Global Internet of Things (IoT) in Healthcare Market

Internet of Things (IoT) in Healthcare Market Size, Share, Growth Analysis, By Component(Devices, system & software, and services), By Application(Patient monitoring, clinical imaging, clinical operation and workflow optimization, and others ), By End-user(Healthcare providers, patients, research laboratories, and others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2098 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 92 | Figures: 76

Internet of Things (IoT) in Healthcare Market Insights

Internet of Things (IoT) in Healthcare Market size was valued at USD 215.84 billion in 2019 and is poised to grow from USD 252.1 billion in 2023 to USD 1019.91 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

The full application of internet of things (IoT) in the healthcare service supports medical service providers to function more competently and patients to receive better treatment. IoT in the healthcare market consists primarily of sensors, software, and information processing systems, among other things.

The increase of IoT in healthcare has demonstrated the greatest growth due to increased demands for medical devices in health care centres and an increasing number of active patients on a regular basis, in addition to a greater focus on medical devices that are highly efficient and produce good results in a short period of time.

The Internet of Things (IoT) in healthcare connects all gadgets and operating machinery and facilitates data transfer and storage through the use of the internet. There are astounding benefits that could improve the quality and efficiency of treatments, thereby improving the health of elderly patients which will eventually drive the internet of things (IoT) market growth over the forecast period (2024-2031).

To control the disease's spread, governments from several countries have levied rules and regulations and have caused shut down of countries, transportation was halted, and curfews were imposed. The increased number of covid-19 positive patients boosted the number of testing procedures and the expansion of IoT in the healthcare market.

US Internet of Things (IoT) in Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.

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Internet of Things (IoT) in Healthcare Market size was valued at USD 215.84 billion in 2019 and is poised to grow from USD 252.1 billion in 2023 to USD 1019.91 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

internet of things (IoT) in healthcare market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Koninklijke Philips N.V.', 'Medtronic plc', 'Cisco Systems, Inc.', 'IBM Corporation', 'GE Healthcare', 'Microsoft Corporation', 'SAP SE', 'Qualcomm Life, Inc.', 'Stanley Healthcare', 'Honeywell Life Care Solutions', 'Siemens AG', 'STANLEY Healthcare Solutions', 'Telit Communications PLC', 'Arm Holdings PLC', 'NXP Semiconductors N.V.', 'Proteus Digital Health, Inc.', 'Adherium Limited', 'IoT.nxt', 'Gooee', 'Philips Healthcare Informatics'

Highly developed medical device technology in healthcare to ensure patient safety in an efficient and effective procedure is bolstering the demand for IoT in healthcare. The development of connected care, investments in adopting digital technologies in healthcare facilities, and increasing wearable technology use are the main drivers of industry growth. The market is expanding as a result of technological developments, a growing elderly population, and the incidence of chronic diseases.

Increasing self-health care as early-life issues are becoming more prevalent and are currently in the trend. Furthermore, the rising health consciousness is driving the young and physically active population to promote wearable technology. It is also now feasible to track health issues and aware remote patients with chronic illnesses. Individuals are also increasingly supporting wearable medical devices to conduct routine health checks.

Asia Pacific is anticipated to hold the largest share in the internet of things (IoT) in healthcare market over the anticipated period owing to the presence of various countries including India, China, South Korea, and others where governments are focussing on the remote health solutions. Due to the increasing population-base in India coupled with the high investments by the government are creating growth opportunities in the healthcare sector, resulting in the regional growth in IoT healthcare market.

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Global Internet of Things (IoT) in Healthcare Market

Report ID: SQMIG35G2098

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