The global IoT in healthcare market is expected to grow from $106.17 billion in 2022 to $329.68 billion by 2028 at a CAGR of 20.78%, according to a new report by Stratview Research. The growth of the market is attributed to the increasing demand for wearable devices, outdated infrastructure in the healthcare industry, and government initiatives to promote digital health.

Key Drivers of the Market

• Increasing demand for wearable devices: Wearable devices are becoming increasingly popular as they can be used to track health and fitness data, location, and can be integrated with devices like laptops and smartphones.
• Outdated infrastructure: The healthcare industry is facing a number of challenges due to outdated infrastructure. IoT can help to improve the efficiency and effectiveness of healthcare operations.
• Government initiatives: Governments around the world are launching initiatives to promote digital health. This is expected to boost the demand for IoT solutions in the healthcare industry.

Key Benefits of IoT in Healthcare

• Cost reduction: IoT can help to reduce healthcare costs by enabling real-time patient monitoring, leading to a substantial reduction in unnecessary doctor visits, hospital stays, and readmissions.
• Improved treatment: IoT can help to improve the quality of healthcare by enabling physicians to make evidence-based informed decisions.
• Faster disease diagnosis: IoT can help to diagnose diseases at an early stage, leading to better treatment outcomes.
• Proactive treatment: IoT can help to provide proactive medical treatment by continuously monitoring patients' health.
• Drugs and equipment management: IoT can help to improve the management and utilization of drugs and medical equipment, leading to reduced costs.
• Error reduction: IoT can help to reduce errors in healthcare operations by providing real-time data and insights.

Regional Analysis

Asia Pacific is expected to be the largest market for IoT in healthcare during the forecast period. The growth of the market in the region is attributed to the rapid growth of the population, increasing disposable incomes, and rising awareness about the benefits of IoT in healthcare.

North America and Europe are also expected to witness significant growth in the IoT in healthcare market during the forecast period. This is attributed to the increasing adoption of advanced healthcare technologies in these regions.

Key Players

Some of the key players in the global IoT in healthcare market include:

• Medtronic
• GE Healthcare
• Philips Healthcare
• Siemens Healthineers
• Johnson & Johnson
• Cisco
• Intel
• IBM
• Microsoft
• Amazon Web Services
• Google Cloud Platform

Conclusion

The IoT in healthcare market is expected to witness significant growth in the coming years. This is attributed to the increasing demand for wearable devices, outdated infrastructure in the healthcare industry, and government initiatives to promote digital health. The key benefits of IoT in healthcare include cost reduction, improved treatment, faster disease diagnosis, proactive treatment, drugs and equipment management, and error reduction. Asia Pacific is expected to be the largest market for IoT in healthcare during the forecast period.