Updates 2020: Rising Government Support to Promote Digitization Is Expected to Boost the Growth of the Global IoT in Healthcare Market During the Forecast Period
Global IoT in Healthcare Market: Key Highlights
- The Global IoT in Healthcare Market is estimated to reach USD 250.97 Billion by 2027 at a CAGR of 21.1% during the review period
- The IoT in healthcare market is majorly segmented into component, connectivity technology, application and end-user
- On the basis of connectivity technology, the market is bifurcated into Wi-Fi, near field communication (NFC), cellular, satellite, Bluetooth low energy and zigbee. The cellular segment is projected to emerge as the largest segment. As this technology permit the send the huge amount of data over a long range
- On the basis of region, the market is segmented into Americas, Europe, Asia-Pacific, and Middle East & Africa
- Americas accounted for the major market share, as the US is accounted for the largest revenue share in the region
- Top players that account for the major share include Capsule Technologies, Inc., Cerner Corporation, Cisco Systems, Inc., General Electric, IBM Corporation, Koninklijke Philips NV, Medtronic, Microsoft, Oracle, SAP SE, and among others
Global IoT in Healthcare Market: Key Market Dynamics
- There has been demand IoT for COVID-19 patient monitoring will play a significant role for the IoT in healthcare market. As the novel coronavirus pandemic has led to cause a significant changes in the healthcare sector. The hospital and the diagnostic centers has started the adoption of IoT based systems
- The rising demand for wearable devices is also lead to enhance the demand of the IoT in healthcare market growth
- Further, rising government support to promote digitization a significant opportunities for the market growth
- However, data privacy and security concerns are hindering the growth of the market.
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Global IoT in Healthcare Market: Regional Overview
- Americas region is further divided in to North America and Latin America. Globally, Americas accounted for the major market share
- Americas accounted for the major market share, as the US is accounted for the largest revenue share in the region. The rising initiatives by the government for the adoption of digital platform also create a major opportunities for the market growth in the region
- The growing prevalence of the chronic diseases in the region is also leading the high investment in the advancement of the healthcare industry.
- Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia-Pacific will grow at the fastest growth rate as increasing initiatives for promoting connected health services in the region
- The region is showing a rapid growth in the IoT in healthcare market, as the region holds more than 50% of the world’s population. Hence, the major technological growth will lead to shape the future of the region
- On 2020, the Union Health Ministry of India had launched the mobile application named as Aarogya Setu, these will help the people to monitor their health status as well as detect the risk of the Covid-19 infection based on the location of the tracing system.
- Furthermore, the many countries in region such as China, Japan, and India, are leveraging information-intensive IoT technologies, to cater to the growing healthcare service demand. Hence these will lead to fuel the growth of the market in the forecast period.
Global IoT in Healthcare Market: Key Players
Some of the key players operating in the Capsule Technologies, Inc, Cerner Corporation, Cisco Systems, Inc., General Electric, IBM Corporation, Koninklijke Philips NV, Medtronic, Microsoft, Oracle, SAP SE, and among others.
Global IoT in Healthcare Market: Key Developments
- On November 2018, GE Healthcare unveils the new applications as well as the smart devices built on “Edison”, these platform helps to accelerate the development as well as the adoption of Artificial Intelligence (AI) technology and empower providers to deliver faster, more precise care.
- On April 2019, Royal Philips and Spencer Health Solutions has expanded their partnership to offer in-home medication adherence as well as the telehealth platform of Philips to chronically ill patients in selected European Union (EU) countries.
- On January 2019, Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar.IQ, available for iOS mobile devices in the US.
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