IoT in Healthcare Market Size, Share , and Scope 2031
The IoT in healthcare market size is projected to reach US$ 280.86 billion by 2031 from US$ 75.22 billion in 2023. The market is expected to register a CAGR of 17.90% during 2023 – 2031. Wearable devices tracking health vitals in real-time are likely to remain key trends in the market.
IoT in Healthcare Market Analysis
The increasing aging population is a key factor in increasing the demand for advanced and efficient healthcare solutions. IoT healthcare devices help in monitoring chronic conditions in the elderly population, thereby supporting independent living. According to United Nations Population Fund (UNFPA), in 2021, 153 million people were aged 60 and over, and is expected to reach 347 million by 2050, thus necessitating advanced healthcare infrastructure.
IoT in Healthcare Market Overview
The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and others, rapid advancements in sensor technology, data analytics, connectivity, and benefits offered by IoT devices such as early detection of health conditions, minimizing hospital visits and admissions are key factors driving the growth of the market. However, the high cost associated with smart devices and IoT technology is likely to favor the market growth.
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IoT in Healthcare Market: Strategic Insights
Market Size Value in US$ 20.15 Billion in 2015 Market Size Value by US$ 135.87 Billion by 2025 Growth rate CAGR of 21.2% from 2016-2025 Forecast Period 2016-2025 Base Year 2016
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IoT in Healthcare Market: Strategic Insights
| Market Size Value in | US$ 20.15 Billion in 2015 |
| Market Size Value by | US$ 135.87 Billion by 2025 |
| Growth rate | CAGR of 21.2% from 2016-2025 |
| Forecast Period | 2016-2025 |
| Base Year | 2016 |
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IoT in Healthcare Market Drivers and Opportunities
Rising Prevalence of Chronic Diseases to Favor Market
IoT technology has the potential to reduce the burden of chronic disease. IoT devices are either implanted or worn by the patient suffering from chronic disease and these devices are monitored over mobile and other wearable systems. As per the Global Cancer Observatory (GCO), in 2022, there were ~2,380,189 new cases of cancer in the US.
Increasing Awareness For Self-Health Measurement
The increasing awareness among people for the measurement of their self-health has propelled the demand for connected health devices. Nowadays wearable devices such as fitness bands, continuous glucose meters, and blood pressure monitors keep track of the patient’s activities throughout the day and store it in the connected smart device. The data stored in the connected device can be later used for analysis of the patient’s health. Also, another reason for the rise in awareness of self-health measurement is due to less cost required while using these devices in comparison to visiting a doctor for regular checkups. It is observed that these trends in self-health measurement have influenced the demand for IoT in healthcare devices and systems thus, providing a potential opportunity for IoT in the healthcare market.
IoT in Healthcare Market Report Segmentation Analysis
Key segments that contributed to the derivation of the XYZ market analysis are type, cause, disorder type, category, and end user.
- Based on solutions, the IOT in the healthcare market is categorized into medical systems & devices and software solutions & tools. Medical systems & devices held a larger market share in 2023 and are expected to continue their dominance during the forecast period
- By services, the market is bifurcated into professional services and integration services. The integration services segment held the largest share of the market in 2023.
IoT in Healthcare Market Share Analysis by Geography
The geographic scope of the IoT in healthcare market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds a significant market share in the global IoT healthcare market. Increasing adoption of remote patient monitoring, growing focus on chronic disease management, increasing elderly population, and government initiatives promoting IoT in healthcare are key factors driving the growth of the market during the forecast period. The National Institute of Standards and Technology, in 2022, initiated an IoT-Health program that focuses on the mathematical and computational modeling, optimization, visualization, performance evaluation, and experimentation of IoT-enabling technologies in healthcare. Similarly, in July 2023, the Biden-Harris Administration announced the development of the US Cyber Trust Mark, a cybersecurity labeling program for Internet of Things (IoT) devices to help consumers make informed purchases with security in mind. This trust mark could be applied to a variety of products, including Internet of Medical Things (IoMT) devices.
Asia Pacific is anticipated to grow with the highest CAGR in the coming years. Rising adoption of connected health devices, advancements in technology such as artificial intelligence and cloud-based solutions, and the growing prevalence of chronic diseases are likely to drive the growth of the market in the Asia Pacific region.
IoT in Healthcare Market Report Scope
IoT in Healthcare Market News and Recent Developments
The IOT in healthcare market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the XYZ market are listed below:
- General Electric Company introduced a Wireless Patient Monitoring Solution - Portrait Mobile to Help Clinicians Detect Early Patient Deterioration. (Source: GE HealthCare, Press Release, June 2022)
- Accuhealth a leading provider of remote patient monitoring solutions, proudly announces the introduction of the world's first cellular-connected peak flow meter (PFM). This transformative technology aims to revolutionize at-home healthcare management for individuals living with chronic obstructive pulmonary disease (COPD). (Source: ccuhealth Technologies LLC, Press Release, August 2023)
IoT in Healthcare Market Report Coverage and Deliverables
The “IoT in Healthcare Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- IOT in healthcare market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- IOT in healthcare market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- IOT in healthcare market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the IOT in healthcare market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Solution , Services Application and End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
North America dominated the IOT in the healthcare market in 2023
Rising prevalence of chronic diseases such as cancer, cardiovascular diseases, diabetes, and others, rapid advancements in sensor technology, data analytics, connectivity, and benefits offered by IoT devices such as early detection of health conditions, minimizing hospital visits and admissions are key factors driving the growth of the market
Wearable devices tracking health vitals in real-time are likely to remain key trends in the market.
GE Healthcare, IBM Corporation, Koninklijke Philips N.V., Medtronic, Microsoft Corporation, Proteus Digital Health Inc., Qualcomm Life Inc., Siemens Healthcare Gmbh, Stanley Healthcare, Verily Life Sciences LLC among others
The IOT in healthcare market size is projected to reach US$ 280.86 billion by 2031.
The market is expected to register a CAGR of 17.90% during 2023 – 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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