IoT in Healthcare Market

IoT In Healthcare Market Size, Share, Growth Analysis, By Component(Medical Devices (Wearable External Devices, Implanted Medical Devices, Stationary Medical Devices), System and Software (Remote Device Management), By Application(Telemedicine (Store and Forward Telemedicine, Remote Patient Monitoring, Interactive Telemedicine), Clinical Operations and Workflow Management), By End user(Hospitals, Surgical Centers, Clinics, Clinical Research Organizations), By Connectivity(Cellular, Wi-Fi, Bluetooth, Satellite), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2103 | Region: Global | Published Date: July, 2024
Pages: 157 |Tables: 107 |Figures: 76

IoT In Healthcare Market Insights

Global IoT in Healthcare Market size was valued at USD 215.4 billion in 2022 and is poised to grow from USD 252.1 billion in 2023 to USD 926.9 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031). 

The Internet of Things (IoT) in healthcare connects all devices and operating machinery and enables data transfer and storage via the internet. The rising demand for connected medical devices and automated remote patient care is expected to drive market expansion. For several years, the healthcare sectors of several developed countries have shifted away from paper-based clinical records and toward electronic health record systems. The rapid advancement of technology encourages the government to invest in IoT to enable remote access to healthcare services. As a result, government initiatives to support technology development and adoption are expected to drive significant growth in the IoT in the healthcare market. The rise in the occurrence of chronic conditions is also contributing to the market expansion. Furthermore, in the healthcare field, IoT is used in the collection, analysis, and monitoring of personal health records, protected health information, and other data generated by machines in healthcare. Additionally, Internet of Things (IoT) applications in healthcare facilitate important tasks, such as improving patient outcomes, and relieve some of the burdens on healthcare practitioners. It helps in the collection and analysis of data in real-time, contributes to the expansion of the market as consumers get align towards it. Additionally, IoT applications in healthcare facilitate important tasks, such as improving patient outcomes, and relieve some of the burdens on healthcare practitioners. IoT devices such as wearable sensors which provide heart-rate monitoring, blood-pressure monitoring, and others, thus helping healthcare professionals to track the data. The security in this segment is of utmost importance and measures are being considered. For instance, in December 2022, Palo Alto Networks introduced a zero-trust security solution for healthcare IoT. It will enhance the security of connected devices for healthcare officials. This approach will help in the protection of the data, thus driving the consumers' attention by providing it with a secure platform which will help in the expansion of the IoT in healthcare market.

US IOT In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 215.4 billion

Largest Segment

Hospitals

Fastest Growth

Surgical Centers, and Clinics

Growth Rate

16.8% CAGR

Global IoT In Healthcare Market ($ Bn)
Country Share for North America Region (%)

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IoT In Healthcare Market Segmental Analysis

Global IOT in healthcare market is segmented based on component, connectivity, application, end user, and region. Based on component, the market is categorized into 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 (deployment and integration services, consulting {training, and education}, support and maintenance services). Based on connectivity, the market is categorized into cellular, wi-fi, bluetooth, satellite, zigbee, near-field communication, and others. Based on application, the market is segmented into telemedicine (store and forward telemedicine, remote patient monitoring, interactive telemedicine), clinical operations and workflow management, connected imaging, patient monitoring, medical management, and others. Based on end user, the market is segmented into hospitals, surgical centers, and clinics, clinical research organizations, government and defense institutions, research and diagnostic laboratories, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA. 

Analysis by End-User 

The hospital, surgical centre and clinics segment is the largest segment and is dominating the segment share. The adoption of IoT has increased customer experiences owing to the instant and real-time attention provided through connected devices. Thus, hospitals are extensively investing in IoT technology. The rising adoption of wearable devices is expected to fuel IoT-powered clinics. Similarly, with its capabilities to provide real-time data analysis, laboratory researchers have started integrating the technology with the research work. The growing requirement to manage an ever-increasing number of patient data, as well as the expanding demand for data accessibility and interoperability in hospitals and clinics, is propelling this industry forward. 

The fastest growing segment is the clinical research organizations by end user in the global IoT in healthcare market. The increase in demand for real-time data collection and remote monitoring of patient's data in clinical trials is because of the ongoing integration of the IoT technologies by CROs. This helps in the data improvement with accuracy enhancing the efficiency and growth of research outcomes. The advancement in telemedicine further increases the growth, thereby expanding the adoption. 

Analysis by Component 

The medical devices segment is the largest segment by component in the global IoT healthcare market and holds about 36.7% of the market share. There has been a rise in the requirements of efficient and cost-effective solutions during delivery of healthcare services which is led by the increasing adoption of medicall devices. The integration of IoT sensors provides real-time data of patients which include glucose monitoring, blood pressure, and heart rate detection. The increase in the adoption of self-monitoring devices is also surging the market growth. The manufacturers are also launching wearable devices by integrating new features, leading towards their widespread adoption which is driving the market growth.  

On the other hand, the fastest growing segment is the system and software segment by component in the IoT in healthcare market. The technological advancements and the growing investments by the market players are the main reasons for the expansion of the market. These help in attracting a vast customer base. Additionally, the rise in adoption of connected systems and digital technologies in healthcare centers is driving towards market expansion. The importance of securing the healthcare information is leading towards the rising demand of advanced network and security solutions and the system and software segment is adapting advanced digital transformation systems, thus making it the fastest growing segment.

Global IoT In Healthcare Market By End User , Healthcare (%)

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IoT In Healthcare Market Regional Insights

The North American segment is having the largest share in the market and is holding about 34% share of the market and is predicted to continue this trend due to rapid technological advancements, increasing investments from top players, supportive government regulations, and a rise in the prevalence of chronic diseases, and the demand for cost-effective disease management. The rise in the number of clinics, hospitals, research organizations, and other medical institutions is influencing the market growth in a positive way. The rise in disposable income in the US is also surging towards the market growth. Manufacturers are also providing enhanced healthcare solutions and robust networks which are contributing towards its exponential growth. 

On the other hand, Asia-Pacific is expected to register a CAGR of 17.40% during the forecast period. There are several reasons for this, including rapidly changing healthcare infrastructure in developing countries like India and China, a large patient population, public awareness, and increasing healthcare spending. Furthermore, government initiatives are also surging the adoption of these technologies. Japan has also introduced digital to improve communication between healthcare officials and patients which is driving the market growth. Companies are adopting IT technologies in healthcare. Symax and Clintal  are examples of health startups in IoT. High demand for digital health services and government expenditures is surging the region's growth.

Global IoT In Healthcare Market By Region, 2024-2031
  • Largest
  • Fastest

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IoT In Healthcare Market Dynamics

IOT In Healthcare Market Driver

Increase in Adoption of IoT in Healthcare Industry 

  • The global IOT in healthcare market is driven by rising cases of chronic diseases such as genetic diseases, respiratory diseases, COPD, and others. As technology has integrated advanced features which are linked with our daily lives leading towards the rise in health connected devices. Smart devices and wearables are thus contributing towards its adoption. The market is growing due to favorable government policies and high internet accessibility. These medical devices connect patients' data with the healthcare officials which is contributing towards its adoption, thus driving the market. 

Integration of AI within the IoT in healthcare is Driving the Market 

  • The operational efficiency, prediction enhancement, automation, and optimization are improved when IoT technology utilizes artificial intelligence (AI) capabilities to offer advanced solutions for healthcare providers. The medical device manufacturers are also integrating AI technology into the devices to offer patient-centric devices. The AI-enabled IoT devices help healthcare providers in diagnosing and predicting ailments in real-time. For instance, by improving the scan quality, AI can support healthcare workers in promptly diagnosing difficult scans such as cancers. Therefore, integration of artificial intelligence with IoT in healthcare to drive market 

Restraint 

Internet Connectivity Leading to Irregular Performance of IoT in Healthcare 

  • Interoperability and connectivity solutions for many medical devices are extremely expensive. Furthermore, IT support and maintenance services, which include customizing and upgrading software to meet changing user needs and maintaining a reliable IT infrastructure, are a recurring cost. This makes up a significant portion of the total cost of ownership. Additionally, to assure solution integrity and completeness, post-sale custom interface creation for device integration necessitates additional testing and validation, as a result, The total cost of ownership for healthcare providers will rise even more. Small healthcare facilities, particularly in emerging nations, are hesitant to replace their outdated systems with advanced IoT-enabled equipment due to the significant costs involved.

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IoT In Healthcare Market Competitive Landscape

The Global IOT in Healthcare Market is characterized by a fragmented landscape and fierce competition among industry participants. The players have focused their efforts on bolstering their market position through mergers and acquisitions, alliances, and global development. These techniques assist businesses in expanding their geographic reach and improving their service offerings in both domestic and foreign markets. 

Top Players Company Profiles Global IOT in Healthcare Market

  • AdhereTech (US) 
  • Capsule Technologies, Inc. (US) 
  • Cerner Corporation (US) 
  • Cisco Systems, Inc. (US) 
  • GE Healthcare (US) 
  • Honeywell International, Inc. (US)   
  • IBM Corporation (US) 
  • Intel Corporation (US) 
  • Koninklijke Philips N.V. (Netherlands) 
  • Medtronic Plc (Ireland) 
  • Microsoft Corporation (US) 
  • NXP Semiconductors N.V. (Netherlands) 
  • Qualcomm Life, Inc. (US) 
  • Siemens AG (Germany) 
  • STMicroelectronics N.V. (Switzerland) 
  • Telit Communications PLC (US) 
  • Terumo Corporation (Japan) 
  • Texas Instruments Incorporated (US)  
  • Welch Allyn, Inc. (A Hill-Rom Company) (US) 
  • Zebra Technologies Corporation (US)

Recent Developments in Global IOT in Healthcare Market

  • In March 2024, Claroty announced the launch of a threat detection module within its Medigate platform. It aims to advance cybersecurity standards in healthcare organizations across Australia. 

  • In October 2023, Boston announced the launch of MongoDB Atlas for healthcare and insurance. It will help companies in accelerating their innovations with modern data-driven applications. 

  • In March 2023, Fujitsu launched a new cloud-based platform that allows users to securely connect and use healthcare data to promote digital transformation in the medical field. 

  • In Feb 2022, Medtronic announced the launch of NuVent Eustachian tube dilation balloon.

IoT In Healthcare Key Market Trends

  • Adoption of IoT-powered wearable devices: People all over the world are becoming more aware of self-health management as early-life issues become more prevalent. The growing health-consciousness of the young and active population is driving the adoption of wearable devices. With the introduction of wearable medical devices, it has become much easier and more convenient to monitor health concerns. According to the International Diabetes Federation (IDF), most of the world is affected by diabetic issues. Nonetheless, 46% of patients are not diagnosed on time. As a result, people are increasingly turning to wearable medical devices to conduct regular health checks. Companies such as Dexcom and Eversense are the first to receive FDA approval for glucose monitor devices, which help monitor blood sugar levels for 90 days. These IoT-powered wearable devices are also assisting in the monitoring and alerting of remote patients suffering from chronic illnesses. This wearable device aids in the diagnosis of sudden cardiac arrest. As a result of the effectiveness of IoT devices, people are adopting these devices for health monitoring, which is expected to drive market growth.

IoT In Healthcare Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.   

According to SkyQuest analysis, the major factors driving the growth of the internet of things in the healthcare market include technological advancements, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, improved access to high-speed internet, and the implementation of favorable government regulatory policies. The rapid proliferation of emerging technologies such as Artificial Intelligence and Machine Learning to achieve greater efficiency in healthcare services will drive the market. Furthermore, with advanced and cost-effective IoT in healthcare products and solutions, there is a growing demand for cost-effective treatment and disease management, increased adoption of smart devices and wearables, increased interest in self-health measurement, and reduced healthcare costs. The hospital, surgical center and clinics segment is having the highest share and clinical research organizations segment is growing at a fast pace. North America is holding the major share whereas Asia-Pacific is quickly growing, leading towards advancements in the industry. One significant trend is the adoption of IoT-powered wearable devices. Mobile devices offer a key opportunity to reach underserved patients for telehealth services, but complexity and connection issues hinder their effectiveness. Major vendors in this market such as GE Healthcare, Cisco, and others are leading towards innovative solutions, driving towards the expansion of the market.

Report Metric Details
Market size value in Healthcare USD 215.4 billion
Market size value in 2031 USD 926.9 billion
Growth Rate 16.8%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • 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 (Deployment and Integration Services, Consulting {Training, and Education}, Support and Maintenance Services)
  • Application
    • Telemedicine (Store and Forward Telemedicine, Remote Patient Monitoring, Interactive Telemedicine), Clinical Operations and Workflow Management, Connected Imaging, Patient Monitoring, Medical Management, Others
  • End user
    • Hospitals, Surgical Centers, Clinics, Clinical Research Organizations, Government & Defense Institutions, Research & Diagnostic Laboratories
  • Connectivity
    • Cellular, Wi-Fi, Bluetooth, Satellite, Zigbee, Near-field Communication, Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • AdhereTech (US) 
  • Capsule Technologies, Inc. (US) 
  • Cerner Corporation (US) 
  • Cisco Systems, Inc. (US) 
  • GE Healthcare (US) 
  • Honeywell International, Inc. (US)   
  • IBM Corporation (US) 
  • Intel Corporation (US) 
  • Koninklijke Philips N.V. (Netherlands) 
  • Medtronic Plc (Ireland) 
  • Microsoft Corporation (US) 
  • NXP Semiconductors N.V. (Netherlands) 
  • Qualcomm Life, Inc. (US) 
  • Siemens AG (Germany) 
  • STMicroelectronics N.V. (Switzerland) 
  • Telit Communications PLC (US) 
  • Terumo Corporation (Japan) 
  • Texas Instruments Incorporated (US)  
  • Welch Allyn, Inc. (A Hill-Rom Company) (US) 
  • Zebra Technologies Corporation (US)
Customization scope

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on IoT In Healthcare Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on IoT In Healthcare Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the IoT In Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the IoT In Healthcare Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the IoT In Healthcare Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the IoT In Healthcare Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global IoT in Healthcare Market size was valued at USD 215.4 billion in 2022 and is poised to grow from USD 252.1 billion in 2023 to USD 926.9 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031). 

The Global IOT in Healthcare Market is characterized by a fragmented landscape and fierce competition among industry participants. The players have focused their efforts on bolstering their market position through mergers and acquisitions, alliances, and global development. These techniques assist businesses in expanding their geographic reach and improving their service offerings in both domestic and foreign markets.  'AdhereTech (US) ', 'Capsule Technologies, Inc. (US) ', 'Cerner Corporation (US) ', 'Cisco Systems, Inc. (US) ', 'GE Healthcare (US) ', 'Honeywell International, Inc. (US)   ', 'IBM Corporation (US) ', 'Intel Corporation (US) ', 'Koninklijke Philips N.V. (Netherlands) ', 'Medtronic Plc (Ireland) ', 'Microsoft Corporation (US) ', 'NXP Semiconductors N.V. (Netherlands) ', 'Qualcomm Life, Inc. (US) ', 'Siemens AG (Germany) ', 'STMicroelectronics N.V. (Switzerland) ', 'Telit Communications PLC (US) ', 'Terumo Corporation (Japan) ', 'Texas Instruments Incorporated (US)  ', 'Welch Allyn, Inc. (A Hill-Rom Company) (US) ', 'Zebra Technologies Corporation (US)'

The global IOT in healthcare market is driven by rising cases of chronic diseases such as genetic diseases, respiratory diseases, COPD, and others. As technology has integrated advanced features which are linked with our daily lives leading towards the rise in health connected devices. Smart devices and wearables are thus contributing towards its adoption. The market is growing due to favorable government policies and high internet accessibility. These medical devices connect patients' data with the healthcare officials which is contributing towards its adoption, thus driving the market. 

Adoption of IoT-powered wearable devices: People all over the world are becoming more aware of self-health management as early-life issues become more prevalent. The growing health-consciousness of the young and active population is driving the adoption of wearable devices. With the introduction of wearable medical devices, it has become much easier and more convenient to monitor health concerns. According to the International Diabetes Federation (IDF), most of the world is affected by diabetic issues. Nonetheless, 46% of patients are not diagnosed on time. As a result, people are increasingly turning to wearable medical devices to conduct regular health checks. Companies such as Dexcom and Eversense are the first to receive FDA approval for glucose monitor devices, which help monitor blood sugar levels for 90 days. These IoT-powered wearable devices are also assisting in the monitoring and alerting of remote patients suffering from chronic illnesses. This wearable device aids in the diagnosis of sudden cardiac arrest. As a result of the effectiveness of IoT devices, people are adopting these devices for health monitoring, which is expected to drive market growth.

The North American segment is having the largest share in the market and is holding about 34% share of the market and is predicted to continue this trend due to rapid technological advancements, increasing investments from top players, supportive government regulations, and a rise in the prevalence of chronic diseases, and the demand for cost-effective disease management. The rise in the number of clinics, hospitals, research organizations, and other medical institutions is influencing the market growth in a positive way. The rise in disposable income in the US is also surging towards the market growth. Manufacturers are also providing enhanced healthcare solutions and robust networks which are contributing towards its exponential growth. 

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