In terms of revenue, the Global IoT in Healthcare Market is expected to reach USD 190 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 25.70% from 2022 to 2028. The Global IoT in Healthcare Market growth is attributed to the factors such as increasing focus on active patient engagement and patient-centric care, rising focus of market players to develop innovative solutions, and rising adoption of wearable technology. Moreover, the increasing population across the globe along with technological advancements are further projected to drive the IoT in the Healthcare Market growth over the forecast period.
- Under the component segment, the medical devices sub-segment is anticipated to dominate the segment for IoT in Healthcare Market and grow at a substantial CAGR. The market growth is attributed to, the nature of its cost-effective and efficient solutions for delivering healthcare services.
- The telemedicine sub-segment held a market significant share in 2021 of the application segment for IoT in the Healthcare Market. The market growth is attributed to, growing demand for patient monitoring as well as increasing chronic diseases prevalence.
- North America is the largest regional segment. Market growth is attributed to the presence of major players such as Agamatrix, Armis, Bosch, Capsule Technologies, Comarch SA, and Cisco Systems, among others in the region.
Some of the key players in IoT in the Healthcare Market include - Medtronic, GE Healthcare, Koninklijke Philips N.V., Honeywell Life Care Solutions, BIOTRONIK
When it comes to medicine, one medicine does not fit all. Treatment given to one might help the patient whereas, on the other hand, it might be ineffective for other patients. Also, the same medicine can show side effects in only certain patients. IoT in healthcare is an evolving field in which physicians use it for patient monitoring, observing patterns, notifying patients in case of imperfections in patterns, taking readings, and other factors. It helps to determine which medical treatments and procedures will work best for each patient. Thus, increasing the efficiency of patient diagnosis and further driving the market growth.
Additionally, the introduction of Artificial Intelligence in healthcare is also developing the healthcare sector to the next level. Furthermore, the rising global population along with the rising focus of market players to develop innovative solutions, and increasing adoption of wearable technology is further propelling the IoT in the Healthcare Market growth over the forecast period.
North America is expected to emerge as a potential market for IoT in the Healthcare market. The U.S. is anticipated to hold the largest share of the region for IoT in the Healthcare market. The presence of the major players in the region as well as increasing technological advancements in addition to various initiatives taken by the government for promoting the adoption of digital platforms in the life science industry is further boosting the market growth over the forecast period.