Internet of Things in Healthcare Market Foreseen To Increase Exponentially

Internet of Things in Healthcare Market Summary

The global Internet of Things (IoT) in healthcare market size was valued at USD 44.21 billion in 2023 and is anticipated to grow significantly to reach USD 169.99 billion by 2030, expanding at a compound annual growth rate (CAGR) of 21.2% between 2024 and 2030. This growth is largely driven by the increasing usage of smartphones, smart devices, and wearable technologies that facilitate efficient and real-time patient monitoring.

Furthermore, the growing adoption of remote patient monitoring (RPM) technologies to improve patient outcomes outside hospital settings is another major factor boosting market expansion. The COVID-19 pandemic acted as a catalyst for the industry, accelerating the adoption of digital technologies such as IoT within the healthcare sector. Due to social distancing guidelines and heightened concerns around physical contact, there was a sharp rise in the demand for remote healthcare services. IoT-enabled devices—such as wearable sensors, smart inhalers, and connected blood pressure monitors—allowed healthcare professionals to track patient health metrics and vital signs without the need for in-person visits.

This transformation enabled the early identification of potential health issues, streamlined disease management, and contributed to a reduction in unnecessary hospital readmissions. For example, in February 2022, the Government of India introduced two significant digital health initiatives designed to enhance healthcare accessibility and pandemic preparedness. These projects included the development of open platforms for digital registries of doctors and healthcare professionals, implementation of unique healthcare identifiers, and improved access to digital healthcare services. Such policy and technological advancements are expected to drive the global IoT healthcare market forward. Additionally, the rapid growth in the use of telemedicine post-COVID has further stimulated market momentum.

Key Market Trends & Insights

• In terms of end-users, the hospitals and clinics segment held the largest revenue share in 2023. This dominance is attributed to the notable operational and functional improvements that hospitals achieve by integrating IoT solutions. These technologies facilitate real-time communication, streamlined handling of medical records and billing, enhanced hospital workflows, and improved medication adherence, thereby boosting overall efficiency.
• When categorized by component, the medical devices segment accounted for the largest share at 37.5% in 2023. This is primarily due to the high rate of adoption of connected medical devices, which are increasingly viewed as essential for delivering efficient and cost-effective healthcare services.
• By connectivity technology, the cellular segment led the market in 2023. Cellular connectivity supports the transmission of large volumes of data across long distances, making it ideal for healthcare applications, especially in remote patient monitoring systems where real-time data is essential for healthcare providers.
• In terms of application, the telemedicine segment dominated in 2023. The rising incidence of chronic conditions and growing demand for continuous patient monitoring are key factors contributing to this trend. Innovations in telemedicine technology, alongside the launch of new telemedicine platforms, are significantly bolstering demand for IoT solutions in this domain.
• Geographically, North America emerged as the dominant regional market in 2023, accounting for a 34.5% share. The region’s leadership can be attributed to widespread use of digital healthcare technologies such as telehealth, mobile health (mHealth), e-prescriptions, and other healthcare IT solutions, especially in response to the pandemic. Government regulations and incentives supporting IoT adoption have further accelerated growth in this region.
• Within North America, the U.S. led the IoT in healthcare market, driven by the continuous development and deployment of advanced healthcare management software. The strong presence of leading players in mobile technology and network infrastructure also supports market expansion in the country.
• Asia Pacific is expected to exhibit the fastest growth rate over the forecast period. This is mainly due to improving healthcare infrastructure, increasing healthcare spending, and a strong push toward technological modernization in countries such as China, India, and Southeast Asian nations. The demand for IoT in healthcare is being fueled by efforts to reduce healthcare costs, improve patient outcomes, and streamline hospital workflows through the adoption of connected solutions.

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Market Size & Forecast

• 2023 Market Size: USD 44.21 billion
• 2030 Projected Market Size: USD 169.99 billion
• CAGR (2024-2030): 21.2%
• North America: Largest market in 2023
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

• Medtronic, Cisco Systems Inc., IBM Corporation, and GE Healthcare are some of the dominant players operating in internet of things (IoT) market.
• Medtronic has a global presence and operates from over 370 locations in approximately 160 countries.
• IBM Corporation operates in over 170 countries. IBM serves its consumers from varied industries, such as automotive, banking, life sciences, retail, chemical & petroleum, and communication.
• Infosys Limited, Cerner Corporation, Wipro ltd, and QUALCOMM Incorporated some of the emerging market players functioning in internet of things (IoT) market.
• QUALCOMM Incorporated has 170 sales offices in more than 30 countries across the globe.
• Wipro ltd caters to new age markets, network & edge providers, and utilities, as well as incumbents of the public sector.

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Conclusion

In conclusion, the global IoT in healthcare market is witnessing robust growth, underpinned by rising digital adoption, increasing demand for remote care, and policy support from governments worldwide. With significant advances in medical device connectivity, telemedicine, and hospital management, IoT technologies are enhancing patient outcomes and operational efficiency. North America currently leads in market share, while Asia Pacific shows strong potential for future expansion. Continued innovation and integration of IoT solutions are expected to transform the healthcare landscape, making it more accessible, data-driven, and patient-centric, ultimately driving sustained growth through 2030 and beyond.