Internet of Things Healthcare Market Analysis, Share, Growth Drivers and Forecast to 2023
Global internet of things healthcare market size is expected to reach $267.6 billion by 2023. The market is mainly driven by the growing need for remote patient monitoring services, growing demand for...
Global internet of things healthcare market size is expected to reach $267.6 billion by 2023. The market is mainly driven by the growing need for remote patient monitoring services, growing demand for advanced healthcare information systems, increasing prevalence of chronic and lifestyle associated diseases, growing demand for mHealth technologies, and increasing support from government organizations.
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Based on connectivity technology, the internet of things healthcare market is categorized into Wi-Fi, Bluetooth low energy, near field communication, ZigBee, cellular, and satellite. Among these, the fastest growth during the forecast period is expected from Wi-Fi technology, with 32.1% CAGR. This is attributed to the increasing adoption of Wi-Fi gadgets and tools in hospitals for sending the medical data to-and-from the cloud.
Internet of things in healthcare finds application in telemedicine, clinical operations, medication management, connected imaging, inpatient monitoring, and others. During the forecast period, the market is expected to witness the highest growth from the telemedicine application category, with a CAGR of 32.1%.
Some of the key players operating in the internet of things healthcare industry are Koninklijke Philips N.V., Cisco Systems Inc., General Electric Company, Honeywell International Inc., SAP SE, Stanley Black & Decker Inc., International Business Machine Corporation (IBM Corp.), Medtronic plc, and Microsoft Corporation.
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