The new report by Expert Market Research titled, ‘Global IoT in Healthcare Market Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global IoT in the healthcare market, assessing the market based on its segments like component, connectivity technology, application, end-uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 17.49%
- Forecast Market Size (2028): USD 467.25 Billion
The adoption of IoT-based technologies in the healthcare industry is expected to result in a high level of automation, lower operational costs, and improved decision-making. The market will expand as smart wearables become more popular for tracking bodily activities and analyzing data from these devices to improve performance.
IoT technology has enabled remote monitoring of patient’s health in the healthcare industry, unlocking the ability of the healthcare industry to maintain patient health while also encouraging doctors to provide excellent patient care. Patients’ hospital stays and re-admission to the hospitals have been reduced to a greater degree, thanks to connected technology.
IoT In Healthcare Industry Definition and Major Segments
Via real-time clinical monitoring and access to patient’s health data, the Internet of Things explores new facets of patient care. This data is a valuable resource for healthcare stakeholders who work on improving the patient’s health and experience, while simultaneously multiplying the revenue and upgrading the operations.
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Basis component, the market can be bifurcated into the following:
- Medical Devices
- Wearable Devices
- Implanted Devices
- Stationary Devices
- Systems and Software
- Device Management
- Data Analytics
- Network Bandwidth Management
- Compliances and Security
- Others
- Services
On the basis of connecting technology, the market can be segmented into the following:
- Wi-Fi
- Bluetooth
- Near Field Communication
- Cellular
- Satellite
- Zigbee
- Others
By application, the market is divided into:
- Telemedicine
- Inpatient Monitoring
- Clinical Operations and Workflow Management
- Medication Management
- Connected Imaging
- Others
By end-use the market can be segregated into:
- Hospitals and Clinics
- Clinical Research Organizations (CROs)
- Research and Diagnostic Laboratories
- Government and Defence Institutions
- Others
On the basis of regional markets, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
IoT In Healthcare Market Trends
Due to technological advances, increasing incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, improved access to high-speed internet, and introduction of favourable government regulatory policies are some of the major factors that lead to the growth of the internet of things in the healthcare industry.
Furthermore, with advanced and cost-effective IoT in healthcare products and technologies, there is a rising demand for cost-effective treatment and disease control, increased acceptance of smart devices and wearables, increased interest in self-health measurement, and decreased healthcare costs. The Asia Pacific region is expected to be the fastest-growing market for IoT in healthcare.
Major factors driving market growth in the area include improving health IT infrastructure, growing initiatives to encourage connected health services, and gradually increasing adoption of advanced technologies, such as smart wearables. Medical device and pharmaceutical companies are expected to increase their investment in this field, boosting demand for IoT technologies. The market’s growth has also been fuelled by the region’s growing population and economic development.
Key Market Players
The major players in the market are Cisco Systems, Inc., IBM Corporation, General Electric Company, Koninklijke Philips NV, Medtronic Plc, Dexcom, Inc, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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