Pune, India, June 07, 2021 (GLOBE NEWSWIRE) -- The global internet of things (IoT) in healthcare market size is expected to experience significant growth by reaching USD 446.52 billion by 2028 while exhibiting an astounding CAGR of 25.9% between 2021 and 2028. This information is published by 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.” The report further mentions that the market stood at USD 71.84 billion in 2020. Factors such as the growing awareness regarding self-health monitoring and the evolving healthcare infrastructure are expected to boost the demand for the product worldwide.
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Market Exhibited 24.1% Growth Rate in 2020 amid COVID-19
The surging number of patients for diagnosis and detection of the novel coronavirus overwhelmed the healthcare settings globally. Owing to the sudden influx, the healthcare sector focused on adopting modern means to ensure reduced downtime for screening and testing of patients. Several hospitals and diagnostic centers started adopting IoT-based systems. For instance, according to the World Health Organization (WHO), in 2020, medical staff and patients in Wuhan, China, started adopting Cloud-Mind’s AI-synched smart medical devices consisting of rings and bracelets. This led to the market exhibiting a growth rate of 24.1% in 2020.
Market Segmentation:
Based on the component, the market is trifurcated into devices, software, and services. On the basis of application, the market is divided into telemedicine, patient monitoring, operations and workflow management, remote scanning, sample management, and others. Moreover, based on the end-user, the market is segmented into laboratory research, hospitals, clinics, and others.
- On the basis of end-user, the hospitals segment held a global internet of things (IoT) in healthcare market share of about 34.6% in 2020. The segment is expected to dominate during the forecast period owing to the increasing investment by hospitals in the adoption of IoT-based technology.
Lastly, based on region, the market is categorized into Asia-Pacific, North America, Europe, the Middle East and Africa, and Latin America.
What does the Report Include?
The global market for internet of things (IoT) in healthcare report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Focus on Self-Health Monitoring to Promote Growth
The increasing awareness regarding fitness and health is leading to the demand for self-health management techniques. This has surged the demand for several medical wearable devices globally as people can easily access and monitor their health at any given time. Moreover, several manufacturers are focusing on introducing advanced monitoring devices to cater to the growing consumer demand. This is expected to favor the global internet of things (IoT) in healthcare market growth in the forthcoming years.
REGIONAL INSIGHTS
Asia-Pacific- The region is expected to remain at the forefront and hold the highest position in the market during the forecast period. This is due to the presence of a large population and the rising investment in digital technology in the healthcare sector in the region. Asia-Pacific stood at USD 28.46 billion in 2020.
Latin America – The region is expected to experience considerable growth backed by the increasing focus on developing healthcare settings. For instance, February 2020, several Brazilian Ministries such as innovation, healthcare, and technology collaborated to integrate the internet of things (IoT) in healthcare schemes for the betterment of patients.
COMPETITIVE LANDSCAPE:
Product Innovation by Key Players to Strengthen Their Market Positions
The market is segmented into several major companies striving to maintain their dominance by introducing advanced IoT in healthcare solutions to cater to the growing demand from patients worldwide. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
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Industry Development:
- September 2020 – Intel Corporation announced the launch of enhanced IoT capabilities in its 11th Gen Core developed for several industrial applications. According to the company, the solution offers AI-based diagnostics and high-resolution displays by adopting advanced medical imaging devices.
List of the Companies Operating in the Global Market for Internet of things in Healthcare:
- 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)
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Internet of Things (IoT) in Healthcare Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Devices
- Software
- Remote Device Management
- Data Analytics
- Compliance and Security
- Asset Performance Management
- Others (Data Storage, Electronic Health Record, etc.)
- Services
- By Application (Value)
- Telemedicine
- Patient Monitoring
- Operations and Workflow Management
- Remote Scanning
- Sample Management
- Others (Predictive Device Maintenance, Medication Management, etc.)
- By End-User (Value)
- Laboratory Research
- Hospitals
- Clinics
- Others (Clinical Tests, Pathology, etc.)
- By Region (Value)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- Global Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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