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IoT in Healthcare Market is Expected to Grow with a CAGR of 25.9% from 2022 To 2028

The Global IoT in Healthcare Market accounted for USD 73.5 Billion in 2021.

Increasing focus on active patient engagement & patient-centric care, increasing demand for high-speed network technologies for IoT connectivity, rising focus on patient-centric service delivery through various channels, and increasing need for adoption of cost-control measures in the healthcare sector are some of the major factors that propelling the growth of IoT in healthcare market over the coming years.

The outbreak of the COVID-19 has increased the demand for wearable devices to monitor information such as location, health, and fitness. These devices are integrated with smartphones or laptops to capture the correct data. The rising awareness for health and fitness due to the fear of COVID-19 will increase the demand for real-time health monitoring equipment, hence, further enhancing the demand for huge development in healthcare IoT technology.

The major issue in the healthcare sector is nothing but the old infrastructure. Various healthcare organizations are still encumbered with the provision of healthcare IT infrastructure. These organizations require the correct labor to implement the new technology in this industry. Therefore, the outdated infrastructure of the healthcare sector is impeding the growth of IoT in the Healthcare Market.

Various governments are started focusing on the promotion of digital health. With this regard, heavy investments have been done for setting up the requisite infrastructure, inviting investors & top market players, organizing conferences, promoting digital health, restructuring the healthcare system, and implementing regulations mandating the use of EHR (electronic health records). This government initiative is expected to provide various growth opportunities for IoT in Healthcare Market in near future.

Asia Pacific accounted for the fastest growth of IoT in the Healthcare Market during the projected period. This surge is mainly attributed to the availability of more than 50% of the world’s population. Various Asian countries such as Japan, China, and India, are majorly investing in using advanced IoT technologies to provide advanced healthcare services, which in turn, increases the IoT in Healthcare Market demand in this region.

Some of the prominent players operating in the Global IoT in Healthcare Market are - Medtronic, GE Healthcare, Koninklijke Philips N.V., Honeywell Life Care Solutions, BIOTRONIK.