The rapid proliferation of emerging technologies like Artificial Intelligence and Machine Learning to achieve greater efficiency in healthcare services is expected to drive the market demand.
The Global IoT in Healthcare Market size is forecast to grow from USD 60.83 Billion in 2019 to USD 260.75 Billion by 2027, delivering at a CAGR of 19.8% through 2027. The market growth is driven by increasing focus on active patient engagement and patient-centric care, growth of high-speed network technologies for IoT connectivity, and the surging need for the adoption of cost-control measures in the healthcare sector.
The increasing prevalence of AI (Artificial Intelligence) in the medical industry has revolutionized patient care. In 2018, the global spending on IoT initiatives was nearly USD 646 billion. Medical practitioners are increasingly banking on real-time data for rendering immediate services, for the treatment of various diseases, and even for tracking resources like staff, assets, patients, and others. This has led to increased penetration of real-time monitoring systems and connected devices into the healthcare sector. The connected devices are being leveraged for gathering extensive data recording and analysis.
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Market Dynamics:
The dynamics of pharma healthcare industry has drastically changed, especially during the COVID-19 outbreak as the industry faced medication and hospital bed shortage, lack of skilled healthcare professionals and unavailability of sufficient funds. According to the latest report published by reports and data, the global IoT in Healthcare market size is expected to reach over the forecast period. Revenue growth of the market is attributed to factors such as increasing prevalence of various diseases, improving healthcare and research infrastructure, high demand for vaccine and medicine and rapidly growing pharma and healthcare sector. Other factors such as availability of advanced treatment in many multispecialty health centers, and increasing awareness about early diagnosis and treatment. In addition, growing demand for precision medicine, increasing adoption of homecare settings and telemedicine, rising literacy rate around the globe and research and development investments for developing advanced drugs and devices are expected to fuel market going ahead.
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The global IoT in Healthcare market is extremely competitive and comprise various global and regional players CISCO Systems, Qualcomm Life, Honeywell International, Backbone Labs, IBM Corporation, Microsoft Corporation, GE Healthcare, Proteus Digital Health, Stanley Healthcare, and SAP SE, among others are some of the key players operating in the global market. These market players are various strategies such as mergers and acquisitions, collaborations, joint ventures, collaborations, partnerships and research and development investments to strengthen their market position and expand their product base.
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For the purpose of this report, Reports and Data has segmented the global IoT in Healthcare market on the basis of type, application and region:
IoT in Healthcare Market segmentation by Types:
Component Outlook (Revenue, USD Billion; 2017-2027)
- Medical Devices
- Portable diagnostic devices
- Non-portable diagnostic devices
- System and Software
- Remote Device Management
- Data Analytics
- Network Bandwidth Management
- Network Security
- Application Security
- Services
- Consulting, Training, and Education
- Support and Maintenance services
- System Integration Services
Connectivity Technology Outlook (Revenue, USD Billion; 2017-2027)
- Cellular
- Wi-Fi
- Near Field Communications
- Satellite
- Bluetooth
- Zigbee
Application Outlook (Revenue, USD Billion; 2017-2027)
- Telemedicine
- Medication Management
- Connected Imaging
- Inpatient Monitoring
- Clinical Operations Management
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Clinical Research Organizations
- Government Institutions
- Research and Diagnostic Laboratories
- Defense Institutions
- Hospitals and Clinics
Regional Outlook of IoT in Healthcare Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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