The IoT in healthcare market size is projected to grow from USD 72.5billion in 2020 to USD 188.2billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
The IoT in healthcare market is driven by factors, such as advancement in technology coupled with rising demand for self-health management service and rise of digitalization and increase in the overall level of connectivity and innovations taking place in the modern healthcare ecosystem.
However, lack of skilled digital workforce, and challenge for organizations due to security concerns related to the violation of crucial patient information are expected to restructure growth of the IoT in healthcare market.
Systems and Software segment to grow at the highest CAGR during the forecast period
The IoT in healthcare market by component is segmented into medical devices, systems and software, services, and connectivity technology.The systems and software segment is expected to grow at a rapid pace during the forecast period.
Systems and software are the most promising components in the IoT in healthcare market as they create a high degree of smart characteristics and autonomy in the IoT ecosystem.
They are designed to meet interoperability challenges that occur due to varied heterogeneous devices, along with managing large volumes of data and offering them security and privacy.
Hospitals, surgical centers, and clinics segment to hold the largest market size during 2020.
The IoT in healthcare market by enduserhas been segmented intohospitals, surgical centers, and clinics;clinical research organizations;government and defense institutions; and research and diagnostic laboratories. IoT solutions in the healthcare sector are majorly catered by this segment that consists of hospitals, surgical centers, and clinics, as they are the most approached care centers by patients.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Factors, such as flexible economic conditions, industrialization- and globalization-motivated policies of the governments, as well as expanding digitalization, would support the growth of the IoT in healthcare market in the region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the IoT in healthcare market.
• By Company: Tier I:35%, Tier II:45%, and Tier III:20%
• By Designation: C-Level Executives:35%, Directors:25%, and Others:40%
• By Region: North America: 45%, APAC: 20%, Europe: 30%, and RoW: 5%
The report includes the study of key players offering IoT in healthcare solutions and services.It 20profiles major vendors in the global IoT in healthcare market.
Major vendors in the IoT in healthcare market are Agamatrix (US), Armis (US), Bosch (Germany), Capsule Technologies (US), Comarch SA (Poland), Cisco Systems (US), GE Healthcare (US),HQSoftware (Estonia), Huawei (China), IBM Corporation (US), Intel (US), KORE Wireless (US), Medtronic (Ireland), Microsoft Corporation (US), Oracle (US), OSP Labs (US),Oxagile (US),PTC (US), Resideo Technologies (US), Royal Philips (Netherlands), R-Style Labs (US), SAP SE (Germany), Sciencesoft (US), Siemens (Germany), Softweb Solutions (US), STANLEY Healthcare (US), Telit (UK), and Welch Allyn (US).It further includes an in-depth competitive analysis of key players in the IoT in healthcare market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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