IoT in Healthcare Market Worth US$ 238.3 billion by 2027

Posted 2023-07-22 08:31:43

The global IoT in healthcare market size was valued at USD 167.5 billion in 2020, which is expected to reach USD 238.3 billion by 2027, registering a CAGR of 20.4% during the forecast period (2021-2027)

As of my last knowledge update in September 2021, the Internet of Things (IoT) in healthcare was experiencing significant growth and transformation. IoT technologies were increasingly being integrated into various healthcare applications to improve patient outcomes, enhance operational efficiency, and streamline healthcare processes. Please note that the market dynamics may have evolved since then, and I recommend consulting more recent sources for the latest market overview.

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IoT in Healthcare Market Dynamics

The dynamics of the IoT in healthcare market are shaped by various factors that influence its growth, adoption, and evolution. These dynamics can change over time as technology advances, new use cases emerge, and regulatory landscapes evolve. As of my last update in September 2021, here are the key dynamics impacting the IoT in healthcare market:

1. Technological Advancements: Continuous advancements in IoT technology, including sensors, connectivity, data analytics, and artificial intelligence, are driving innovation in healthcare applications. These improvements enhance the capabilities of IoT devices, making them more accurate, reliable, and user-friendly.

2. Remote Patient Monitoring: The ability to remotely monitor patients' health conditions in real-time through IoT-enabled devices and wearables is transforming healthcare. Remote patient monitoring improves patient outcomes, reduces hospital readmissions, and lowers healthcare costs.

3. Healthcare Wearables and Consumer Adoption: The proliferation of healthcare wearables, such as fitness trackers and smartwatches with health monitoring features, has led to increased consumer adoption. Consumers are becoming more proactive in managing their health, contributing to the growth of the IoT in healthcare market.

4. Data-driven Healthcare: The vast amount of data generated by IoT devices in healthcare presents opportunities for data-driven decision-making. Advanced analytics and machine learning algorithms can analyze this data to identify trends, patterns, and potential health risks.

5. Personalized Medicine: IoT-enabled health data can be utilized to deliver personalized medicine and treatment plans. By analyzing individual health metrics and behavior, healthcare providers can tailor interventions for better patient outcomes.

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Market Segmentation Analysis

The study categorizes the global IoT in Healthcare market based on equipment type, technology, type, installation method, distribution channel, application, and regions.

Based on the component, the IoT in the healthcare market has been segmented into –

· System and Software

· Medical Devices

· Services

· Connectivity Technology

Based on the application, the IoT in the healthcare market has been segmented into-

· Inpatient Monitoring

· Telemedicine

· Connected Imaging

· Clinical Operations and Workflow Management

· Others

Based on the connectivity, the IoT in the healthcare market has been segmented into-

· Wi-Fi

· Satellite

· Cellular

· BLE

· Near Field Communication

· Zigbee

Based on the end-user, the IoT in the healthcare market has been segmented into-

· Hospitals and Clinics

· Research Laboratories

· Clinical Research Organizations

· Others

By Region Outlook (Sales, Production, USD Million, 2019-2033)

· North America (Mexico, Canada, US)

· South America (Peru, Brazil, Colombia, Argentina, Rest of Latin America)

· Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)

· Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)

· The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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REGIONAL ANALYSIS, 2023

Based on the region, the global IoT in Healthcare market has been analyzed and segmented into five regions, namely, North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America has been a prominent market for IoT in Healthcares due to high consumer spending on electronics and a strong demand for home entertainment systems. The United States, in particular, has a large market for IoT in Healthcares, driven by the popularity of streaming services and the desire for immersive audio experiences.

The Asia Pacific region, including countries like China, Japan, and South Korea, has witnessed substantial growth in the IoT in Healthcare market. Factors contributing to this growth include the rising disposable income, increasing urbanization, and the growing popularity of home theater systems among consumers in the region.

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Major Key Players in the IoT in Healthcare Market

The global IoT in Healthcare market is fragmented into a few major players and other local, small, and mid-sized manufacturers/providers, they are –

· Agamatrix Inc.

· Armis Inc.

· Capsule Technologies, Inc.

· Cisco Systems Inc.

· Comarch SA

· GE Healthcare

· HQSoftware

· Huawei Technologies Co., Ltd.

· IBM Corporation