IoT Sensors in Healthcare Market

IoT Sensors in Healthcare Market Outlook (2024 to 2034)

The global IoT sensors in healthcare market is currently valued at US$ 5 billion and is forecasted to expand at a CAGR of 11.6% to reach US$ 14.96 billion by 2034.

Healthcare professionals remotely monitor patients' vital signs and health data with the use of Internet of Things technologies, such as wearable sensors, smart inhalers, and linked blood pressure monitors. This resulted in enhanced illness management, decreased hospital readmissions, and aided in the early identification of possible health issues.

For example, the government in India unveiled two initiatives in February 2022 for improving digital health to combat the epidemic. An open platform with digital registrations for physicians and other healthcare providers, new healthcare identities, and worldwide access to digital healthcare facilities is what the government plans to introduce.

The rise of linked care and increased expenditures in integrating digital technology in healthcare facilities are the main drivers of industry expansion. The market expansion is favorably impacted by an increasing elderly population, technological improvements, and the incidences of chronic illnesses. In addition, the demand for smartphones is driven by rising affordability and falling hardware prices, which is anticipated to fuel the market's expansion.

Fact.MR, in its newly drafted IoT sensors in healthcare industry analysis, mentioned that several steps are taken to increase data security. To improve the safe administration of linked devices for healthcare professionals, Palo Alto Networks, for example, unveiled an IoT solution for use in medical, Zero Trust Security in December 2022. By methodically verifying every user and device, our cybersecurity strategy guarantees the security of company data and provides a quick and safe way.

The use of wearables and smart devices in healthcare is growing. Examples include heart rate monitors, bands, smartphones, tablets, smartwatches, glucometers, and smartwatches. These devices are particularly useful in the healthcare industry because they allow for remote patient access. Furthermore, by sending emergency notifications to seek medical assistance, the tracker system in these gadgets makes it possible to access emergency patients.

The expanding use of IoT-managed services in the medical sector is driven by improvements in smartphone technology for better illness detection, as opined in the newly prepared IoT sensors in healthcare industry outlook. In addition, cellphones are a great option for monitoring and diagnostic services due to their mobility, simplicity of use, and enormous storage capacity.

Report Attribute	Detail
IoT Sensors in Healthcare Market Size (2024E)	US$ 5 Billion
Forecasted Market Value (2034F)	US$ 14.96 Billion
Global Market Growth Rate (2024 to 2034)	11.6% CAGR
Mexico Market Growth Rate (2024 to 2034)	10.9% CAGR
Japan Market Value (2034F)	US$ 1.31 Billion
North America Market Growth Rate (2024 to 2034)	12.1% CAGR
Hospitals Segment Growth Rate (2024 to 2034)	11.3% CAGR
Key Companies Profiled	Medtronic; Intel Corporation; Cisco Systems, Inc.; Wipro Ltd.; IBM Corporation; GE Healthcare; Amazon; Microsoft Corporation; QUALCOMM Incorporated; SAP SE; Cerner Corporation; Infosys Limited

What is the Leading Cause of Rise in Use of IoT Sensors in Healthcare?

“People Starting to Opt for Healthcare Connected Devices Making Big Sales”

The healthcare sector has unavoidably been positively impacted by the Internet of Things. The healthcare sector is seeing a rise in the use of health-connected devices and the expansion of the linked medical device market as connected technology becomes more ingrained in people's daily lives.

With the use of linked medical devices and medical mobile applications, IoMT links people (patients, doctors, and caregivers), processes (healthcare delivery and patient support), and data (patient information or performance data). Because linked devices and IoMT provide several advantages, including real-time patient monitoring, more individualized treatment, and enhanced safety, more patients and healthcare professionals are embracing them.

IoT-connected intelligent gadgets present health insurers with several opportunities. Insurance companies utilize data from health monitoring devices for underwriting and claims handling. They are able to select prospects for underwriting and identify fraud claims thanks to this data.

IoT devices make the underwriting, pricing, claims, and risk assessment procedures more transparent for both consumers and insurers. IoT-captured data-driven decisions in all operating processes give customers the right insight into the underlying reasoning behind every decision made and process results.

“Emergence of AI Further Propelling the Movement of Market in Upward Direction”

IoT technology uses artificial intelligence (AI) capabilities to give healthcare providers with cutting-edge solutions, including increased operational efficiency, automation, optimization, and prediction enhancement. To provide patient-centric gadgets, medical device makers are also incorporating AI technology into their products.

IoT devices with AI capabilities assist medical professionals in real-time diagnosis and illness prediction. For example, AI assists medical professionals in quickly identifying complex scans, such as tumors, by enhancing scan quality.

Artificial intelligence (AI) tools, including machine learning, deep learning, and natural language processing aid in patient health analysis. Better diagnosis and treatment capabilities as well as an enhanced patient experience are provided by the combination of artificial intelligence and the Internet of Things (IoT), which is encouraging the healthcare sector to adopt these technologies.

For example, during the 2020 shutdown, several hospitals used AI and IoT in three telemedicine applications: patient monitoring, healthcare IT, and telediagnosis. This improved the government's and hospital's tracing and treatment capabilities. Therefore, it is anticipated that the Internet of Things (IoT) in the healthcare market develop more rapidly as artificial intelligence and IoT are integrated, contributing to the overall IoT sensors in healthcare market growth.

Which Factors are Harming the Sentiments of Key Players?

“No or Limited Internet Access in Certain Areas and Data Breaching Impacting the Market Negatively”

The prominent obstacle to deploying IoT solutions in the healthcare sector is inadequate internet access and usage among vulnerable groups, including the elderly, those with low educational attainment, lower-income groups, those living in rural areas, and minorities.

The main disadvantage of IoT solutions is that they are constantly evolving, requiring a workforce with the necessary skills, which the aforementioned population does not possess. Furthermore, it is challenging to educate these people, which jeopardizes the demand for IoT services in the healthcare industry.

The expanding use of technology in healthcare has two drawbacks: There are innumerable advantages, but there are also innumerable chances for malicious actors to steal private data. As the Internet of Things becomes more widely used, data security and privacy become a major concern, making the healthcare sector even more susceptible to assaults.

The enormous volume of private information that IoT devices collect and send in real-time is added to this. Cybercriminals breach healthcare systems thanks to these methods, compromising patient and physician Personal Health Information (PHI). As technology advances, the number of cyberattacks rises as well, which is further harming the IoT sensors in healthcare market size.

Country-wise Analysis

The market is growing exponentially because healthcare is something more of a necessity and the government is investing more than other niche areas. Some of the major countries contributing to this market include the United States, China, Canada, and South Korea.

The United States market is forecasted to hold significant IoT sensors in healthcare market share in North America, as mentioned in the newly published IoT sensors in healthcare industry analysis.

Why is the United States Proving to be a Profitable Investment for Key Companies?

“Advanced Healthcare Sector Escalating Development and Usage of IoT Sensors in Healthcare Even Faster”

Attribute	United States
Market Value (2024E)	US$ 957.6 Million
Growth Rate (2024 to 2034)	12.4% CAGR
Projected Value (2034F)	US$ 3.08 Billion

The United States represents a lucrative market for IoT sensor investments due to its advanced healthcare infrastructure and a strong focus on innovation. The country is home to several leading healthcare organizations and technology firms that are continuously adopting advanced IoT solutions for improved patient care and operational efficiency.

Factors, such as increased healthcare expenditure, a growing elderly population, and the rising prevalence of chronic diseases are driving rapid development and use of IoT sensors.

What is Assisting China to Attract More IoT Sensor Producers?

“Presence of Skilled Workers with Economic Raw Materials Coupled With Favorable Export Policies”

Attribute	China
Market Value (2024E)	US$ 911.5 Million
Growth Rate (2024 to 2034)	10.8% CAGR
Projected Value (2034F)	US$ 2.55 Billion

China's appeal for IoT sensor manufacturers is attributed to several compelling factors. Firstly, the country boasts a vast pool of skilled labor, which significantly reduces production costs. This availability of affordable labor, combined with access to inexpensive raw materials, allows manufacturers to produce high-quality IoT devices at competitive prices.

Furthermore, China's government policies favor exports and encourage technological advancements, creating a conducive environment for the growth of IoT industries. The government's investments in smart healthcare initiatives and infrastructure development are also driving the demand for IoT sensors.

Category-wise Evaluation

One reason for the increasing demand for these services is widespread applications, including patient monitoring, diagnostics, and clinical efficiency, which have been studied thoroughly in the IoT sensors in healthcare industry outlook.

For Which Healthcare Application IoT Sensors are Widely Used?

“Patient Monitoring Heavily Uses IoT Sensors for Advanced Features”

Attribute	Patient Monitoring
Segment Value (2024E)	US$ 1.52 Billion
Growth Rate (2024 to 2034)	11.8% CAGR
Projected Value (2034F)	US$ 4.65 Billion

One of the primary applications of IoT sensors in healthcare is patient monitoring. These advanced sensors enable continuous tracking of vital signs, such as heart rate, blood pressure, and glucose levels. By utilizing real-time data collection, healthcare professionals monitor patients' conditions without the need for constant physical presence.

This is especially beneficial for those in critical care or with chronic illnesses, as it allows for immediate intervention if any irregularities are detected.

Which End User is Prominently Demanding IoT Sensors?

“Hospitals Significantly Investing in Buying out Advanced IoT Sensors to Serve Customers”

Attribute	Hospitals
Segment Value (2024E)	US$ 1.76 Billion
Growth Rate (2024 to 2034)	11.3% CAGR
Projected Value (2034F)	US$ 5.15 Billion

In the healthcare sector, hospitals are increasingly becoming routine customers for IoT sensors, primarily due to their commitment to enhancing patient care and operational efficiency. These institutions invest significantly in advanced IoT technology to monitor patient data, manage chronic diseases, and optimize workflows.

By implementing IoT sensors, hospitals gather real-time insights into patient status, enabling timely interventions, and offering personalized care plans. Further, IoT sensors streamline hospital operations by improving asset management and reducing costs through better resource allocation.

Competitive Landscape

Key players in the IoT sensors in healthcare market are keeping a close eye on evolving changes. This helps them to keep up with the dynamic IoT sensors in healthcare market trends.

• The extension of Infosys' strategic partnership with NVIDIA Corporation was announced in September 2023. The goal of this partnership was to provide the knowledge and technology required to increase productivity in several sectors, including healthcare, using generative AI solutions and applications.
• SAP SE partnered with Accenture in May 2023. The collaboration's goals were to expand product portfolios and collaborate on several AI-based initiatives.

Fact.MR provides detailed information about the price points of key providers of IoT sensors in healthcare positioned across the world, sales growth, production capacity, and speculative technological expansion, in this new report.

Key Segments of IoT Sensors in Healthcare Market Research

• By Application :

  • Patient Monitoring
  • Diagnostics
  • Clinical Efficiency
  • Others

• By End User :

  • Hospitals
  • Clinical Research Organizations
  • Rehabilitation Centers
  • Residential
  • Other End Users

• By Region :

  • North America
  • Latin America
  • Eastern Europe
  • Western Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa