Internet of Things (IOT) in Healthcare Market Share, Size, Industry Trends, Key Segments And Forecast 2023-2028

Byimarcsuraj

IMARC Group has recently released a new research study “Internet of things (IOT) in healthcare Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

What are the growth prospects of the Internet of things (IOT) in healthcare Industry?

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 a value of US$ 687.5 Billion by 2027, exhibiting a growth rate (CAGR) of 16.4% during 2023-2028.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What is Internet of things (IOT) in healthcare Market ?

Internet of things (IoT) represents an interconnected arrangement of devices linked to the internet and can gather and transmit data over a wireless network without any human intervention. It relies on artificial intelligence (AI) or machine learning (ML) technologies to evaluate information and offer organizations access to advanced analytics by gathering data on customer behaviour. IoT assists in making enhanced decisions, increasing security by monitoring digital and physical infrastructure for optimizing performance, improving efficiency, and reducing safety risks. As a result, this system finds widespread applications in the healthcare sector for research analysis, data collection, and monitoring of electronic health records across the global.

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What are the major market drivers in the Internet of things (IOT) in healthcare Market: 

The escalating prevalence of chronic obstructive pulmonary disease (COPD), genetic and respiratory illnesses, arthritis, and cancer is among the primary factors driving the internet of things (IoT) in healthcare market. Besides this, the elevating demand for cost-effective treatment and enhanced disorder management across the globe is further augmenting the market growth.

In addition, the rising utilization of smart devices and wearables in self-health measurement among individuals is also catalyzing the global market.  Moreover, the inflating number of investments by the leading manufacturers in research and development (R&D) activities to integrate artificial intelligence (AI) with IoT for an improved patient experience are acting as significant growth-inducing factors. Apart from this, the increasing awareness among the medical personnel toward the benefits of using these devices in the healthcare industry is also stimulating the market growth. Furthermore, the launch of several policies by the government bodies to promote the usage of electronic health records (EHR) is expected to bolster the internet of things (IoT) in healthcare market in the coming years.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Component:

  • Medical Devices
    • Wearable External Devices
    • Implanted Medical Devices
    • Stationary Medical Devices

               System and Software

  • Remote Device Management
  • Network Bandwidth Management
  • Data Analytics
  • Application Security
  • Network Security

Services

  • System Integration Services
  • Consulting, Training and Education
  • Support and Maintenance Services

Breakup by Connectivity Technology:

  • Wi-Fi
  • Bluetooth Low Energy
  • ZigBee
  • Near Field Communication (NFC)
  • Cellular
  • Satellite

Breakup by Application:

  • Telemedicine
  • Medication Management
  • Clinical Operations
  • Inpatient Monitoring
  • Connected Imaging
  • Others

Breakup by End User:

  • Hospitals and Clinics
  • Clinical Research Organizations
  • Research and Diagnostic Laboratories
  • Others

Based on the end-use sector, the report finds that the healthcare information technology sector dominates the market. Owing to this, there is a rising demand for internet of things in this sector.

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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