Global IoT in Healthcare Market valued $311,983.2 million By 2026 | CAGR: 24.1%
The global IoT (Internet of Things) healthcare market was worth $73,208.4 million in 2018 and is estimated to reach $311,983.2 million by 2026, growing at a CAGR of 24.1% during 2019-2026. Proportionately, the medical devices segment acquired the superlative share in the overall market in 2018. Furthermore, in the medical devices segment, wearable external devices witness the topmost revenue in the market.
Telemedicine and Indoor patient management in 2018 hold the biggest share of the healthcare IoT market globally and are anticipated to hold prominent development during the projection period attributed to cost-effectiveness and technological transformation. Additionally, burgeoning acceptance of hi-tech medical gadgets like (smart bands, smart shirts, smart glasses, and others) & health analytics applications at clinics and hospitals, spreading frequency of chronic diseases, surging technological improvement, and growing awareness of healthcare facilities across the world are the growth drives of the global healthcare IoT market. For example, internet-connected wheelchairs help patients with mental disabilities or critically injured to inform health warnings to concern medical teams and concatenate with caretakers.
The adoption of artificial intelligence in the healthcare industry is the real cause of market success. The IoT healthcare market is expected to evolve at a considerable pace, due to the convenient availability of smart wearable gadgets/devices, the booming requirement for strong norms, and the deteriorating expense of sensor technology. Renovation in medical facilities infrastructure and progressive economies, government subsidies, and focused contribution in Research & Development (R&D) by key players in the betterment of IoT infrastructure is contributed to the endeavor to significantly unzip new possibilities to the market. However, massive investments brought into operation in terms of IoT framework set-up, spreading awareness, health statistics privacy, and other security issues involvements, and narrow technical proficiency are predicted to restrain the market enhancement.
The North American IoT healthcare market is forecasted to tender profitable opportunities owing to a well-maintained healthcare services framework, deep sufferer awareness, stable government endorsement, and huge investment from chief IoT companies. In the North American region, the United States dominates with maximum shares in the IoT healthcare market.
Major players in the healthcare IoT market are Koninklijke Philips N.V., Cisco Systems, Inc., Honeywell Care Solution, GE Healthcare & Apple Inc., IBM Corporation, Stanley Healthcare, Qualcomm Life, Medtronic plc, Inc., Microsoft Corporation, and others.
The report offers a comprehensive analysis of the global healthcare IoT market, segmented based on application type, product type, end-user, and major Regions for the forecast period (2019-2026).
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