IoT in Healthcare Market Key Insights and Projections

The global IoT in healthcare market was valued at USD 36.2 billion in 2022 and is projected to reach USD 305.55 billion by 2032, growing at a CAGR of 23.4%. In 2022, hardware dominated the market with a 58.25% share, while telehealth led the applications with 36.37%. Surgical robotics is expected to see the highest growth, with a 19.7% CAGR from 2023 to 2032.

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How IoT is Improving Patient Care and Efficiency in Healthcare

IoT is transforming healthcare by incorporating technology into daily medical practices, offering solutions to challenges like rising costs, an aging population, and the growing prevalence of chronic diseases. IoT improves both patient care and operational efficiency through devices such as X-ray machines, patient monitors, and other hospital equipment.

Here are some key benefits of IoT in healthcare:

• Remote Patient Monitoring: IoT allows for the continuous collection and transfer of health data, enabling real-time monitoring and early intervention.
• Better Connectivity: It streamlines patient flow, enhances data sharing and analysis, and ensures that medical devices work seamlessly together.
• Home-Centric Care: IoT shifts diagnostics from hospital settings to home, making check-ups more convenient and less costly for patients.
• Increased Efficiency and Cost Savings: IoT helps healthcare systems optimize equipment use and manage resources more effectively, driving down costs.

Impact of COVID-19 on IoT in Healthcare

The COVID-19 pandemic significantly sped up the adoption of IoT in healthcare, with a marked rise in the use of telehealth and remote monitoring solutions. This shift was accompanied by increased investments in digital health technologies. To meet the challenges posed by the pandemic, regulatory bodies like the U.S. FDA fast-tracked approvals for medical devices.

Notable innovations during the pandemic included the Whoop Strap, designed to monitor respiratory rates, and Philips’ disposable patches and biosensors, which were tailored for COVID-19 detection. Other examples include the Scripp ‘DETECT’ system for data collection from wearables, Taiwan’s testing and tracing technologies, Eko’s ECG tool for cardiac assessments, the ‘Lumify’ portable ultrasound, and Aidoc Medical’s AI-driven CT scans for COVID-19 detection.

The IoT healthcare sector saw impressive growth during this period, with a 20% increase in 2020, highlighting the rapid expansion of IoT technologies in healthcare. IoT applications, especially in remote monitoring of vital signs, general health, nutrition, and rehabilitation, played a crucial role in improving patient outcomes. These technologies have been key in increasing life expectancy and reducing morbidity and mortality, making a lasting impact on the healthcare landscape during these challenging times.

Recent Developments in IoT Healthcare

In 2023, Medtronic plc acquired EOFlow Co., the maker of EOPatch devices. This acquisition aims to enhance Medtronic’s portfolio with a complementary Continuous Glucose Monitor (CGM) and Meal Detection Technology algorithm.

In June 2021, CONNEQT and LifeQ formed a partnership to provide health-related information to users of wearable devices, marking a joint effort to improve the delivery of health data through wearable tech.

In 2020, Philips received approval from the U.S. Food and Drug Administration for its Remote Patient Monitoring Devices, further advancing their healthcare technology offerings.

Key Companies in the IoT Healthcare Market

• GE Healthcare
• Siemens Healthineers
• Philips Healthcare
• Apple
• Samsung
• Microsoft
• Medtronic
• Boston Scientific
• Garmin
• Fitbit

Our Table of Content (TOC) covers key healthcare market segments, materials, technologies and trends—helping you navigate market shifts and make informed decisions: https://www.towardshealthcare.com/table-of-content/iot-in-healthcare-market-size

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