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Global IoT in healthcare market to hit USD 289.2 billion

The global IoT in healthcare market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period. Various factors such as the rising focus on active patient engagement and patient-centric care, growing need for the adoption of cost-control measures in healthcare, increasing adoption of high-speed network technologies for IoT connectivity, evolution of complementing technologies, including AI and big data, and need for healthcare services in remote locations are expected to drive the growth of the IoT in healthcare market.

The rising penetration of smartphones, growing prevalence of chronic and lifestyle disorders, increasing healthcare costs, and rising self-health management leading to the increasing demand for better healthcare services will drive the market.

Medical devices segment to hold the highest market share during the forecast period
The large-scale adoption of medical devices can be attributed to the growing need for cost-effective and efficient solutions for delivering healthcare services. With an increasing prevalence of chronic, age-related health conditions, fast-paced growth in the medical device industry has been observed globally. Some newly emerging technologies, including cloud computing, the internet of things (IoT), and artificial intelligence, have contributed significantly to the advancement in the medical device industry.

Wearable external medical devices segment to grow at the highest CAGR during the forecast period
Wearable external medical devices are becoming increasingly popular for monitoring and managing various health conditions. Factors such as increasing health awareness, preference for preventive care, rising need for the extended home health monitoring of patients owing to the growing geriatric population, and subsequent prevalence of chronic diseases are making wearable devices common in-home care settings.

Unique features in the IoT in healthcare market
IoT devices make it possible to remotely monitor vital signs, activity levels, and medication adherence over time. This continuous monitoring enables healthcare providers to take timely action and enhance patient outcomes.

Wearable Internet of Things (IoT) devices, such fitness trackers, smartwatches, and biosensors, gather health data in real-time, enabling users to monitor chronic ailments, keep track of their health, and take preventative action for improved wellness management.

IoT solutions optimise inventory levels, cut waste, and improve operational efficiency by facilitating asset tracking and management in healthcare facilities, including medications, medical equipment, and supplies.

Predictive maintenance solutions enabled by the Internet of Things (IoT) keep an eye on medical equipment’s state, anticipate any malfunctions, and plan proactive maintenance to save downtime, guarantee equipment availability, and enhance patient care.

Healthcare practitioners can conduct virtual visits, consultations, and follow-ups with patients thanks to IoT technologies, which facilitate telemedicine and remote consultations. This increases patient access to care, particularly in rural or underserved areas.

Major highlights of the IoT in healthcare market
The broad use of IoT technology in healthcare environments, motivated by the need for telemedicine, remote patient monitoring, and increased operational effectiveness.

IoT devices make it possible to remotely monitor patients’ vital signs and health state continuously, which helps with early health issue discovery and lowers hospital readmission rates.

By optimising resource utilisation, streamlining processes, and avoiding needless hospitalisations through remote monitoring and preventive treatment, IoT technologies assist healthcare providers in cutting costs.

By facilitating proactive management of chronic illnesses, medication adherence monitoring, and individualised treatment plans, IoT-enabled healthcare interventions improve patient outcomes.

IoT solutions save costs and increase workflow efficiency in the healthcare industry by automating tasks like asset tracking, inventory management, and facility maintenance. MarketsandMarkets™

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