Global IoT In Healthcare Market is Booming Worldwide Business Forecast by 2027

 

Description

The IOT in healthcare market was valued at USD 72.5 Billion in 2020, and it is expected to reach a value of USD 265 Billion by 2027, at a CAGR of 21.0% over the forecast period (2020 - 2027).

A network of physical devices connected by connectivity to exchange data is referred to as the Internet of Things (IoT). Further, in the healthcare field, IoT is used in the collection, analysis, and monitoring of personal health records, protected health information, and other data generated by machines in healthcare. Additionally, IoT applications in healthcare facilitate important tasks, such as improving patient outcomes, and relieve some of the burdens on healthcare practitioners.

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Global IOT in healthcare Market Segmentation

The Global IOT in healthcare market is segmented based on Component, Application, End user, and Region. Based on Component it is categorized into: Medical Devices, Systems and Software, Services, Connectivity Technology. Based on Application it is categorized into: Telemedicine , Store-and-forward Telemedicine , Remote Patient Monitoring , Interactive Medicine , Clinical Operations and Workflow Management , Connected Imaging , Inpatient Monitoring , Medication Management , Others (Fall detection, sportsmen care, and public safety. Based on End user it is categorized into: Hospitals, Surgical Centers, and Clinics , Clinical Research Organizations , Government and Defense Institutions , Research and Diagnostic Laboratories. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Global IOT in healthcare Market: Impact of COVID 19

The pandemic has caused providers' willingness to implement IoT solutions to help diagnose the virus using IoT. The IoT is also playing a growing role in helping authorities prevent the spread of COVID-19 and treat those who have been infected. IoT and Artificial intelligence (AI) are powerful technologies when combined with each other. During this period, this led to a wide range of applications of IoT in healthcare..

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Key Trends in Global IOT in healthcare Market

·         The rapid proliferation of emerging technologies such as Artificial Intelligence and Machine Learning to achieve greater efficiency in healthcare services will drive the market.

·         The market growth is driven by increasing emphasis on active patient engagement and patient-centric care, growth of high-speed network technologies for IoT connectivity.

·         Mobile devices offer a key opportunity to reach underserved patients for telehealth services, but complexity and connection issues hinder their effectiveness.

Global IOT in healthcare Market: Regional Dynamics

The North American segment accounted for a key share in 2020 and is predicted to continue this trend due to rapid technological advancements, increasing investments from top players, supportive government regulations, and a rise in the prevalence of chronic diseases, and the demand for cost-effective disease management. In contrast, Asia-Pacific is expected to register a CAGR of 17.40% during the forecast period. There are several reasons for this, including rapidly changing healthcare infrastructure in developing countries like India and China, a large patient population, public awareness, and increasing healthcare spending.

Global IOT in healthcare Market: Competitive Landscape

The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:

·         A network service provider company stated that by 2019, 87% of healthcare organizations globally will adopt IoT services.

·         In select European Union (EU) countries, Royal Philips and Spencer Health Solutions have expanded their partnership to offer chronically ill patients in-home medication adherence and Philips telehealth in 2019.

·         In January 2019, IBM and Medtronic partnered on IQcast, a predictive tool built into Metronics' Sugar.IQ app for diabetics who require multiple injections a day.

Key players in IOT in healthcare market are:

·         Agamatrix

·         Armis

·         Bosch

·         Capsule Technologies

·         Comarch SA

·         Cisco Systems

·         GE Healthcare

·         HQSoftware

·         IBM Corporation

·         Intel

·         Medtronic

·         Microsoft Corporation

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