IoT healthcare market is anticipated to grow at a CAGR of around 16.8% during the forecast period. IoT enables the healthcare professional to connect with the patients more proactively. The data collected through IoT devices support the physicians to devices on the best treatment option for the patient. Certain benefits of IoT healthcare include cost reduction, productivity and more efficiency, enhanced customer experience and mobility and agility.
The increased adoption of health and fitness due to COVID-19 will be increasing the use of real-time health monitoring increasing the IoT healthcare market. Rise of usage of connected technology devices to manage operational as well as clinical tasks further drives the growth of the market. Large adoption of electronic health records (EHR) has been the major factor driving the market growth. Additionally, rising investments from major healthcare IT companies and increasing healthcare spending acts as some major motivators for the market. Moreover, the rising geriatric population creates demand for remote monitoring and EHR applications.
High costs of IoT healthcare along with lack of skilled professionals towards this technology act as major restraints for the market growth. The reason behind the high cost is the requirement of the installation of software, hardware, training fees, networking infrastructure, &IT support. However, ongoing improvements in healthcare expenditure and rising demand for IoT healthcare in developing countries are expected to drive the market growth in developing countries in the upcoming years.
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IoT Healthcare Market Segmentation
By Component
- Hardware
- Software & Services
By Application
- Patient Monitoring
- Telemedicine
- Connected Imaging
- Others (Connected operation & Workflow Management)
By End-Users
- Hospitals & Clinics
- Clinical Research Organization
- Research Laboratories
- Others (Government organization
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Allscripts Healthcare, LLC
- Armis Inc.
- Bosch Healthcare Solutions GmbH
- Cerner Corp.
- Cisco Systems Inc.
- Capsule Technologies, Inc.
- General Electric Co.
- Google LLC
- Honeywell International Inc.
- IBM Corp.
- Koninklijke Philips N.V.
- Medtronic Plc
- Microsoft Corp.
- Oracle Corp.
- SAP SE
- Siemens AG
- ScienceSoft Corp.
- Softweb Solutions Inc.
- Stanley Black & Decker, Inc.
- Telit corporate group
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