According to the latest research report titled, "Internet of Things (IoT) in Healthcare Market Report (2023 - 2028)" by Mordor Intelligence, the market is estimated at USD 124.17 billion in 2023 and growing at a CAGR of 18.74% during the forecast period.
The Internet of Things (IoT) has the potential to replace paper-based healthcare by providing easy access to remote patient tracking and real-time data. The advent of digital healthcare has addressed the growing need for advanced diagnostics and personalized therapeutic tools. The market is driven by rising digital adoptions in the healthcare industry. The healthcare sector has grown enormously due to technological advancements, digitization of healthcare, and government participation.
Artificial intelligence is a powerful tool that can increase the efficiency, speed, and effectiveness of the global health system. It has the potential to improve the efficiency of telemedicine. Researchers at UCLA have combined chatbot technology and an AI system to create a virtual interventional radiologist (VIR), which helps the patient self-diagnose or the doctor diagnose the patient. In September 2022, Wipro GE Healthcare launched an AI-powered Cath lab called Optima IGS320. It improves imaging vision to facilitate intelligence and accurate healthcare delivery.
Report Summary
- Market Size (2023): USD 124.17 Billion
- Market Size (2028): USD 293.10 Billion
- CAGR (2023 - 2028): 18.74%
- Study Period: (2018-2028)
- Fastest Growing Market: Asia-Pacific
- Fastest Growing Market: North America
- Forecast Units: Value (USD Billion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
Which are the Top Companies in the IoT in Healthcare Market?
The Internet of Things (IoT) in the healthcare market is moderately competitive and consists of several major players. Companies are implementing specific strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships, which help them strengthen their market positions.
Prominent players in the IoT in Healthcare Market are: 
- Medtronic PLC
- Koninklijke Philips NV
- Cisco Systems
- International Business Machines Corporation
- GE Healthcare
- Microsoft Corporation
- SAP SE
- Capsule Technologies Inc.
- Resideo Technologies Inc.
- Stanley Healthcare
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- IoT Middleware Market Report: The IoT Middleware Market size is estimated at USD 12.76 billion in 2023, and is expected to reach USD 30.23 billion by 2028, growing at a CAGR of 18.82% during the forecast period (2023-2028)
Key Highlights from the IoT in Healthcare Market Report
1. Increased Digital Adoption in the Healthcare Sector
- The public and private healthcare industries have adopted digital technology at a considerably higher rate due to the pandemic. Blackfrog Technologies has created solutions for temperature-regulated vaccine carriers, allowing them to deploy in specific areas of Rajasthan.
- ThermaiScan, a Swedish solution, has developed a solution to screen for breast cancer through mobile phones, which showcases the increased demand for digital technologies in the healthcare sector.
- Several regional governments are taking the initiative and making investments to support digital adoption in the healthcare industry. For instance, in June 2022, the European government announced investing EUR 150 million to enable digital healthcare transformation, ranging from virtual wards to phone vaccine records.
- Similarly, in India, the government has taken initiatives like the National Digital Health Mission, Ayushman Bharat Digital Mission, and Make in India to accelerate innovation and digitization in the country's healthcare sector.
- Devices supporting the Internet of Things (IoT) have enabled remote medical monitoring, keeping patients safe and healthy and expanding the possibilities for doctors to deliver world-class care.
2. North America Holds the Largest Market Share of IoT in Healthcare Market
Remote monitoring is now possible due to IoT-enabled devices across North America. It keeps patients healthy and safe and expands the possibilities for doctors to deliver superior care. Improved doctor-patient communications have also resulted in improved patient involvement and satisfaction rates. The use of EHRs (Electronic Health Records) has reached its full potential throughout North America, particularly in the United States. Numerous companies are out front in the IoT and healthcare sectors, aiming to capture a significant market share by creating solutions for medical applications, expanding collaborative R&D, and acquiring new startups.
Leading players operating in the market are focusing on strategic collaborations to support the adoption of digitalization in the healthcare sector. In September 2022, Honeywell International Inc. announced collaborations with two leading healthcare companies in the United States and worldwide. The company will provide advanced digital technology and sensors to improve patient outcomes and increase connectivity for more efficient monitoring in homes and hospitals.
Rising initiatives to reduce medical costs, security of data transfer on health IoT devices, and a transition from fee-for-service to a value-based approach have all significantly boosted the market. In February 2022, the US government introduced bipartisan legislation, S.3620, the Health Data Use and Privacy Commission Act, to establish a commission and analyze the potential healthcare-related privacy threats. What are the Latest Developments in the IoT in Healthcare Market?
- In March 2023: Fujitsu announced the launch of a new cloud-based platform that allows users to securely collect and leverage health-related data and promote digital transformation in the medical sector. The new platform enables the automatic conversion of medical data from electronic medical records of medical institutions that conforms to the next-generation standard framework HL7 FHIR (1) and the secure aggregation of health-related data.
- In March 2023: Microsoft announced the introduction of the new Dragon Ambient eXperience (DAX) express to automate clinical documentation at scale. DAX Express is a clinical documentation application integrated into automated workflows that, for the first time, combines proven conversational and environmental AI with the advanced reasoning and natural language capabilities of OpenAI's GPT-4.
- In March 2023: NVIDIA announced a strategic collaboration with Medtronic to accelerate the development of AI in the healthcare system and bring new AI-based solutions into patient care.
Mordor Intelligence Report on the IoT in Healthcare Market segments the market based on product type, application, and geography:
- By Component (Market Size & Forecast based on Value (USD Billion), 2023-2028)
- Medical Devices
- Wearable External Medical Devices
- Implanted Medical Devices
- Stationary Medical Devices
- Systems and Software
- Services
- By Application (Market Size & Forecast based on Value (USD Billion), 2023-2028)
- Telemedicine
- Inpatient Monitoring
- Medication Management
- Other Applications
- By End-User Industry (Market Size & Forecast based on Value (USD Billion), 2023-2028)
- Hospitals
- Clinical Research Organizations
- Other End Users
- By Geography (Market Size & Forecast based on Value (USD Billion), 2023-2028)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of the Asia-Pacific
- Rest of the World
- Latin America
- Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the IoT in the Healthcare industry. Get a glance at the IoT in Healthcare Market Report (2023 - 2028)
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