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INDUSTRIES
&
MARKETSHealthcare
IoT:
market
data&
analysisMarket
InsightsreportSeptember2023Table
of
ContentsOverviewAppendixSummary567Product
OverviewAuthor1718MarketDefinitionKeyTakeawaysMarket
NumbersRevenue91415UsersNumberofHealthcareIoTconnections2MARKET
INSIGHTSThis
report
is
part
ofour
Market
Insights
productGainabetterunderstandingofmarketsacross190+
geographicalentities
–
onaglobal,
regional,country,
and/orstatelevel.
Accessourdatavia
webinterface,download(XLS,
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reports.Benefitfromour48-hourcustomerservice
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10
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sector,finance,health,
industrialsector,mobility,andtechnology•
1,000+
markets,
e.g.,
FinTech,Food,or
Robotics•
KPIs,
e.g.,
revenue,marketshares,prices,andvolume•
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support,resourceallocation,andportfolio
management10sectors190+geographicalentities1,000+markets400+reportsFind
out
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on:https://www.Goto
Market
Insightscom/outlook/3CHAPTER
1OverviewHealthcare
IoT
market
continues
to
grow
fastOverview:
SummarySummaryUsage
ofInternet
of
Things(IoT)technologies
hasespecially
been
beneficialduringtheCOVID-19
pandemicwhen
the
need
fortelehealth
aswell
as
home
carehavebeen
introduced
to
minimize
hospitalandclinicvisits.
TheIoT
devices
maderemote
monitoring
inhealthcarepossible,
resulting
inreduced
length
ofhospitalstaysanddecreased
need
ofre-admission.andIoTdevices
canhelptofacilitatethisbyproviding
patientswith
real-time
dataon
theirhealthstatusand
enablingthemtotrack
theirprogress
towards
healthgoals.Oneofthekey
drivers
of
Healthcare
IoT
growth
is
the
increasing
prevalence
ofchronic
diseases,
which
require
ongoing
monitoring
and
management.
IoTconnected
medical
devices
andremote
monitoring
systems
canhelptoimprovepatientoutcomes
byenablingcontinuousmonitoring
of
vitalsignsandotherhealthdata.Theageing
population
indeveloped
countries
isaddingadditionalpressure
on
thehealthcare
systems
which
drives
the
investment
inresearch
bybothprivatecompanies
and
governments.Anotherdriver
of
Healthcare
IoT
growth
istheincreasing
focuson
patient-centered
care.
Patientsarebecoming
more
active
inmanaging
theirown
health,5Sources:Market
Insights
2023IoT
in
Healthcare
is
an
important
part
of
the
Internet
of
Things
marketOverview:
Market
DefinitionMarket
definitionTheHealthcare
Internetof
Things(alsoknown
asInternetof
Medical
Things
orConnected
health)refers
to
theuseofIoTtechnologies
inthemedical
field.Theusecases
rangefrom
remote
patientmonitoring,
smart
medical
devices
andpredictive
analytics.TheInternetof
Things
market
compromise
ofrevenue
and
revenue
growth
asthekey
performance
indicators.
Themarket
consistsof
revenue
generated
throughselling
of
hardware
(suchassensors,
chipsand
other
hardware),
platforms
(IoTplatforms,
security
software
andother
software),
connectivity
(cellular,
LoRa,SigFoxandotherconnectivity)
and
services
(equipment
&
system
integrationandmaintenance).
Reported
market
revenues
includespending
byconsumers(B2C),enterprises
(B2B)
aswell
asgovernments
(B2G).
Revenues
areallocated
tothe
country
where
the
money
isspent.Some
of
the
key
playersincludePhilipsand
Wipro.6Sources:Market
Insights
2023IoT
in
Healthcare
is
an
important
part
of
the
Internet
of
Things
marketOverview:
Market
DefinitionMarket
definitionTheHealthcare
Internetof
Things(alsoknown
asInternetof
Medical
Things
orConnected
health)refers
to
theuseofIoTtechnologies
inthemedical
field.Theusecases
rangefrom
remote
patientmonitoring,
smart
medical
devices
andpredictive
analytics.Some
of
the
key
playersincludePhilipsandWipro.TheInternet
of
Things
market
compromises
of
revenue,
revenue
growth,
IoTInvestment,
and
alist
oftopcompanies
and
theirconsolidated
revenues.
Themarket
consistsof
pureIoT
revenues
generated
through
thesaleof
hardware(suchassensors,
chips,andother
hardware),
platforms
(IoTplatforms,
securitysoftware
andothersoftware),
connectivity
(cellular,
LoRa,SigFoxand
otherconnectivity)
and
services
(integration
&maintenance
ofequipment
&systems).
Asanexample,
thepureIoTrevenue
forasmart
security
camera
isonly
thecomponent
thatmakesthecamera
"smart"
andconnected,
notthefullproductprice.
Reported
market
revenues
includespendingbyconsumers
(B2C),enterprises
(B2B)
aswell
as
governments
(B2G).
Revenues
are
allocatedtothecountry
where
themoney
isspent.7Sources:Market
Insights
2023IoT
in
Healthcare
accounted
for
8.15%
of
the
Internet
of
Things
market
revenuein
2022Overview:
Key
Takeaways
and
inscope
/outof
scopeKeyTakeawaysInscopeOutof
scopeTheHealthcare
IoT
market
worldwide
isprojected
toreach
arevenue
ofUS$93.82bn
by
2023.Thismarket
includes:Thismarket
excludes:Itisexpected
to
show
anannualgrowth
rate(CAGR2023-2028)
of12.32%,
leadingtoamarket
volume
ofUS$167.70bn
by2028.•Connected
insulinpumps•Fitnesstrackers•Smartwatches•Devices
formonitoring
bloodpressureInterms
ofglobal
comparison,
inthe
UnitedStatesisexpected
tobegenerated
thehighest
amountof
revenue
with
US$8,283.00m
in2023.•Otherinternet-connected
devicesforhealthandmedical
careDeveloped
countries
liketheUnitedStatesareseeing
especially
fastgrowth,
withanincreasing
number
ofhospitalsadoptingsmart
medical
devices
and
remotepatientmonitoring
systems.8Sources:Market
Insights
2023CHAPTER
2Market
NumbersIoT
in
Healthcare
revenues
are
estimated
to
increase
at
a
CAGR(1)
of
17.1%
from2018
to
2028Market
Size:
Globalrevenue
forecast
inbillionUS$167.73152.95138.17123.38+17.1%(1)108.6093.8279.03202264.25202149.47202042.06201934.63201820232024202520262027202810
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023With
revenue
of
US$
27.8
billion,
Europe
is
the
biggest
market
among
selectedregions
in
2022Market
Size:
Regional
Comparison
(1/2)revenue
forecast
inbillionUS$+12.5%(1)+13.6%(1)52.256.4+12.6%(1)34.9+17.2%(1)19.727.824.317.1+12.5%(1)7.64.62.32022202820222028202220282022202820222028EuropeAfricaAmericasAsiaAustralia&Oceania11
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023With
revenue
of
US$
6.9
billion,
the
United
States
is
the
biggest
market
amongselected
countries
in
2022Market
Size:
Regional
Comparison
(2/2)revenue
forecast
inbillionUS$+14.7%(1)+11.7%(1)13.514.36.96.3+11.6%(1)+12.9%(1)+11.2%(1)3.23.02.51.71.41.32022202820222028202220282022202820222028ChinaUnited
StatesUnited
KingdomGermanyFrance12
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023With
3.4
million
users
of
Healthcare
IoT
devices,
Germany
is
leading
the
wayamong
selected
countries
in
2022Market
Size:
Regional
Comparison
(2/2)users
forecast
inmillion9.71098765432107.46.05.26.15.75.65.35.15.14.72.04.74.54.44.32.53.82.93.94.94.34.03.43.43.23.83.62.82.41.61.51.920182019202020212022France202320242025202620272028UnitedKingdomGermany13
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023Number
of
Healthcare
IoT
connections
is
estimated
to
increase
from2018
to2028Market
Size:
Globalvolumeforecast
inbillion3.02.82.42.52.01.51.00.50.02.01.71.41.20.90.70.50.30.22018201920202021202220232024202520262027202814
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023Asia
is
predicted
to
have
the
most
Healthcare
IoT
connections
in
2028Market
Size:
Regional
Comparison
(1/2)volumeforecast
inmillion900800837.6710.7661.1573.07006005004003002001000605.5486.5567.7496.1306.0507.2409.8423.3344.7429.8262.2359.7342.4280.4260.7365.6220.3195.7171.5148.488.6131.8310.8184.896.887.678.045.4217.0196.9115.456.349.644.926.6256.2117.6102.660.49.2150.255.447.741.134.824.129.314.36.94.118.620182019202020212022202320242025202620272028Australia&OceaniaAfricaAmericasEuropeAsia15
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023With
volume
of
100.4
million
connections,
the
United
States
had
the
mostconnections
among
selected
countries
in
2022Market
Size:
Regional
Comparison
(2/2)volumeforecast
inmillion300278.9277.4239.325020015010050213.3202.8244.5182.6156.3140.7130.0113.3169.134.0100.485.775.561.715.722.316.151.647.837.453.040.211.18.339.528.48.16.36.039.836.128.745.842.133.028.825.520.830.324.523.520.44.818.515.213.63.63.512.311.68.017.102018201920202021France2022Germany2023UnitedKingdom2024China2025UnitedStates20262027202816
Notes:Sources:(1)
CAGR:
Compound
Annual
GrowthRateMarket
Insights
2023CHAPTER
3AppendixMARKET
INSIGHTSMarket
Insights
–
market
data,forecasts,
and
qualitative
insightsGainabetterunderstandingofmarketsacross190+
geographicalentities
–
onaglobal,regional,country,
and/orstateleve
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