According to a new report published by Allied Market Research, titled, "Internet of Things in Healthcare Market by Component, Application, and End User: Opportunity Analysis and Industry Forecast, 2019–2027," the global internet of things in healthcare market was valued at $113.751 billion in 2019 and is expected to reach $332.672 billion by 2027, registering a CAGR of 13.20% from 2020 to 2027.
The internet of things (IoT) is described as a network of physical devices that uses connectivity to enable the exchange of data. The internet of things in healthcare market is gaining popularity in the recent years owing to the rapid technological advancements, increasing investments from top players and its extensive applications in disease monitoring. Further, rise in prevalence of chronic diseases such as diabetes, asthma, COPD and others and increase in collaborative partnership among top players majorly supplement the demands in the global IoT in healthcare market. Alternatively, the high costs for IoT system integration, data privacy and security issues, lack of awareness among people, and the lack of trained personnel in developing countries are key factors that are expected to impede the market growth.
On the basis of component, the market is divided into devices, system & software, and services. In addition, the service segment held the major internet of things in healthcare market share in 2019, owing to growing demand for uninterrupted data flows boost the efficiency of the medical systems, enhance security, and improve informed decision-making in real-time. However, the devices segment is estimated to be the fastest growing segment in the global internet of things in healthcare market during the forecast period owing to the advancements of the wearable sensor devices, implanted sensor devices and other stationary devices. Amongst these devices wearable device is the highest growing devices market. This growth of the wearable devices is attributed owing tithe surge in awareness to adopt the wearable devices, increase in trend of self-monitoring and need for analysis of the healthcare data. In addition, medical wearable devices can also help measure information such as blood pressure, cholesterol, blood sugar, and others, which resulted in boosting the growth of the devices market during the forecast period.
In addition, based on application, the patient monitoring segment accounted for the largest growth in 2019, which is attributed to remote patient management and tele-health services. It is mainly used for the management of various chronic diseases such as diabetes, asthma, COPD, and others. However, drug development is expected to grow at the highest rate during the forecast period owing to improvement of supply chain efficiency by increasing visibility, reducing drugs shortages, curbing the usage of counterfeit drugs, and transparency with real-time information.
North America accounted for the highest revenue generating region accounting for 11.70% share of the global internet of things in healthcare market. The market growth in the North America region is supplemented by rapid technological advancements, increasing investments from top players, supportive governmental rules, rise in prevalence of chronic disease, and increasing demand for cost effective disease treatment. However, over the forecast period, Asia Pacific is expected to grow at significant rate, by registering a CAGR of 17.40%. This is mainly due to rapidly changing healthcare infrastructure over the developing countries such as India and China, large patient population, rising public awareness, and increasing healthcare spending.
Major strategies adopted by leading market players are product launches and market expansion. Major companies profiled in the report include Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Google (Alphabet), International Business Machines Corporation, Medtronic PLC, Microsoft Corporation, Proteus Digital Health, Koninklijke Philips N.V., QUALCOMM Incorporated, and Abbot Laboratories.
Key Findings Of The Study
By component, the devices segment accounted for the highest IoT in healthcare market share of 16.60% in 2019 and is anticipated to grow at the fastest rate during the forecast period.
By region, North America was the major shareholder and accounted for the highest share of $55,271.90 million in 2019.
Asia-Pacific is expected to grow at a CAGR of 17.40% during the forecast period.
By end user, the healthcare providers segment dominated the IoT in healthcare market in 2019 and is anticipated to maintain its dominance during the forecast period.