IoT in healthcare market to reach USD 446.52 billion by 2028

The global IoT in healthcare market size was USD 71.84 billion in 2020 and is projected to grow from USD 89.07 billion in 2021 to USD 446.52 billion by 2028, exhibiting a CAGR of 25.9% during the 2021-2028 period. Increasing awareness of self-health management drives the market growth.

Fortune Business Insights, provide this information in its report titled, “IoT in Healthcare Market Forecast, 2023-2028.”

Key industry development:
Intel Corporation announced the launch of enhanced IoT capabilities in its 11th Gen Core developed for several industrial applications. According to the company, the solution offers AI-based diagnostics and high-resolution displays by adopting advanced medical imaging devices.

SAP SE announced the launch of a new healthcare platform to provide patient-centric solutions. The company states that through this platform, hospitals, healthcare providers, and researchers will be able to reduce operational and maintenance costs and as well as offer connected healthcare services.

Key takeaways:

• IoT in Healthcare Market Size in Asia Pacific was USD 28.46 billion in 2020
• Major driving factors include increasing demand for remote monitoring and technological advancements
• The services segment has the largest share in the global market.
• Global demand is driven by the need to improve healthcare outcomes and patient satisfaction.
• The patient monitoring segment will drive the market in the forecast period, 2023-2028

Drivers and restraints:
Increasing focus on self-health monitoring to promote growth
The increasing awareness regarding fitness and health is leading to the demand for self-health management techniques. This has surged the demand for several medical wearable devices globally as people can easily access and monitor their health at any given time. Moreover, several manufacturers are focusing on introducing advanced monitoring devices to cater to the growing consumer demand. This is expected to favor the global internet of things (IoT) in healthcare market growth in the forthcoming years.

Increasing number of company mergers will emerge in favor of market growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. The high investment in adoption of technologically sound methods in several healthcare applications by major companies will create several opportunities for market growth. In March 2018, Koninklijke Philips N.V. announced that it has collaborated with Samsung Electronics. Through this collaboration, Philips will look to connect its digital platform with Samsung’s ARTIK Smart IoT platform. The companies will boost their research and development activities associated with integration of IoT in healthcare services. Koninklijke’s collaboration with Samsung Electronics will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.

Segments:
Based on the component, the market is trifurcated into devices, software, and services. IoT devices are increasingly being used in healthcare as they offer a number of potential benefits. For example, IoT devices can help to improve patient care by providing real-time data that can be used to make decisions about treatment. IoT devices can also help to improve efficiency in healthcare by automating tasks and reducing the need for manual input. Furthermore, IoT devices can help improve healthcare data security by tracking and monitoring data.

On the basis of application, the market is divided into telemedicine, patient monitoring, operations and workflow management, remote scanning, sample management, and others. There’s no doubt that the healthcare industry is in the midst of a major transformation. And one of the driving forces behind this change is the Internet of Things (IoT). IoT applications are already having a major impact on healthcare, improving patient care and making the delivery of healthcare services more efficient.

Moreover, based on the end-user, the market is segmented into laboratory research, hospitals, clinics, and others. On the basis of end-user, the hospitals segment held a global internet of things (IoT) in healthcare market share of about 34.6% in 2020. The segment is expected to dominate during the forecast period owing to the increasing investment by hospitals in the adoption of IoT-based technology.

Lastly, based on region, the market is categorized into Asia-Pacific, North America, Europe, the Middle East and Africa, and Latin America.

Regional insights:
Asia-Pacific- The region is expected to remain at the forefront and hold the highest position in the market during the forecast period. This is due to the presence of a large population and the rising investment in digital technology in the healthcare sector in the region. Asia-Pacific stood at USD 28.46 billion in 2020.

Latin America – The region is expected to experience considerable growth backed by the increasing focus on developing healthcare settings. For instance, February 2020, several Brazilian Ministries such as innovation, healthcare, and technology collaborated to integrate the internet of things (IoT) in healthcare schemes for the betterment of patients.

Competitive landscape:
Product Innovation by Key Players to Strengthen Their Market Positions

The market is segmented into several major companies striving to maintain their dominance by introducing advanced IoT in healthcare solutions to cater to the growing demand from patients worldwide. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.

Leading global players for IoT in healthcare market are:

• Amazon, Inc.
• Cisco system Inc.
• General Electricity Company
• IBM Corporation
• Intel Corporation
• Microsoft Corporation
• SAP SE
• koninklijke philips n.v.
• Senseonics Holdings, Inc.
• SGH Group
• TeleTracking Technologies Inc.
• Wipro Ltd.

Fortune Business Insights™