Global Internet of Things (IOT) in Healthcare Market to Reach US$ 1,116.5 Billion by 2032, Impelled by Rising Incidences of Data Thefts

April 17, 2023 | Healthcare

According to the latest report by IMARC Group, titled "Internet of Things (IOT) in Healthcare Market Report by Component (Medical Devices, System and Software, Services), Connectivity Technology (Wi-Fi, Bluetooth Low Energy, ZigBee, Near Field Communication (NFC), Cellular, Satellite), Application (Telemedicine, Medication Management, Clinical Operations, Inpatient Monitoring, Connected Imaging, and Others), End User (Hospitals and Clinics, Clinical Research Organizations, Research and Diagnostic Laboratories, and Others), and Region 2024-2032," the global internet of things (IOT) in healthcare market size reached US$ 323.4 Billion in 2023. The internet of things (IOT) in healthcare refers to a network of physical devices, appliances, and other objects that are embedded with sensors, software, and network to connect and exchange data with other devices and systems over the internet. It helps in automating tasks, optimizing workflows, and reducing the need for human intervention, which results in improved efficiency and productivity in the healthcare sector. It also reduces operational costs by optimizing resource utilization, reducing energy consumption, and improving equipment maintenance and uptime. Moreover, it minimizes waste, conserves energy, and encourages sustainability by monitoring and optimizing resource consumption. At present, IOT is gaining traction in healthcare for remote patient monitoring, predictive maintenance, and telehealth applications across the globe. 

Global Internet of Things (IOT) in Healthcare Market Trends:

The burgeoning healthcare sector and integration of advanced technologies, such as artificial intelligence (AI) and machine learning (ML), with IOT for providing advanced solutions and improving operational efficiency, automation, and optimization, represent one of the key factors positively influencing the market across the globe. In addition, AI-enabled IOT devices assist healthcare providers in diagnosing and predicting ailments in real-time, which is bolstering the market growth. Moreover, the increasing prevalence of medical disorders and the growing adoption of smart devices and wearables in self-health measurement are creating a favorable market outlook. Apart from this, people are becoming aware of self-health management due to increasing disease conditions in the early stage of life, which is further catalyzing the demand for wearable medical devices. IOT-based wearables help in monitoring of remote patients with chronic illnesses, which, in turn, is stimulating the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,116.5 Billion by 2032, exhibiting a CAGR of 14.3% during 2024-2032. 

Market Summary:

  • On the basis of the component, the market has been segmented into medical devices (wearable external devices, implanted medical devices, and stationary medical devices), system and software (remote device management, network bandwidth management, data analytics, application security, and network security), and services (system integration services, consulting, training and education, and support and maintenance services). At present, services (system integration services, consulting, training and education, and support and maintenance services) account for the majority of the total market share.
  • Based on the connectivity technology, the market has been classified into Wi-Fi, Bluetooth low energy, ZigBee, near field communication (NFC), cellular, and satellite. Cellular holds the largest market share.
  • On the basis of the application, the market has been categorized into telemedicine, medication management, clinical operations, inpatient monitoring, connected imaging, and others. Presently, telemedicine dominates the market.
  • Based on the end user, the market has been classified into hospitals and clinics, clinical research organizations, research and diagnostic laboratories, and others. Hospitals and clinics exhibits a clear dominance in the market.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa. Amongst these, North America (the United States and Canada) enjoys the leading position in the market.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Apple Inc., Cisco Systems Inc., Comarch SA, HQSoftware, Intel Corporation, Koninklijke Philips N.V., Medtronic plc, Microsoft Corporation, Oracle Corporation, OSP Labs, Oxagile, Qualcomm Incorporated, Siemens AG and STANLEY Healthcare.
     

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Connectivity Technology, Application, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Apple Inc., Cisco Systems Inc., Comarch SA, HQSoftware, Intel Corporation, Koninklijke Philips N.V., Medtronic plc, Microsoft Corporation, Oracle Corporation, OSP Labs, Oxagile, Qualcomm Incorporated, Siemens AG and STANLEY Healthcare.
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Global Internet of Things (IOT) in Healthcare Market to Reach US$ 1,116.5 Billion by 2032, Impelled by Rising Incidences of Data Thefts
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