WASHINGTON, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global IoT in Healthcare Market finds that increasing implementation of cloud computing is expediting the market growth. Primarily driven by growing adoption of IoT technologies and solutions, the total Global IoT in Healthcare Market is estimated to reach USD 190 Billion by 2028, up from USD 73.5 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 25.9%.
Furthermore, the increasing need for healthcare in remote locations is also anticipated to augment the growth of the Global IoT in Healthcare Market, states Vantage Market Research, in a report, titled “IoT in Healthcare Market by Component (Medical Devices, Systems & Software, Services, Connectivity Technology), by Application (Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine), by End-User (Hospitals, Surgical Centers and Clinics, Clinical Research Organizations, Government and Defense Institutions, Research and Diagnostic Laboratories), by Region (North America, Latin America, Europe, Asia Pacific) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028).”
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Market Dynamics:
Driver: Integration of Cloud Computation to Stimulate Market Growth
The integration of cloud computing with IoT is anticipated to augment the market in the forecast period. The use of cloud computing techniques helps users to perform tasks using services that are provided over the internet. The conjunction of cloud technologies with Internet of Things has become a kind of catalyst. The integration of these technologies is expected to bring many benefits in the healthcare domain in the future. Owing to the speedy growth in technology, the issues related to large amounts of data like storing, managing, processing, and accessing have arisen. The major reason for the integration is to transform data into useful insights and drive cost-effective and productive solutions. Furthermore, with the increase in percentage of IoT devices and automation security concerns have also emerged. Cloud solutions provide reliable authentication and encryption protocols to the organizations and keep the data secured which is further stimulating the growth of the market.
Driver: Surging Adoption of IoT to Drive the Market Growth
The increase in adoption of Artificial Intelligence in healthcare is anticipated to augment the growth of the Global IoT in Healthcare Market during the forecast period. Most of the healthcare organizations are gradually shifting towards opting for IoT solutions owing to the benefits it offers. The use of IoT helps in remote monitoring of patients and the data collected through the sensors used also helps in driving important insights related to various healthcare disorders. However, out-dated infrastructure of the medical industry and internet disruptions leading to rugged IoT device performance may hamper the growth of the market in near future. Moreover, the increase in government initiatives for promoting digital health will further support the growth of the market.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on IoT in Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific to Witness Fastest Growth in the Global IoT in Healthcare Market
Asia Pacific is expected to grow at a fastest CAGR in global IoT in healthcare market and is likely to continue the same trend during the forecast period. This is attributable to the increasing healthcare service demand in emerging economies like India, South Korea, Taiwan and China in the region. Additionally, the increasing population along with increasing health consciousness among consumers is also expected to support the growth of the IoT in healthcare market in near future.
North America held largest market share in 2021. The U.S. held the largest market share in North America in 2021. This is attributable to the growing adoption of healthcare IT solutions in the region. Furthermore, availability of sophisticated infrastructure and presence of key players is likely to support the regional growth of the market.
List of Prominent Players in the IoT in Healthcare Market:
- Medtronic
- GE Healthcare
- Koninklijke Philips N.V.
- Honeywell Life Care Solutions
- BIOTRONIK
Recent Developments:
- January, 2021: Zyter, Inc. announced the launch of Zyter Smart Hospitals, an end-to-end intelligent solution that connects a hospital’s disparate data systems, departments, people, and the latest Internet of Things (IoT) technology devices on Zyter’s robust digital communication and collaboration platform.
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This market titled “IoT in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 73.5 Billion |
| Projected Market Size in 2028 | USD 190 Billion |
| CAGR Growth Rate | CAGR of 25.9% from 2022–2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Component: - Medical Devices, Systems & Software, Services, Connectivity Technology Application: - Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Others End-User: - Hospitals, Surgical Centers and Clinics, Clinical Research Organizations, Government and Defense Institutions, Research and Diagnostic Laboratories |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the IoT in Healthcare Market?
- How will the IoT in Healthcare Market change in the upcoming six years?
- Which application and product will take a lion’s share of the IoT in Healthcare Market?
- What is the IoT in Healthcare market drivers and restrictions?
- What will be the CAGR and size of the IoT in Healthcare Market throughout the forecast period?
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