Pune, India, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The global internet of things (IOT) in healthcare market size was accounted at USD 71.84 billion in 2020 and it is expected to reach around USD 446.52 billion by 2028 while exhibiting a stunning CAGR of 25.9% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled "IOT in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Component, By Application, By End-User, and Regional Forecast, 2021-2028."
Industry Development:
- September 2020 – Intel Corporation announced the launch of enhanced IoT capabilities in its 11th Gen Core developed for several industrial applications. According to the company, the solution offers AI-based diagnostics and high-resolution displays by adopting advanced medical imaging devices.
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| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 25.9 % |
| 2028 Value Projection | USD 446.52 Billion |
| Base Year | 2020 |
| IOT in Healthcare Market Size in 2020 | USD 71.84 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
DRIVING FACTORS
Increasing Focus on Self-Health Monitoring to Promote Growth
The increasing awareness regarding fitness and health is leading to the demand for self-health management techniques. This has surged the demand for several medical wearable devices globally as people can easily access and monitor their health at any given time. Moreover, several manufacturers are focusing on introducing advanced monitoring devices to cater to the growing consumer demand. This is expected to favor the global internet of things (IoT) in healthcare market growth in the forthcoming years.
Market Exhibited 24.1% Growth Rate in 2020 amid COVID-19
The surging number of patients for diagnosis and detection of the novel coronavirus overwhelmed the healthcare settings globally. Owing to the sudden influx, the healthcare sector focused on adopting modern means to ensure reduced downtime for screening and testing of patients. Several hospitals and diagnostic centers started adopting IoT-based systems. For instance, according to the World Health Organization (WHO), in 2020, medical staff and patients in Wuhan, China, started adopting Cloud-Mind's AI-synched smart medical devices consisting of rings and bracelets. This led to the market exhibiting a growth rate of 24.1% in 2020.
REGIONAL INSIGHTS
- Asia-Pacific- The region is expected to remain at the forefront and hold the highest position in the market during the forecast period. This is due to the presence of a large population and the rising investment in digital technology in the healthcare sector in the region. Asia-Pacific stood at USD 28.46 billion in 2020.
- Latin America – The region is expected to experience considerable growth backed by the increasing focus on developing healthcare settings. For instance, February 2020, several Brazilian Ministries such as innovation, healthcare, and technology collaborated to integrate the internet of things (IoT) in healthcare schemes for the betterment of patients.
Market Segmentation:
Based on the component, the market is trifurcated into devices, software, and services. IoT devices are increasingly being used in healthcare as they offer a number of potential benefits. For example, IoT devices can help to improve patient care by providing real-time data that can be used to make decisions about treatment. IoT devices can also help to improve efficiency in healthcare by automating tasks and reducing the need for manual input. Furthermore, IoT devices can help improve healthcare data security by tracking and monitoring data.
On the basis of application, the market is divided into telemedicine, patient monitoring, operations and workflow management, remote scanning, sample management, and others. There's no doubt that the healthcare industry is in the midst of a major transformation. And one of the driving forces behind this change is the Internet of Things (IoT). IoT applications are already having a major impact on healthcare, improving patient care and making the delivery of healthcare services more efficient.
Moreover, based on the end-user, the market is segmented into laboratory research, hospitals, clinics, and others. On the basis of end-user, the hospitals segment held a global internet of things (IoT) in healthcare market share of about 34.6% in 2020. The segment is expected to dominate during the forecast period owing to the increasing investment by hospitals in the adoption of IoT-based technology.
Lastly, based on region, the market is categorized into Asia-Pacific, North America, Europe, the Middle East and Africa, and Latin America.
| Segmentation | By Component
|
By Application
| |
By End-User
|
What does the Report Include?
The global market for internet of things (IoT) in healthcare report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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COMPETITIVE LANDSCAPE:
Product Innovation by Key Players to Strengthen Their Market Positions
The market is segmented into several major companies striving to maintain their dominance by introducing advanced IoT in healthcare solutions to cater to the growing demand from patients worldwide. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
List of the Companies Operating in the Global Market for Internet of things in Healthcare:
- Amazon, Inc.
- Cisco system Inc.
- General Electricity Company
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- SAP SE
- koninklijke philips n.v.
- Senseonics Holdings, Inc.
- SGH Group
- TeleTracking Technologies Inc.
- Wipro Ltd.
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter's Five Force Analysis
- Global IoT in Healthcare Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global IoT in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Devices
- Software
- Remote Device Management
- Data Analytics
- Compliance and Security
- Asset Performance Management
- Others (Data Storage, Electronic Health Record, etc.)
- Services
- By Application (Value)
- Telemedicine
- Patient Monitoring
- Operations and Workflow Management
- Remote Scanning
- Sample Management
- Others (Predictive Device Maintenance, Medication Management, etc.)
- By End-User (Value)
- Laboratory Research
- Hospitals
- Clinics
- Others (Clinical Tests, Pathology, etc.)
- By Region (Value)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- Global IoT in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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