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.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising focus on active patient engagement and patient-centric care is anticipated to drive the growth of Internet of Things (IoT) in healthcare market.
- Growing demand for adoption of cost-control measures in the healthcare sector is expected to boost the market growth during the forecast period.
- Increasing demand for wearable devices amidst the COVID-19 outbreak
- has positively impact on the market growth.
- Reduced cost of care and evolution of artificial intelligence (AI) technology is speculated to propel the market growth
- Outdated infrastructure can hinder the digital growth of the medical industry, which can negatively impact the market growth.
- Government initiatives for promoting digital health coupled with technological advancements can creates huge opportunities for the growth of the Internet of Things (IoT) in healthcare market.
Scope of the Report
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.
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Attributes
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Details
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Report Title
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Internet of Things (IoT) in Healthcare Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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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)
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Geographical Zone
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North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Medtronic PLC, Koninklijke Philips NV, Cisco Systems, International Business Machines Corporation (IBM), and GE Healthcare
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Internet of Things (IoT) in Healthcare Market Segment Insights
Medical devices to accounts considerable market share
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.
Medication management segment to account a major market share
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.
Hospital segment to account a considerable market share
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.
North America to dominant market
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.
Segments
Segments Covered in the Report
The Market global Internet of Things (IoT) in healthcare has been segmented on the basis of
Components
- Medical devices
- Systems & software
- Services
Applications
- Telemedicine
- Inpatient Monitoring
- Medication Management
- Others
End-users
- Hospitals
- Clinical Research Organizations
- Others
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- Medtronic PLC
- Koninklijke Philips NV
- Cisco Systems
- International Business Machines Corporation (IBM)
- GE Healthcare
Competitive Landscape
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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