Internet of Things (IoT) in Healthcare Market Forecast | 2023-2028
Internet of Things (IoT) in Healthcare Market Size, Share, Trends, Forecast, & Industry Analysis: 2023-2028
The IoT in healthcare market is estimated to grow from USD 106.17 billion in 2022 to USD 329.68 billion by 2028 at a CAGR of 20.78% during the forecast period.
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The Internet of Things (IoT) is defined as a network of physical devices that communicate with one another to enable data exchange. Furthermore, IoT is used in the healthcare field for data collection, analysis for research, and monitoring of electronic health records that contain personally identifiable information, protected health information, and other machine-generated healthcare data.
IoT in Healthcare Market Report Overview
Market Size in 2028
USD 329.68 billion
Market Size in 2022
USD 106.17 billion
Market Growth (2023-2028)
CAGR of 20.78%
Base Year of Study
Furthermore, IoT applications in healthcare facilitate important tasks such as improving patient outcomes while also relieving some of the burdens from health practitioners. Remote monitoring in the healthcare sector has become possible thanks to the Internet of Things (IoT)-enabled devices, unleashing the potential to keep patients safe and healthy while also empowering physicians to provide exceptional care.
The recent COVID-19 outbreak has prompted Internet of things (IoT) healthcare solution providers to respond quickly in order to meet the increasing demand for high-quality services for virus protection.
COVID-19's rapid spread has engulfed the entire healthcare ecosystem, from pharmaceutical companies and drug makers to COVID-19 vaccine developers and health insurers, and hospitals. Telemedicine, remote patient monitoring, and interactive medicine, as well as inpatient monitoring, are expected to gain traction during this period.
The following are some of the key players operating in the market are-
These factors are expected to boost the demand for internet of things (IoT) in healthcare market:
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The major advantages of IoT in healthcare include:
The market has been bifurcated into systems and software, devices, & service. Under these, the devices segment held the largest market share of more than 35% in 2022 & is expected to maintain its lead in the market during the forecast period.
This is linked to the widespread use of medical devices because of the growing demand for effective and affordable healthcare delivery options. For instance, medical gadgets linked to IoT sensors provide doctors with a continuous stream of real-time health data including blood pressure, heart rate, and glucose monitoring.
Additionally, the demand for linked medical devices in the healthcare industry is anticipated to increase in response to the growing desire for self-monitoring gadgets like wearable technology. Universities and several significant companies are introducing cutting-edge medical equipment for self-monitoring of health indicators.
The market has been bifurcated into disposable internet of things in patient monitoring, clinical operation and workflow optimization, clinical imaging, fitness and wellness measurement, and drug development.
The Patient Monitoring segment accounted for the largest market share in 2022 & is expected to maintain its dominance during the forecast period. It offers a variety of monitoring systems designed to collect physiological data, which is then analyzed and stored via gateways and clouds.
Asia Pacific accounted for the largest share in 2022 and is expected to grow at a significant CAGR during the review period. The APAC region is experiencing rapid growth in the market.
Because the APAC region contains more than half of the world's population, any major technological shifts, such as those heralded by IoT, are likely to shape the region's future.
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Many Asian countries, including China, Japan, and India, are leveraging information-intensive Internet of Things (IoT) technologies to meet rising healthcare service demand, and as a result, APAC is expected to offer promising opportunities to deploy IoT in healthcare solutions.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The market is segmented into the following categories:
The target audience of the market includes-
This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.
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Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth analysis of the IOT in healthcare market
How lucrative is the future?
The market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Competitive landscape analysis, Market share analysis
How complex is the business environment?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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The internet of things (IoT) is defined as a network of physical devices that communicate with one another to enable data exchange. Furthermore, IoT is used in the healthcare field for data collection, analysis for research, and monitoring electronic health records that contain personally identifiable information, protected health information, and other machine-generated healthcare data.
The market is projected to grow at a CAGR of around 20.78% during the forecast period.
Increased demand for wearable devices that track health and fitness data, location, and can be integrated with devices like laptops and smartphones. Outdated infrastructure is impeding the medical industry's digital growth. Initiatives by the government to promote digital health. Several governments have launched initiatives to promote digital health.
The market was estimated to grow from USD 106.17 billion in 2022 to USD 329.68 billion by 2028.
Key players operating in the market are Agamatrix (US), Armis (US), Bosch (Germany), Capsule Technologies (US), Comarch SA (Poland), Cisco Systems (US), GE Healthcare (US), HQSoftware (Estonia), Huawei (China), IBM Corporation (US), Intel (US).
The target audience of the market includes IoT in Healthcare distributors, IoT in Healthcare suppliers, IoT in Healthcare manufacturers, and Contract Research Organizations.
IoT in Healthcare market is expected to be dominated by Asia Pacific. The APAC region is experiencing rapid growth in the market. Because the APAC region contains more than half of the world's population.
The study period of the market report is 2016-28.