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Internet of things in Healthcare Market to Reach $446.52 bn by 2028; Increasing Adoption of Artificial Intelligence to Stoke Demand

June 03, 2021 | Information & Technology

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.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/internet-of-things-iot-in-healthcare-market-102188


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.


Industry Development:



  • October 2020 – Microsoft Corporation collaborated with ZEISS Group to enhance patient care through data-driven healthcare solutions. The strategic collaboration is aimed at enhancing treatment and improving clinical workflow by adopting advanced digital solutions. 


List of the Companies Operating in the Global 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)


Further Report Findings:



  • Asia-Pacific is expected to remain dominant and hold the largest global internet of things (IoT) in healthcare market share in terms of revenue during the forecast period. This is attributable to the increasing government focus on improving eHealth solutions in countries such as China, India, Japan, and South Korea. The region stood at USD 28.46 billion in 2020.



  • The market in North America is expected to showcase considerable growth backed by the presence of advanced healthcare infrastructure. Moreover, the growing adoption of advanced technologies in medical procedures is likely to propel the demand for IoT in healthcare solutions in the region between 2021 and 2028.



  • Based on the end-user, the hospitals segment held a market share of about 34.6% in 2020 and is anticipated to experience exponential growth during the forecast period. This is ascribable to factors such as the surging adoption of the internet of things (IoT) in healthcare procedures due to the demand for real-time assistance in medical procedures.


Table of Segmentation:


















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



   Component; Application; End-Use; and Geography



By Component




  • Devices

  • Software

    • Remote Device Management

    • Data Analytics

    • Compliance and Security

    • Asset Performance Management

    • Others (Data Storage, Electronic Health Record, etc.)



  • Services



By Application




  • Telemedicine

  • Patient Monitoring

  • Operations and Workflow Management

  • Remote Scanning

  • Sample Management

  • Others (Predictive Device Maintenance, Medication Management, etc.)



By End-User




  • Laboratory Research

  • Hospitals

  • Clinics

  • Others (Clinical Tests, Pathology, etc.)



By Region




  • North America

    • United States (By End-Use)

    • Canada (By End-Use)



  • Europe

    • U.K. (By End-Use)

    • Germany (By End-Use)

    • France (By End-Use)

    • Scandinavia (By End-Use)

    • Rest of Europe





  • Asia Pacific


    • China (By End-Use)

    • Japan (By End-Use)

    • India (By End-Use)

    • Southeast Asia (By End-Use)

    • Rest of Asia Pacific




  • The Middle East & Africa

    • GCC (By End-Use)

    • South Africa (By End-Use)

    • Rest of the Middle East & Africa



  • Latin America

    • Brazil (By End-Use)

    • Mexico (By End-Use)

    • Argentina (By End-Use)

    • Rest of Latin America




Internet of Things (IoT) in Healthcare Market
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