The global Internet of Things (IoT) in healthcare market size was valued USD 46.44 billion in 2020 and is projected to expand at a CAGR of 11.5% during the forecast period, 2021 – 2028. The growth of the market is attributed to growing adoption of healthcare information systems with improved device accuracy and connectivity.
Internet of Things (IoT) is a network of physical devices that uses connectivity to enable the exchange of data. In healthcare filed, IoT is used for the data collection, analysis, and monitoring electronic health records that contain personally identifiable information, protected health information, and machine-generated healthcare data. IoT applications in healthcare facilitate important tasks, which include to improve patient outcomes, and helps health practitioners to take some burden off.
Internet of Things (IoT) enabled devices have made remote monitoring in the healthcare sector possible, bringing out the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Growing IoT healthcare applications is expected to accelerate the digital transformation of the healthcare industry.
The report on the global Internet of Things (IoT) in healthcare market research report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Internet of Things (IoT) in Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Components (Medical Devices [Wearable external medical devices, Implanted Medical Devices, and Stationary medical Devices], Systems & Software, and Services), Applications (Telemedicine, Inpatient Monitoring, Medication Management, and Others), and End-users (Hospitals, Clinical Research Organizations, and Others) |
Geographical Zone |
North America, Europe, Latin America, Asia Pacific, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Medtronic PLC, Koninklijke Philips NV, Cisco Systems, International Business Machines Corporation (IBM), and GE Healthcare |
Based on components, the market is divided into medical devices, systems & software, and services. The medical devices segment is further bifurcated into wearable external medical devices, implanted medical devices, and stationary medical devices. The medical devices segment is anticipated to account for a considerable market share owing to the growing requirement for cost-effective and efficient solutions to deliver healthcare services. IoT-enabled medical devices play vital role in data gathering and tracking activities, leading to development of various IoT in healthcare.
On the basis of applications, the global Internet of Things (IoT) in healthcare market is segmented into telemedicine, inpatient monitoring, medication management, and others. The medication management segment is expected to account for a major market share during the forecast period owing to increasing adoption of healthcare information systems, rising demand for systems that can reduce medication errors and improve patient safety. Furthermore, growing adoption of mHealth solutions for medication management is driving the segment growth.
In terms of end-users, the market is segmented into hospitals, clinical research organizations, and others. The hospital segment is expected to account for a considerable market share during the forecast period. Rapid technological advancements in healthcare, increasing investments from major players, supportive governmental rules, rising prevalence of chronic diseases, and increasing demand for cost-effective disease treatment are anticipated to proliferate the market segment.
Based on regions, the global Internet of Things (IoT) in healthcare market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market owing to increasing adoption of healthcare IT solutions, presence of key players, and the availability of sophisticated infrastructure. Additionally, increasing initiatives to curb medical expenses and a shifting trend from fee-for-service to a value-based model has given significant boost to the market growth in the region.
Key players operating in the Global Internet of Things (IoT) in healthcare Market includes Medtronic PLC, Koninklijke Philips NV, Cisco Systems, International Business Machines Corporation (IBM), and GE Healthcare.
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