An increase in the adoption of emerging technologies like artificial intelligence and the need for achieving greater efficiency in healthcare service delivery are driving the market demand.
— The global IoT in Healthcare Market is forecast to reach USD 435.75 Billion by 2027, according to a new report by Reports and Data. The success of IoT in healthcare can be attributed to speedy, error-free transmission of data across devices. As of 2018, 3.7 million medical devices were connected to the internet. Therapeutic and injury prevention medical devices, blood pressure monitors, inhalers are being connected to the internet to provide real-time data. Market growth can also be attributed to the increased usage of smart wearables for monitoring health. Better treatment outcomes, reduction in waiting time, and cost-effective real-time health monitoring services are the chief results obtained by deploying IoT in the healthcare sector.
The COVID-19 impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety and awareness, which is triggering a new category of virus-fighting tech. The lockdown to ensure social distancing has dented the market for the short term, but in the long run, the manufacturers are positive the demand for these products will surge, especially due to COVID-19. The adoption of IoT in healthcare will witness an increase in remote areas. Fitness-tracking gadgets are expected to sell out, home exercise classes have never been more popular, and industrial robot designers are pivoting to making sanitation bots.
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Companies considered and profiled in this market study
Honeywell International, CISCO Systems, IBM Corporation, Microsoft Corporation, Backbone Labs, Proteus Digital Health, SAP SE, GE Healthcare, Qualcomm Life, and Stanley Healthcare, have been profiled in the report. They are the major manufacturers of the product.
For the purpose of this report, Reports and Data have segmented the global IoT in Healthcare Market on the basis of component, connectivity technology, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2017-2027)
• Medical Devices
• System and Software
Connectivity Technology Outlook (Revenue, USD Billion; 2017-2027)
• Near Field Communications
Application Outlook (Revenue, USD Billion; 2017-2027)
• Medication Management
• Connected Imaging
• Inpatient Monitoring
• Clinical Operations Management
End-Use Outlook (Revenue, USD Billion; 2017-2027)
• Clinical Research Organizations
• Government Institutions
• Research and Diagnostic Laboratories
• Defense Institutions
• Hospitals and Clinics
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Further key findings from the report suggest
• The medical device segment is forecasted to grow with a CAGR of 27.9% during the forecast period. The large-scale adoption of medical devices is attributed to the increasing demand for cost-effective solutions for delivering healthcare services. IoT enabled devices to play a crucial role in gathering and tracking different activities leading to the development of the market.
• Better high-speed internet access, government initiatives for technological advancement, and effective government policies have helped fuel growth. In 2018, the number of internet users around the world reached 4.1 billion, and the fixed average download speed increased by 26.4%. The government institutions are forecasted to hold a market share of 14.4% during the forecast period.
• Telemedicine is projected to witness significant growth in the forecasted period. The integration of IoT in the healthcare sector has enhanced telemedicine by helping providers to offer a quality of care, which is better than many in-person treatment modalities. Increasing adoption of smart wearables coupled with advancements in telemedicine technology is anticipated to drive demand.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
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