical is being rapidly adopted, with contract research organizations having faster access to participant data and biometric data online. This has led to high adoption of IoT healthcare among clinical research organizations.
The COVID-19 pandemic has prompted the rapid adoption of telemedicine and remote patient monitoring, bringing about major changes in the healthcare sector. These technologies have not only changed the way healthcare is delivered, but also created new investment opportunities. For many years, investments in IoT medical devices and systems that can be used in the telemedicine sector have been expensive.
