The IoT in Healthcare market is projected to reach US$ 135.9 billion by 2025, a significant increase from US$ 20.2 billion in 2015.
The solutions segment within the IoT in Healthcare market is anticipated to maintain its leading position. This segment includes medical systems and devices, as well as software solutions and tools. Notably, on-body wellness devices, which fall under the medical systems and devices category, are experiencing the highest compound annual growth rate (CAGR). This surge is largely attributed to the growing awareness of personal health, leading to an increased adoption of fitness wearables such as smartwatches and fitness bands.
The market growth is further fueled by the rising prevalence of chronic diseases and an aging population, alongside the pressing need to lower healthcare costs. Numerous companies are forming partnerships to deliver enhanced solutions, thereby expanding their market share in the IoT in Healthcare sector.
The IoT in Healthcare market is categorized by end-user verticals, which include patients and individuals, diagnostic and research labs, hospitals and healthcare institutions, as well as government authorities. Various government initiatives aimed at promoting the implementation of IoT technologies in healthcare are driving market growth. These initiatives focus on reducing healthcare facility costs and optimizing clinical workflows to improve patient outcomes and reduce expenses for healthcare providers.
The overall size of the IoT in Healthcare market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the IoT in Healthcare market.
Key players in the IoT in Healthcare market include:
- GE Healthcare
- IBM Corp.
- Koninklijke Philips N.V.
- Medtronic plc.
- Microsoft Corporation
- Proteus Digital Health, Inc.
- Qualcomm Life, Inc.
- Siemens Healthcare GmbH
- STANLEY Healthcare
- Verily Life Sciences LLC.