The global internet of things (IOT) in healthcare market size reached US$ 277.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 687.5 Billion by 2028, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.
The internet of things (IoT) is an interconnected system of devices that are connected to the internet and can gather and transmit data over a wireless network without any human intervention. It relies on machine learning (ML) or artificial intelligence (AI) technologies to evaluate data and offer organizations access to advanced analytics by collecting data on customer behavior. It helps make enhanced decisions, increase security by monitoring digital and physical infrastructure for optimizing performance, improve efficiency, and reduce safety risks. At present, there is a rise in the utilization of IoT in the healthcare sector for data collection, research analysis, and monitoring of electronic health records across the globe.
Internet of Things (IOT) in Healthcare Market Trends:
The growing prevalence of chronic obstructive pulmonary disease (COPD), genetic and respiratory diseases, arthritis, and cancer represents one of the key factors driving the market. Besides this, there is an increase in the demand for cost-effective treatment and enhanced disease management around the world. This, along with the rising employment of IoT-enabled devices in remote monitoring to keep patients safe and healthy, is contributing to the growth of the market. In addition, there is a rise in the adoption of smart devices and wearables in self-health measurement across the globe. This, coupled with the burgeoning healthcare industry, is strengthening the growth of the market. Moreover, the increasing awareness among the healthcare personnel about the benefits of using IoT-enabled devices in the healthcare industry is offering lucrative growth opportunities to industry investors. Apart from this, key market players are extensively investing in research and development (R&D) activities to integrate artificial intelligence (AI) with IoT for an enhanced patient experience. Additionally, governments of several countries are undertaking initiatives to promote digital health and implementing various regulations for mandating the use of electronic health records (EHR), which is expected to bolster the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global internet of things (IOT) in healthcaremarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, connectivity technology, application and end user.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Apple Inc., Cisco Systems Inc., Comarch SA, HQSoftware, Intel Corporation, Koninklijke Philips N.V., Medtronic plc, Microsoft Corporation, Oracle Corporation, OSP Labs, Oxagile, Qualcomm Incorporated, Siemens AG and STANLEY Healthcare.
Base Year of the Analysis
Component, Connectivity Technology, Application, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Apple Inc., Cisco Systems Inc., Comarch SA, HQSoftware, Intel Corporation, Koninklijke Philips N.V., Medtronic plc, Microsoft Corporation, Oracle Corporation, OSP Labs, Oxagile, Qualcomm Incorporated, Siemens AG and STANLEY Healthcare.
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Key Questions Answered in This Report
The global Internet of Things (IOT) in healthcare market was valued at US$ 277.8 Billion in 2022.
We expect the global Internet of Things (IOT) in healthcare market to exhibit a CAGR of 16.4% during 2023-2028.
The rising investments in R&D activities to integrate advanced technologies, such as the Internet of Things (IoT), for enhanced patient experience are primarily driving the global Internet of Things (IOT) in healthcare market.
The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of Internet of Things (IOT) in healthcare sector for data collection, research analysis, monitoring electronic health records, etc., to combat the risk of the coronavirus infection upon human intervention.
Based on the component, the global Internet of Things (IOT) in healthcare market has been segmented into medical devices, system and software, and services. Currently, services hold the majority of the total market share.
Based on the connectivity technology, the global Internet of Things (IOT) in healthcare market can be divided into Wi-Fi, Bluetooth low energy, ZigBee, Near Field Communication (NFC), cellular, and satellite, where cellular currently exhibits a clear dominance in the market.
Based on the application, the global Internet of Things (IOT) in healthcare market has been categorized into telemedicine, medication management, clinical operations, inpatient monitoring, connected imaging, and others. Currently, telemedicine accounts for the majority of the global market share.
Based on the end user, the global Internet of Things (IOT) in healthcare market can be segregated into hospitals and clinics, clinical research organizations, research and diagnostic laboratories, and others. Among these, hospitals and clinics hold the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global Internet of Things (IOT) in healthcare market include Apple Inc., Cisco Systems Inc., Comarch SA, HQSoftware, Intel Corporation, Koninklijke Philips N.V., Medtronic plc, Microsoft Corporation, Oracle Corporation, OSP Labs, Oxagile, Qualcomm Incorporated, Siemens AG, and STANLEY Healthcare.
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