Internet of Things in Healthcare Market is Expected to Reach USD 320 Billion by 2027 at 25.5% CAGR – Report by Market Research Future (MRFR)

Adoption of Innovative Technologies to Drive the IoT in Healthcare Market

New York, US, April 21, 2022 (GLOBE NEWSWIRE) -- IoT in Healthcare Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), Internet of Things in Healthcare Market Information by Type, Component, Application, Connective Technology, End Use, and Region - Forecast till 2027”, the market is projected to reach USD 320 Billion by 2027 at CAGR of 25.5%.

In healthcare, the Internet of Things (IoT) is a technology that collects, analyzes, notifies, or retains health-related data from users via a variety of platforms and devices, including smartphones, smartwatches, fitness trackers, implantable surgical devices, and digital pharmaceuticals. The data is processed without the involvement of humans or computers. The technology intends to streamline patients' health records in order to provide high-quality medical care by identifying health problems and providing appropriate therapy to help them stay healthy.

Internet of Things in Healthcare Market Competitive Landscape:

List of key companies covered in IoT in healthcare market are

  • Koninklijke Philips N.V. (Netherlands)
  • Medtronic (US)
  • Honeywell Life Care Solutions (US)
  • GE Healthcare (US)
  • Boston Scientific Corporation (US)
  • Cisco System Inc. (US)
  • Microsoft Corporation (US)
  • SAP SE (Germany)
  • Proteus Digital Health (US)
  • QUALCOMM Incorporated (US)
  • IBM Corporation (US)
  • Resideo Technologies (US)
  • Capsule Technologies (US)
  • Siemens (Germany)

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Internet of Things in Healthcare Market Drivers

The deployment of digital systems for monitoring and analyzing health problems, growing demand for innovative technologies for individualized medical service, and growing demand for solutions that supply safe and effective healthcare are all driving the Internet of Things in healthcare market forward. The leading companies in the sector are always investing in product development and expanding their operational facilities. These companies are also leveraging future developments to improve patient health tracking and analysis solutions. Furthermore, governments in places like Europe are providing high-level cybersecurity to healthcare IT businesses working on IoT-based device development. Consumers and healthcare practitioners are becoming more aware of IoT-based solutions as a result of government campaigns, virtual events, and meetings. Furthermore, the IoT in healthcare market is being driven by the increased usage of health monitoring solutions, telemedicine, and remote device management solutions.

Furthermore, with improved and cost-effective IoT in healthcare goods and solutions, there is a growing demand for cost-effective treatment and illness management, greater acceptance of smart devices and wearables, increased interest in self-health measurement, and lower healthcare costs. Government measures to encourage IoT platforms, improvements in healthcare infrastructure in developing nations, and significant R&D spending are all likely to drive market expansion.

IoT in Healthcare Market Restraints:

However, market expansion is likely to be hampered by factors such as high costs associated with IoT infrastructure development, data privacy and security issues, lack of awareness among the general population in developing nations, and inadequate technical understanding.

Internet of Things in Healthcare Market COVID-19 Analysis

The global spread of the coronavirus impeded business in a variety of industries, including healthcare. However, because of the increased demand for remote monitoring solutions for diagnosing and treating patients, vaccine cold chain monitoring, and device unit management, the pandemic epidemic presented opportunities for IoT healthcare providers. Furthermore, due to the disruption of fast Internet and network technologies, the IoT in healthcare sector is seeing excellent results. Furthermore, the restricted mobility experienced during the lockdown increased the use of online medical consultation platforms.

Medical experts could treat patients remotely using IoT-powered telemedicine solutions. The technology collects data from patients and sends it to healthcare providers in different parts of the country for evaluation and recommendations. The introduction of IoT-based smart devices allows the general public to keep track of their vital signs via device-specific applications.

Browse In-depth Market Research Report (120 pages) on IoT in Healthcare:

Internet of Things in Healthcare Market Segmentation

The market is categorized into medical devices, systems and software, and services based on component.

Inpatient monitoring, medication management, telemedicine, clinical operations and workflow management, linked imaging, and others are the applications that make up the market.

The Internet of Things in healthcare market is divided into wi-fi, bluetooth low energy, zigbee, near field communication, cellular, and satellite connectivity technologies.

Clinical research organizations, hospitals and clinics, research and diagnostic laboratories, and others are the different types of end users in the market.

IoT in Healthcare Market Regional Insights:

Since the expanding number of IT solution providers, improved medical device penetration, and increased investment in the healthcare sector, North America will be one of the top markets for IoT in healthcare in 2021. Furthermore, market participants are working on IoT cloud-based solutions to help speed the adoption of IoT-based medical services across the area. To acquire market share, solution providers engage in a variety of business activities such as collaborations and acquisitions, R&D operations, and product launches. The IoT sensors will make remote patient monitoring easier by alerting medical personnel to their patients' medical conditions.

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Owing to the increasing number of foreign investors, rapid R&D activities, supportive government laws, and adoption of digital infrastructure across the healthcare industry, the Asia-Pacific IoT in healthcare market is expected to be the fastest growing regional market. In addition, the growing number of smart hospitals and the modernization of network infrastructure are propelling the IoT in healthcare market in the area. Healthcare consulting and remote monitoring are undergoing technology advances in the region. Government officials are launching campaigns to expand remote monitoring systems, which will help these emerging countries deploy IoT technologies even faster

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