Healthcare IoT - India | Statista Market Forecast

The Healthcare IoT market in India is expected to witness a substantial increase in revenue, reaching ₹US$2.15bn by 2024.
This projection indicates a promising growth trajectory for the industry.
Furthermore, it is anticipated that the sector will experience a steady annual growth rate (CAGR 2024-2029) of 12.54%, culminating in a market volume of ₹US$3.89bn by 2029.
When comparing these figures on a global scale, it becomes evident that United States will dominate the Healthcare IoT market, generating a significant revenue of US$29.64bn in 2024.
This highlights United States' position as a frontrunner in the industry, surpassing other countries in terms of market size and potential.
India is experiencing a surge in healthcare IoT adoption, with hospitals and clinics integrating smart devices to enhance patient monitoring and improve healthcare delivery.

Definition:

The Healthcare Internet of Things (also known as Internet of Medical Things or Connected health) refers to the use of IoT technologies in the medical field. The use cases range from remote patient monitoring, smart medical devices and predictive analytics.

Additional information:

The Internet of Things market compromise of revenue and revenue growth as the key performance indicators. The market consists of pure IoT revenues generated through the sale of hardware (such as sensors, chips, and other hardware), platforms (IoT platforms, security software and other software), connectivity (cellular, LoRa, SigFox and other connectivity) and services (integration &maintenance of equipment & systems). As an example, the pure IoT revenue for a smart security camera is only the component that makes the camera "smart" and connected, not the full product price. Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Some of the key players include Philips and Wipro.

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Connected insulin pumps
Devices for monitoring blood pressure
Other internet-connected devices for health and medical care

Fitness trackers
Smart watches

Usage of Internet of Things (IoT) technologies has especially been beneficial during the COVID-19 pandemic when the need for telehealth as well as home care have been introduced to minimize hospital and clinic visits. The IoT devices made remote monitoring in healthcare possible, resulting in reduced length of hospital stays and decreased need of re-admission.

One of the key drivers of Healthcare IoT growth is the increasing prevalence of chronic diseases, which require ongoing monitoring and management. IoT connected medical devices and remote monitoring systems can help to improve patient outcomes by enabling continuous monitoring of vital signs and other health data. The ageing population in developed countries is adding additional pressure on the healthcare systems which drives the investment in research by both private companies and governments.

Another driver of Healthcare IoT growth is the increasing focus on patient-centered care. Patients are becoming more active in managing their own health, and IoT devices can help to facilitate this by providing patients with real-time data on their health status and enabling them to track their progress towards health goals.

Data coverage

The data encompasses B2B, B2C and B2G revenues. The revenue only refers to the spending share of the Internet of Things components.

Modeling approach/ Market size:

The segment size is determined through a combination of top-down and bottom-up approaches. We use annual financial reports of the market-leading companies and industry associations, as well as third-party studies and reports to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as consumer spending, internet penetration, 4G coverage, and current and historical developments. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarily exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

In the realm of technology, few concepts have captured imaginations quite like the Internet of Things (IoT). Coined in 1999 by British technologist Kevin Ashton, IoT envisioned a future where a vast network of interconnected objects would collect and analyze data, enabling them to perform tasks autonomously. While the idea seemed more like science fiction at the time, today, IoT is no longer a hypothetical concept but a rapidly unfolding reality. Thanks to the development of communication technologies such as 5G and data analytics using artificial intelligence (AI) and machine learning, IoT has applications varying from smartwatches to city infrastructure (smart cities).