The global IoT in healthcare market size was valued at USD 167.5 billion in 2020, which is expected to reach USD 238.3 billion by 2027, registering a CAGR of 20.4% during the forecast period (2021-2027). IoT refers to a network of inter-connected objects capable of storing and exchanging information using sensors and other devices. In healthcare sector, the penetration of advanced technologies is rapidly increasing, including the growth of IoT devices for the monitoring of patients and management of patient’s health records.
Factors Influencing the IoT in Healthcare Industry Over the Forecast Period:
The key factors for industry growth are the increasing adoption of wearable technology, the emergence of connected cars, and investments in digital technologies in healthcare applications. Moreover, the increasing focus on technological advancements and the increasing geriatric population associated with rising chronic conditions prevalence rates positively impact the market expansion rate in the coming years.
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According to one research executed by a network provider company in Aruba, almost 87% of the healthcare organizations worldwide will adopt IoT services by 2020. Researchers surveyed include approximately 3,100 IT enterprises comprised of healthcare and business decision-makers in 20 countries. This study concluded that healthcare institutions launched IoT to foster innovations, improve patient monitoring, and reduce costs.
Considering the current market trend, the rapid increase in the use of connected technology in healthcare settings for managing clinical tasks and operational workflows further drives product consumption. It raises the market size in the future. It has enabled market players to develop a platform that aids in notifying future systems downtime by issuing the automatic alert system. For instance, Philips collaborated with Open Market to develop a remote sensor technology combined with mobile messaging, called e-Alert, that informs the potential issue of the MRI system before its downtime. This innovative technology won the Most Innovative IoT Solution award in 2017. Such factors are estimated to drive the growth of the IoT in the healthcare market globally during the forecast period.
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Impact of COVID-19 on IoT in Healthcare Market:
The outbreak of this COVID-19 situation has strongly made a drastic change in all operations across the globe. Amidst the outbreak of COVID-19, several countries have practiced IoT in the healthcare system. The technology is used widely for the proper monitoring of COVID-19 patients. For instance, in Wuhan, China, IoT devices and robots were used to check the body temperatures of patients, monitor heart rates and sugar levels of COVID-19 patients. Therefore, considerable growth is expected in the IoT in healthcare market value in the fiscal year 2020. Post COVID-19, the deployment rate of IoT in healthcare is further expected to grow during the forecast period.
Scope of the Report
The report includes the global IoT in the healthcare market study based on components, applications, connectivity, and end-users.
Based on the component, the IoT in the healthcare market has been segmented into –
- System and Software
- Medical Devices
- Connectivity Technology
Based on the application, the IoT in the healthcare market has been segmented into-
- Inpatient Monitoring
- Connected Imaging
- Clinical Operations and Workflow Management
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Based on the connectivity, the IoT in the healthcare market has been segmented into-
- Near Field Communication
Based on the end-user, the IoT in the healthcare market has been segmented into-
- Hospitals and Clinics
- Research Laboratories
- Clinical Research Organizations
IoT in Healthcare Market: Regional Outlook
Based on the region, the global IoT in healthcare market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. North America has the largest share market in IoT in Healthcare due to the high adoption rate of advanced technologies in the healthcare sector in the region, especially in the US. Moreover, Asia Pacific is expected to project a considerable CAGR in IoT in healthcare market during the forecast period. This growth is attributed to the increasing spending of the governments on improving the medical facilities.
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Key Global IoT in Healthcare Market Competitors Includes –
The IoT in healthcare market has a presence of several global market players. The key IoT in healthcare market manufacturers operating in the global market are –
- Agamatrix Inc.
- Armis Inc.
- Capsule Technologies, Inc.
- Cisco Systems Inc.
- Comarch SA
- GE Healthcare
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Intel Corporation
- KORE Wireless Group
- Medtronic PLC
- Microsoft Corporation
- Oracle Corporation
- OSP Labs Pvt. Ltd.
- Oxagile LLC
- Resideo Technologies, Inc.
- SAP SE
- Siemens AG
- Softweb Solutions Inc.
- STANLEY Healthcare Solutions
- Welch Allyn, Inc.
The IoT in healthcare market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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