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Global IoT Healthcare Market to Grow at 16.8 Percent CAGR from 2020-2026

Strategic Insights

— 2 min read

The global IoT healthcare market is anticipated to experience significant growth in the coming years, driven by the increasing adoption of health and fitness due to COVID-19, as well as the increasing demand for remote monitoring and electronic health records (EHR) applications. According to a report by Research and Markets, the global IoT healthcare market is expected to grow at a CAGR of 16.8 percent from 2020 to 2026. This growth is attributed to the increasing importance of connected technology devices in managing both operational and clinical tasks, as well as the rising investments from major healthcare IT companies and increasing healthcare spending.

Key Takeaways:

  • The global IoT healthcare market is expected to grow at a CAGR of 16.8 percent from 2020 to 2026.
  • Companies such as Allscripts Healthcare, LLC, Armis Inc., Bosch Healthcare Solutions GmbH, and Cerner Corp. are mentioned as key players in the market.
  • IoT enables healthcare professionals to connect with patients more proactively, and the data collected through IoT devices supports physicians in making the best treatment decisions for patients.
  • The benefits of IoT healthcare include cost reduction, increased productivity and efficiency, enhanced customer experience, and mobility and agility.
  • The adoption of EHRs has been a major factor driving the market growth, and rising investments from major healthcare IT companies and increasing healthcare spending are expected to further drive growth.
  • The rising geriatric population creates demand for remote monitoring and EHR applications, driving the growth of the market.
  • High costs of IoT healthcare and lack of skilled professionals are major restraints for the market growth.
  • The global IoT healthcare market is classified into components, applications, and end-users, with segments including hardware and software & services, patient monitoring, telemedicine, connected imaging, and hospitals & clinics.
  • Geographically, the market is divided into four regions: North America, Europe, Asia-Pacific, and Rest of the World, with Asia-Pacific estimated to be one of the fastest-growing regions.

Statistics:

  • Global IoT healthcare market expected to grow at 16.8 percent CAGR from 2020 to 2026.
  • Asia-Pacific region estimated to be one of the fastest-growing regions, with China, Japan, and India contributing significantly to the growth.
  • North America projected to hold a significant market share, driven by the presence of major IT companies such as Microsoft Corp., IBM Corp., Oracle Corp., and a developed healthcare IT infrastructure.
  • The global IoT healthcare market expected to experience significant growth, driven by the increasing importance of connected technology devices and rising demand for remote monitoring and EHR applications.

Sources:

  • Research and Markets
  • www.researchandmarkets.com/r/2aw85e

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