Global Internet of Things in Healthcare market is projected to reach $668.98 billion by 2032
From GlobeNewswire: 2024-12-03 07:41:00
The Global Internet of Things in Healthcare Market was valued at USD 133.72 billion in 2023, projected to reach USD 668.98 billion by 2032 with a CAGR of 19.61%. The growth is driven by increased demand for connected devices, remote patient monitoring, and healthcare automation solutions to enhance care delivery and reduce costs.
The IoT in healthcare market is growing due to technological advancements, telehealth preference, and integration of IoT devices in healthcare facilities, enabling continuous patient monitoring, chronic disease management, and better decision-making for providers, leading to improved patient engagement and clinical outcomes.
The demand for IoT solutions is rising globally due to increasing chronic diseases, aging population, and preventive healthcare focus, supported by the development of wearable sensors, smart medical devices, and remote monitoring systems. Healthcare providers are implementing IoT solutions to enhance patient care and operational efficiency, driving the market forward.
In 2023, Devices dominated the IoT healthcare market, accounting for over 45.0% share, with increasing adoption of wearables, diagnostic equipment, and sensors for real-time patient monitoring. The Services segment is expected to grow rapidly, providing installation, maintenance, and consulting services for IoT devices and systems, supporting large-scale data management in healthcare settings.
Telemedicine is the leading IoT healthcare application, accounting for over 30.0% market share in 2023, driven by the rise of telehealth services and IoT-powered solutions for virtual consultations. Patient Monitoring is the fastest-growing application segment, meeting the demand for real-time monitoring of chronic conditions and elderly patients, with a projected CAGR of 18%.
Hospitals dominated the end-user segment in 2023, utilizing IoT solutions for patient monitoring, asset tracking, inventory management, and workflow optimization. Clinics are projected to grow at a faster rate due to increasing adoption of IoT technologies for patient monitoring, chronic disease management, and care coordination in outpatient settings.
North America led the IoT in healthcare market in 2023, accounting for over 40.0% global market share, with the U.S. leading in adoption of advanced technologies, strong healthcare infrastructure, and government initiatives promoting digital transformation for improved healthcare delivery through IoT. The demand for continuous monitoring devices in Canada is rising due to the prevalence of chronic diseases like diabetes and heart disease. IoT solutions, especially in telehealth services, are being rapidly adopted to improve access to care in remote areas. Recent developments include Infosys expanding its partnership with NVIDIA Corporation and HARMAN launching a digital healthcare platform. Statistical insights and trends in the Internet of Things in Healthcare market include adoption rates, device connectivity trends, and healthcare spending on IoT technologies. SNS Insider is a leading market research and consulting agency providing current and accurate market data to help clients make informed decisions.
Read more at GlobeNewswire: Internet of Things in Healthcare Market Size to Reach USD