The global IoT in healthcare market size was US$ 167.5 billion in 2021. The global IoT in healthcare market is forecast to reach US$ 238.3 billion by 2030 by growing at a compound annual growth rate (CAGR) of 20.4% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The rising trend of wearable technology is forecast to drive the growth of the global IoT in healthcare market. In addition, the increasing penetration of digital technologies in healthcare segment will propel the IoT in healthcare market forward.
The growing focus of healthcare bodies towards adopting advanced technologies will contribute to the market growth. In addition, the growing geriatric population and growing cases of chronic diseases will propel the IoT in healthcare market forward.
The increasing number of partnerships and acquisitions will contribute to the market growth. For instance, Philips inked a pact with Open Market to introduce a remote sensor technology that also offers mobile messaging, called e-Alert. Thus, more such advancements are likely to surge the growth of the global IoT in healthcare market.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has significantly contributed to the growth of the IoT in healthcare market. Healthcare bodies in several countries began implementing IoT in their healthcare systems. In addition, the technology is routinely used to ensure that COVID-19 patients are properly monitored. Thus, it indicates that the global IoT in healthcare market witnessed significant growth due to the COVID-19 pandemic. In China, healthcare bodies began deploying IoT devices and robots in order to check patients' body temperatures, monitor heart rates, and measure sugar levels. Thus, it has significantly contributed to the growth of the global IoT in healthcare market.
Regional Analysis
North America is forecast to dominate the global IoT in healthcare market, owing to the rising adoption of advanced technologies. In addition, high healthcare expenditure and the increasing prevalence of diseases will contribute to the growth of the regional market.
Asia-Pacific IoT in healthcare market is forecast to gain traction due to favorable government policies and rising healthcare expenditure. In addition, the increasing prevalence of diseases in the region will benefit the regional IoT in healthcare market.
Competitors in the Market
Market Segmentation
Based on the component, the IoT in the healthcare market has been segmented into –
Based on the application, the IoT in the healthcare market has been segmented into-
Based on the connectivity, the IoT in the healthcare market has been segmented into-
Based on the end-user, the IoT in the healthcare market has been segmented into-
Based on the region, the IoT in the healthcare market has been segmented into-
