Internet of Things in Healthcare Market: Market Size, Share, and Growth Forecast 2024-2032
As per the latest market insights, the Internet of Things (IoT) in Healthcare Market was valued at USD 199.23 billion in 2023 and is projected to reach USD 648.94 billion by 2031, growing at a CAGR of 15.9% during the forecast period. This surge highlights the transformative role of IoT in redefining healthcare delivery, improving patient outcomes, and optimizing operational efficiency. The Internet of Things in Healthcare Market Size continues to expand due to rising digital health adoption and increased demand for remote patient monitoring.
The integration of IoT technologies in healthcare has enabled real-time monitoring, streamlined workflows, and advanced data-driven decision-making. Applications range from wearable health devices and smart hospital systems to connected medical equipment that enhance diagnostics and treatment plans. This evolution is largely driven by increased internet penetration, growing geriatric population, and the global shift toward personalized medicine.
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Key Players
- Cisco - Cisco IoT healthcare solutions
- IBM - Watson Health, IoT-enabled solutions
- GE Healthcare - Edison Platform, IoT-enabled medical devices
- Microsoft - Azure IoT for healthcare
- SAP - SAP Leonardo IoT solutions for healthcare
- Medtronic - IoT-enabled cardiac and diabetes devices
- Royal Philips - Philips HealthSuite, Connected Care solutions
- Resideo Technologies - IoT-based healthcare devices
- Securitas - IoT security for healthcare facilities
- Bosch - IoT-based health monitoring systems
- Armis - IoT security platform for healthcare
- Oracle - Cloud-based IoT healthcare solutions
- PTC - ThingWorx IoT platform for healthcare
- Huawei - IoT-enabled healthcare wearables
- Siemens - Siemens Healthineers, IoT solutions for healthcare
- R-Style Lab - IoT Application development for healthcare
- HQSoftware - Custom IoT healthcare solutions
- Oxagile - IoT healthcare software for remote monitoring
- Softweb Solutions - IoT-based healthcare solutions
- OSP Labs - IoT healthcare Applications s
- Comarch SA - IoT-driven healthcare platforms
- Telit - IoT connectivity solutions for healthcare
- Kore Wireless - IoT connectivity for healthcare devices
- ScienceSoft - IoT-powered healthcare monitoring systems
- Intel - IoT solutions for healthcare devices and cloud
- AgaMatrix - IoT-enabled glucose monitoring devices
- Welch Allyn - IoT-connected vital sign monitors
- AliveCor - IoT-enabled ECG monitors
- Sensely - IoT-powered virtual healthcare assistants
- Clover Health - IoT-driven health platform
Key Points:
- Market size was USD 199.23 billion in 2023 and is expected to hit USD 648.94 billion by 2031
- CAGR of 15.9% forecasted for the period 2024–2031
- Rising demand for remote patient monitoring and telehealth solutions
- Proliferation of wearable medical devices and connected diagnostics tools
- Enhanced clinical efficiency and cost savings through IoT integration
- Growing investments in healthcare IT infrastructure
- Increasing prevalence of chronic diseases necessitating long-term monitoring
- Supportive regulatory frameworks encouraging digital health adoption
Future Scope
The future of the Internet of Things in healthcare is poised for rapid acceleration, driven by continuous technological advancements and strategic collaborations between healthcare providers and tech companies. Developments in artificial intelligence, 5G connectivity, and blockchain will further secure, streamline, and elevate the effectiveness of IoT-driven healthcare systems. Additionally, emerging markets are expected to witness substantial adoption as infrastructure matures and digital literacy spreads, paving the way for more inclusive and accessible healthcare models worldwide.
Conclusion
The IoT in healthcare market is on a dynamic growth trajectory, underpinned by its potential to revolutionize patient care and medical operations. As the industry embraces innovation and data-driven systems, stakeholders across the value chain—patients, providers, and policymakers—stand to benefit from more responsive, efficient, and patient-centric healthcare services. The continuous evolution of this space marks a pivotal shift toward the future of digital health.
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