The Internet of Things (IoT) is described as a network of physical devices that use connectivity to enable data exchange. In addition, in filed health services, IoT is used to collect data, analyze for research, and examine electronic health records that contain personally identifiable information, protected health information, and other machine-generated health care data. According to a new report published by Allied Market Research, titled, the global Internet of Things in Healthcare Market was valued at $113.75 billion in 2019 and is expected to reach $332.67 billion by 2027, registering a CAGR of 13.20% from 2020 to 2027
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Outbreaks appear to be exacerbated by the need for providers to implement IoT measures that help diagnose viruses using the Internet of Things. Further, many IoT technology executives are playing a growing role in helping to prevent further spread of COVID-19, as well as treating those who have been infected.
Rising interest of the startup companies in IoT healthcare industry such as MedAngelONE, Amiko, SWORD health, and Aira, is expected to boost the market growth. However, factors such as high costs associated with IoT infrastructure development, data privacy and security issues, lack of awareness among public in developing regions, and limited technical knowledge are expected to impede the market growth.
Key factors contributing to the growth of Internet of Things in the healthcare market include technological advances, increasing incidence of chronic diseases such as COPD, genetic diseases, respiratory diseases and others, better availability of high-speed internet, implementation, favourable government regulatory policies. Growing demand for affordable treatment and disease management, growing adoption of smart devices and wearables, growing interest in self-health measurements and reducing healthcare costs with advanced and affordable IoT in healthcare products and solutions.
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Key Market Segments
Internet of things in healthcare market is segmented into component, application, end user, and region. On the basis of component, the market is segmented into devices, system & software and services. The devices segment is further segmented into implantable sensor devices, wearable sensor devices, and other sensor devices. System & software segment are further categorized into network layer, database layer, and analytics layer. Moreover, services segment covers architecture, consulting, and application development services. Based on application, the market is segmented into patient monitoring, clinical operation & workflow optimization, connected imaging, fitness & wellness measurement, and drug development. Based on end user, global internet of things in healthcare market is segmented into healthcare providers, patients, healthcare payers, research laboratories of pharmaceutical & biotechnology companies, and government authorities. The market has been analyzed across four regions namely North America, Europe, Asia-Pacific, and LAMEA.
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Key Benefits of the Report:
• This report entails a detailed quantitative analysis along with the current global internet of things in healthcare market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
• The internet of things in healthcare market forecast is studied from 2019 to 2027.
• The internet of things in healthcare market size and estimations are based on a comprehensive analysis of key developments in the industry.
• A qualitative analysis based on innovative products facilitates strategic business planning.
• The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market
Key Market Players
The global internet of things in healthcare market is highly competitive, and prominent players have adopted various strategies for garnering maximum market share. These include collaboration, product launch, partnership, and acquisition. Major players operating in the market include Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Proteus Digital Health, Koninklijke Philips N.V., QUALCOMM Incorporated, and Abbot Laboratories.
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