According to a research report "IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, and Connectivity Technology), Application (Telemedicine, Connected Imaging, and Inpatient Monitoring), End User and Region - Global Forecast to 2028" published by MarketsandMarkets, the global IoT in healthcare market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period.
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The rising penetration of smartphones, growing prevalence of chronic and lifestyle disorders, increasing healthcare costs, and rising self-health management leading to the increasing demand for better healthcare services will drive the market.
Medical Devices segment to hold the highest market share during the forecast period
The large-scale adoption of medical devices can be attributed to the growing need for cost-effective and efficient solutions for delivering healthcare services. With an increasing prevalence of chronic, age-related health conditions, fast-paced growth in the medical device industry has been observed globally. Some newly emerging technologies, including cloud computing, the internet of things (IoT), and artificial intelligence, have contributed significantly to the advancement in the medical device industry.
Wearable External Medical Devices segment to grow at the highest CAGR during the forecast period
Wearable external medical devices are becoming increasingly popular for monitoring and managing various health conditions. Factors such as increasing health awareness, preference for preventive care, rising need for the extended home health monitoring of patients owing to the growing geriatric population, and subsequent prevalence of chronic diseases are making wearable devices common in-home care settings.
Asia Pacific (APAC) region to record the highest growth rate in the IoT in Healthcare market in 2023
Asia Pacific is an emerging region in the IoT in Healthcare market. High-growth markets in Asia Pacific are China, India, and other countries, such as South Korea, Singapore, Malaysia, and Thailand. These countries are expected to provide significant opportunities for players in this market. This can be attributed to the increasing patient burden in highly populated Asia Pacific countries, growing geriatric population and disease burden, as well as the high penetration of smartphones, tablets, and high-speed networks, and continuous initiatives by national governments to digitalize their healthcare sectors.
Key and innovative vendors in Key and innovative vendors in the IoT in healthcare market include Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensely (US), Clover Health (US). These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the IoT in healthcare market.
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