The global internet of things (IoT) in healthcare marketsize is expected to experience significant growth by reaching USD 446.52 billion by 2028 while exhibiting an astounding CAGR of 25.9% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled, “Internet of things (IoT) in Healthcare Market, 2021-2028.” The report further mentions that the market stood at USD 71.84 billion in 2020. Factors such as the growing awareness regarding self-health monitoring and the evolving healthcare infrastructure are expected to boost the demand for the product worldwide.
A
List of Renowned Internet of Things in Healthcare Providers Operating in This
Market:
- Amazon, Inc. (Seattle, Washington, United States)
- Cisco system Inc. (San Jose, California, United States)
- General Electricity Company (Boston, Massachusetts, United States)
- IBM Corporation (Armonk, New York, United States)
- Intel Corporation (Santa Clara, California, United States)
- Microsoft Corporation (Redmond, Washington, United States)
- SAP SE (Walldorf, Germany)
- koninklijke philips n.v. (Amsterdam, Netherlands)
- Senseonics Holdings, Inc. (Maryland, United States)
- SGH Group (Sydney, Australia)
- TeleTracking Technologies Inc. (Pittsburgh, western Pennsylvania, United States)
- Wipro Ltd. (Bengaluru, Karnataka, India)
The global market
for internet of things (IoT) in
healthcare report includes a detailed analysis of several factors such
as the key drivers and restraints that will impact growth. Additionally, the
report provides insights into the regional analysis that covers different
regions, which are contributing to the growth of the market. It includes the
competitive landscape that involves the leading companies and the adoption of
strategies by them to introduce new products, announce partnerships, and
collaboration that will further contribute to the market growth between 2021
and 2028. Moreover, the research analyst has adopted several research
methodologies such as PESTEL and SWOT analysis to obtain information about the
current trends and industry developments that will drive the market growth in
the forthcoming years.
DRIVING FACTORS
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.
Read a
Detailed Summary of This Report:
COVID-19
IMPACT-
Market Exhibited
24.1% Growth Rate in 2020 amid COVID-19
The surging number of patients for diagnosis and detection of the novel
coronavirus overwhelmed the healthcare settings globally. Owing to the sudden
influx, the healthcare sector focused on adopting modern means to ensure
reduced downtime for screening and testing of patients. Several hospitals and
diagnostic centers started adopting IoT-based systems. For instance, according
to the World Health Organization (WHO), in 2020, medical staff and patients in
Wuhan, China, started adopting Cloud-Mind’s AI-synched smart medical devices consisting
of rings and bracelets. This led to the market exhibiting a growth rate of
24.1% in 2020.
REGIONAL
INSIGHTS
Asia Pacific
to Dominate Stoked by Surging Investments in Healthcare Digital Technology
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 internet of things (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.
AN INDUSTRY DEVELOPMENT:
September 2020 – 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.
Read Press Release:
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