Towards Healthcare reports that the global IoT Healthcare market should exceed $160 Bn by 2029 with a 23.4% CAGR (2023-2-32), reaching $305.55 Bn by 2035.

One of the major contributions to the growth would be the new reliance upon telemedicine services since the COVID-19 pandemic began in 2020. Telemedicine exploded onto the scene during the pandemic and has firmly settled into the market, with room to grow.

Additionally, to better serve patients, healthcare providers are increasingly turning to wearable devices to help collect and track patient health data through remote patient monitoring (RPM) solutions. This helps not only to provide real-time visibility into how the patient is doing, but also helps offer a more personalized approach to medicine overall.

There are a variety of factors that are converging to bring about a new era of healthcare: reduced costs of sensors and devices, improved connectivity, as well as advancing data analytics. The role of IoT in healthcare is for healthcare providers to monitor patients and improve overall health and quality of life efficiently and continuously.

Outside of technical advancements and costs coming down, the global population is aging and living longer than ever before. This changes the industry landscape and what kinds of care should be made more available. Chronic conditions are on the rise, as well. Hospitals and clinicians will need to rely on innovative solutions to help alleviate symptoms, improve medication regimens, as well as have better insights into patient behaviors.

IoT in healthcare can unlock numerous benefits and will continue to be a source of investment over the next decade.