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The global internet of things (IoT) in healthcare market size is expected to gain traction by reaching USD 446.52 billion by 2028. Fortune Business Insights in its report, titled “Internet of things (IoT) in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Component (Devices, Software, and Services), By Application (Telemedicine, Patient Monitoring, Operations and Workflow Management, Remote Scanning, Sample Management, and Others), By End-User (Laboratory Research, Hospitals, Clinics, and Others), and Regional Forecast, 2021-2028.”, mentions that the market stood at USD 71.84 billion in 2020 and is projected to exhibit an exceptional CAGR of 25.9% between 2021 and 2028.
HP Collaborates with ITDA to Launch IoT-based Center of Excellence in Uttarakhand
In February 2021, Hewlett Packard Enterprise (HPE) announced its collaboration with Information Technology Development Agency (ITDA), a registered society by the Government of Uttarakhand, India. As per the collaboration, they will set up a Center of Excellence (COE) based on the internet of things (IoT) that will train underprivileged students to develop applications for the healthcare industry. HPE is expected to provide standard IT, medical, and networking equipment access to data hosting and Electronic Medical Record (EMR) 2.0. The growing demand for the internet of things in healthcare is finding immense popularity among the companies present in the market.
Increasing Adoption of Artificial Intelligence to Favor Growth
The COVID-19 pandemic has led to tremendous stress on the healthcare industry. The catastrophic surge in the number of patients is propelling the healthcare system to ensure optimum patient care and prompt screening. This presents an exciting opportunity for the integration of advanced technologies such as artificial intelligence (AI). The growing adoption of IoT with AI capabilities offers advanced integrated solutions such as prediction enhancement, operational efficiency, optimization, and automation. Moreover, AI provides real-time data to ensure prompt diagnosis of life-threatening diseases. Therefore, the growing adoption of modern technologies will contribute to the global internet of things in healthcare market growth during the forecast period.
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Prominent Companies Focus on Investment in R&D Activities to Expand Their Business Horizon
The global market for IoT in healthcare is consolidated by the presence of major companies that are focusing on investing in research and development activities to introduce innovative technological solutions in the healthcare sector. In addition to this, the adoption of strategies such as partnership, collaboration, and facility expansion by other key players will favor the market growth during the forecast period.
List of the Companies Operating in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Billion)
Component; Application; End-Use; and Geography