IoT in Healthcare Market Size & Share 2017 - 2024
Market Size by Platform (Network Management, Device Management, Application Management), by Technology (Sensors, RFID, Connectivity Technology), by Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management]), by Service (Professional Service, Managed Service), by Application (Remote Monitoring, Telemedicine, Inventory Management), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast.
Report ID: GMI2103
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Published Date: September 2017
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
IoT in Healthcare Market Size
IoT in Healthcare Market size surpassed USD 2 billion in 2016 and is poised to grow at over 15% CAGR between 2017 and 2024. Increasing demand for remote monitoring of patients will propel the market growth.
The deployment of IoT based solutions across the healthcare industry is anticipated to bring in high degree of automation, reduce operating costs and enhance the decision-making process. Rising penetration of smart wearables for monitoring bodily activities & analyze the data from these devices to optimize efficiency will boost the market growth.
Additionally, implementation of these IoT solutions in the healthcare sector will enhance the patient interactions, streamline workflows and improvise the operational efficiency. For instance, the use of such technology allows monitoring of patients and provide ongoing care from a clinic or from an ambulance. IoT has capabilities of minimizing the risk with location services where patient’s movements and reachability to other objects and individuals are tracked.
Market by Platform
The network management platform segment is anticipated to witness significant growth through 2024 due to visibility provided by the connected devices communicating in a network. These platforms enable healthcare organizations to gain control over the devices connected as well as the network.
The use of network management platforms offers unprecedented access to crucial information related to patient health. Rising demand for management of devices operating in the system further contributes to the IoT in healthcare market revenue.
IoT in Healthcare Market Analysis
The sensor technology will observe substantial gains till 2024 owing to high adoption in various devices across the healthcare industry. These technologies enable the devices to gather and share data among each other as well as the cloud for data collection and analysis.
With the advancements in sensor technology, miniaturization of devices communicating wirelessly is effective in nature and performs without user intervention. These technologies can collect patient data in order to perform diagnostic, preventive care as well as for treatment results. The data collected in real-time are used for improving the efficiency & quality of processes with low possibility of errors.
Managed services segment will witness high demand IoT in healthcare industry during the forecast timeline. The growth of this segment is attributed to capability of the Managed Service Providers (MSP) to implement and deploy crucial business solutions.
The use of managed services in healthcare sector is on the rise owing to benefits offered such as cost optimization and risk minimization. Features such as reduction of total cost of ownership, continuous improvement as well as improvised data privacy ensuring the confidentiality of the data, influencing the market growth.
Telemedicine applications accounts for majority of the market share due to advantages offered such as improved security & privacy followed by the faster scalability to meet demands from several customers.
It allows the exchange of data such as health status of patients from one point to another through a telecommunication network resulting in enhanced efficiency with cost effectiveness. These solutions can be used in remote areas by integrating devices with satellite communication providing more convenient access.
North America dominates the IoT in healthcare market with significant revenue share. This can be credited to presence of large number of advanced infrastructures in the region. Advancements in technology and devices coupled with rising spending on the infrastructure further contributes to the market growth.
Asia Pacific market is slated to expand at significant CAGR from 2017 to 2024 led by rising number of medical facilities across the region. Moreover, to improve the infrastructure and address issues such as corruption, several countries in the region are planning to introduce innovative models such as e-catalogs and price transparency procedures which will contribute in the demand for advanced solutions.
IoT in Healthcare Market Share
Major players operating in the market include:
Industry participants are focusing on connected sensor technology in order to monitor, diagnose, manage patients as well as treatments in a better way. Moreover, they are offering solutions to analyze sensor data from healthcare facilities for optimizing the operational efficiencies.
The market research report on IoT in healthcare includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
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By Platform
By Technology
By Component
By Service
By Application
The above information has been provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →