Press release
Global Internet of Things (IoT) in Healthcare Market to Reach USD 299.05 Billion in 2023, Set for Strong Growth at 16.5% CAGR
Internet of Things in Healthcare Market
The market is also benefiting from the increasing incidence of chronic illnesses, an aging population, and supportive government investments in digital health technologies.
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Key Drivers of Growth
Advancements in IoT Applications
IoT is transforming healthcare delivery by enabling seamless data sharing and real-time monitoring. Devices powered by Wi-Fi, Bluetooth, and AI help doctors and hospitals track patient health remotely and improve patient-doctor interaction. Hospitals are also increasingly using IoT-enabled equipment to streamline workflows and enhance treatment efficiency.
Adoption of New Technologies by Medical Companies
Medical device companies are innovating with IoT-based solutions. For example, Phantom Neuro introduced an IoT Wi-Fi integration with implantable medical systems in 2023, offering faster and more efficient communication compared to traditional Bluetooth-based devices. Similarly, governments are investing in IoT adoption. The UK government, for instance, allocated USD 36 million in 2023 to adopt technologies such as wearable health devices and virtual wards to improve patient outcomes and reduce hospital burdens.
Digital Health Initiatives
Governments across regions are supporting healthcare digitalization. In Europe, a EUR 150 million investment in 2022 was directed toward digital health initiatives such as electronic medical records and virtual wards. In India, programs like the National Digital Health Mission and Ayushman Bharat Digital Mission are accelerating innovation and expanding IoT adoption in healthcare.
Integration of AI in IoT
AI combined with IoT devices is revolutionizing diagnosis and patient care by offering better data analysis, predictive health insights, and improved patient experiences. Companies such as Service Insight are developing AIoT platforms that use IoT data for predictive diagnostics and efficient healthcare operations. Hospitals also increasingly use AI and IoT for telemedicine, patient monitoring, and diagnostics.
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Market Challenges
Despite strong growth, the market faces hurdles:
Data Privacy and Security Risks: IoT healthcare systems handle large volumes of sensitive medical information, making them targets for cyberattacks and data breaches. Tampering with health data or location details can lead to severe consequences.
Hardware Malfunctions: Bugs, sensor failures, and delays in software updates can affect device performance, putting patient safety at risk.
Market Insights by Segment
By Component
Medical Devices dominated the market in 2022, driven by demand for real-time health monitoring tools like wearables and connected sensors. Devices tracking blood pressure, heart rate, and glucose levels are widely used for patient self-monitoring and remote care.
System & Software is expected to record strong growth, supported by rising use of IoT-based applications to monitor medication adherence, analyze health patterns, and send AI-driven alerts. Blockchain technology is also being integrated to ensure secure data storage.
By Connectivity
Wi-Fi accounted for the largest revenue share in 2022. It enables efficient data sharing for electronic health records, imaging, and hospital equipment. With the evolution of Wi-Fi 6 and 6E, faster and more reliable connectivity is supporting advanced healthcare applications.
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By End-Use
Hospitals and Clinics held the largest share in 2022, driven by growing adoption of IoT systems to manage patient records, billing, and real-time monitoring. IoT solutions are helping hospitals improve disease management, enhance operational efficiency, and deliver better treatment outcomes.
Clinical research organizations and diagnostic laboratories are also adopting IoT technologies to streamline operations and improve accuracy in medical testing.
Outlook
The IoT in healthcare market is on a high-growth trajectory, supported by the convergence of digital health, AI integration, and government funding initiatives. With rising demand for remote monitoring, wearable devices, and smart hospital systems, the industry is expected to continue expanding rapidly.
While data security and device reliability remain challenges, ongoing innovation, investment, and regulatory support are expected to drive robust adoption of IoT across the healthcare sector.
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Some major players included in the global IoT in healthcare market report are:
Cisco Systems
Medtronic
Infosys Limited
Microsoft Corporation
QUALCOMM Incorporated
Wipro ltd
Amazon Inc.
Intel Corporation.
IBM Corporation
GE Healthcare
Internet of Things in Healthcare Market Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented global IoT in Healthcare on the basis of component, connectivity, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2020-2033)
Medical Devices
Wearable External Devices
Implanted Medical Devices
Stationary Medical Devices
System and Software
Remote Device Management
Network Bandwidth Management
Data Analytics
Application Security
Network Security
Services
System Integration Services
Consulting, Training, and Education
Support and Maintenance Services
Connectivity Outlook (Revenue, USD Billion; 2020-2033)
Cellular
Wi-Fi
Bluetooth
LPWANs
Zigbee
RFID
Application Outlook (Revenue, USD Billion; 2020-2033)
Telemedicine
Patient Monitoring
Connected Imaging
Clinical Operations
Medical Management
Others
End-Use Outlook (Revenue, USD Billion; 2020-2033)
Hospitals and Clinics
Clinical Research Organizations
Research and Diagnostic Laboratories
Others
Regional Outlook (Revenue, USD Billion; 2020-2033)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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