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.
Key players of the market mentioned in the report are CISCO Systems, Qualcomm Life, Honeywell International, Backbone Labs, IBM Corporation, Microsoft Corporation, GE Healthcare, Proteus Digital Health, Stanley Healthcare, and SAP SE, among others.
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The report provides comprehensive assessment of competitive landscape and covers profiling of the key players along with their product portfolios and business strategies. It highlights recent mergers and acquisition, joint ventures, collaborations, partnerships, and product launches and brand promotions among others. The research report is an investigative study providing a conclusive view of the IoT in Healthcare business sphere by an in-depth segmentation of the market into key applications, types, and regions.
IoT in Healthcare Market Segmentation based on 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
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Market Overview:
Pharmaceutical and healthcare industry is expected to register robust revenue growth over the forecast period attributable to increasing implementation of advanced technologies such as AI, IoT, cloud computing, and big data analytics in the healthcare sector. Increasing prevalence of chronic diseases, growing need for efficient healthcare facilities and treatment approach, increasing research and development to develop new drugs and therapies, and rising trend of precision medicine are some other key factors expected to drive market revenue growth over the forecast period. The advent of COVID-19 pandemic has significantly contributed to the growth of pharmaceutical and healthcare industry and driven advancements in telemedicine, telehealth, remote monitoring, and at-home services. Integration of electronic health records, advancements in healthcare information exchange systems, and growth of pharmacovigilance are some other factors expected to drive market growth.
To provide an in-depth analysis of the global IoT in Healthcare market with regards to its growth opportunities, production and consumption ratio, supply and demand, and export and import ratio, the market report offers key statistical data across the leading regions of the global IoT in Healthcare market.
Key Regions Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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