A new report says the promising global IoT healthcare market is expected to jump up in five years, from 2020’s $72.5 billion.
The global Internet of Things (IoT) healthcare market is projected to grow nearly 39% from this year’s $72.5 billion to a 2025 estimated projection of $188.2 billion, at a Compound Annual Growth Rate (CAGR) during the forecast period.
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The IoT in the healthcare market is driven by an advancement in technology, coupled with rising demand for self-health management service and rise of digitalization, as well as an increase in the overall level of connectivity and innovations taking place in the modern healthcare ecosystem, according to a new report added to ResearchAndMarkets.com and conducted in July.
Last month, ResearchAndMarkets.com released another report on IoT in the healthcare market by technology, infrastructure, devices, connectivity, and organization type, also for the 2020 to 2025 forecast. It reported, “The entire healthcare industry is poised to undergo an unprecedented transformation as a result of technology advances and healthcare access concerns due to the recent coronavirus pandemic.” It added, “COVID-19 disease has forced hundreds of millions of people worldwide to change their behaviors in terms of how they obtain healthcare services,” and predicted “substantial growth in the healthcare industry largely propelled by IoT technology and applications deployed in a cloud-based ‘as-a-service’ for health-status monitoring, wellness, and acute care. Additional enablers include high-speed connectivity, embedded sensor solutions, and wearable applications.”
However, the workforce is lacking a skilled digital workforce, and organizations are challenged, thanks to security concerns related to the breach of critical patient information. A restructuring of growth in the IoT health market is expected.
SEE: 5 Internet of Things (IoT) innovations (free Pdf) (TechRepublic)
The IoT healthcare market by component is segmented into:
- Medical devices
- Systems and software
- Connectivity technology
Highest CAGR during the forecast period: Systems and software
During the forecast period, the systems and software segment is expected to grow quickly and is considered, noted the report, as the most promising components in the IoT healthcare because:
- They create a high degree of smart characteristics and autonomy in the IoT ecosystem
- Are designed to meet interoperability challenges that occur because of varied heterogeneous devices
- They manage large volumes of data (and provide security and privacy)
The largest market size for 2020 are hospitals, surgical centers, and clinics. The IoT in the healthcare market by end user is segmented as:
- Surgical centers
- Clinical research organizations
- Governmental institutions
- Defense institutions
- Research labs
- Diagnostic labs
- The highest CAGR expected during the forecast period is APAC (Asia Pacific), due to:
- Flexible economic conditions
- Industrialization-motivated government policies
- Globalization-motivated policies of the governments
- The expansion of digitalization
This report is a follow-up/continuing research to June’s report which explained, “These technologies are anticipated to transform the entire healthcare ecosystem, leading to significantly improved remote healthcare services along with maximizing patient outreach and minimizing operational costs. Various Internet of Healthcare Things (IoHT) technologies will be a game-changer for the healthcare ecosystem in the coming decade in terms of systems, processes, and services delivery. There is great potential to increase efficiency and effectiveness in treatment and diagnosis, cost reduction, and improving the overall standards for patient care.”