Internet of things (IOT) in Healthcare Market to Reach Over $190 Billion by 2028 – Powered by Increasing Implementation of Cloud Computing

WASHINGTON, Jan. 26, 2022 (GLOBE NEWSWIRE) — Recent analysis by Vantage Market Research on the global Internet of Things in the healthcare market finds that increased application of cloud computing is accelerating market growth. Primarily driven by the growing adoption of IoT technologies and solutions, the global healthcare IoT market is expected to total US$190 billion by 2028, up from US$73.5 billion in 2021, at a compound annual growth rate (CAGR) of 25.9 %.

Moreover, the increasing need for healthcare in remote locations is also expected to fuel the growth of the global Internet of Things in the healthcare market, according to Vantage Market Research, in a report titled “Internet of things in the healthcare market by components (medical devices, systems, software, services, and communication technology), by application (telemedicine, remote storage and application, remote patient monitoring, interactive medicine), by end user (hospitals, surgical centers, clinics, organizations Clinical research, government and defense institutions, research and diagnostic laboratories), by region (North America, Latin America, Europe, and Asia Pacific) – Global Industry Assessment (2016-2021) and Forecast (2022-2028).”

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market dynamics:

Driver: Cloud Computing Integration to Drive Market Growth

The integration of cloud computing with the Internet of Things is expected to increase the market in the forecast period. The use of cloud computing technologies helps users to perform tasks using services that are provided over the Internet. The association of cloud technologies with the Internet of Things has become a kind of catalyst. The integration of these technologies is expected to bring many benefits to healthcare in the future. Due to the rapid growth in technology, problems with large amounts of data such as storage, management, processing and access have arisen. The primary reason for integration is to transform data into useful insights and drive cost-effective and productive solutions. Moreover, with the increase in the percentage of IoT devices, security concerns related to automation have also emerged. Cloud solutions provide reliable authentication and encryption protocols for enterprises and keep data secure, spurring further market growth.

Driver: Increasing IoT adoption to drive market growth

The increase in the adoption of AI in healthcare is expected to drive the growth of the global Internet of Things in the healthcare market during the forecast period. Most of the healthcare organizations are gradually moving towards choosing IoT solutions due to the benefits they provide. The use of the Internet of Things helps in remote monitoring of patients, and the data collected through the sensors used helps to drive important insights regarding various health care disorders. However, the outdated infrastructure of the medical industry and internet disruptions leading to strong performance of the IoT device may hamper the market growth in the near future. Moreover, increasing government initiatives to promote digital health will further support market growth.

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Analysis of the impact of COVID-19:

The COVID-19 outbreak has affected many industries around the world. Governments around the world have implemented strict lockdown measures and social distancing measures in order to curb the rapid spread of the epidemic. Manufacturing facilities around the world were closed during the early stages of the pandemic. Moreover, the post-pandemic economic crisis may significantly delay the commercial spread of the healthcare industry. SMEs are the backbone of technology providers and have been experiencing a sharp decline in revenue since the onset of the pandemic in 2020. Hence, the market players faced many challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will be made available online. The impact of COVID-19 on market demand is considered while estimating the current and projected market size and market growth trends for all regions and countries based on the following data points:

  1. Assessing the impact of the COVID-19 pandemic

    1. North America

    2. Europe

    3. Asia Pacific

    4. Latin america

    5. Middle East and Africa

  2. Quarterly revenue forecasts for the market from Asia Pacific 2020 and 2021

  3. Key strategies companies have taken to tackle COVID-19

  4. long term dynamics

  5. short term dynamics

The Internet of Things in Healthcare Market report highlights:

  • Market assessment

  • Distinctive insights

  • Competitive scene

  • Analysis of the impact of COVID

  • Historical data, estimates and forecasts

  • Company Profile

  • Global and Regional Dynamics

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Regional Analysis:

Asia Pacific is witnessing the fastest growth in the global Internet of Things in the healthcare market

The Asia Pacific region is expected to grow with the fastest compound annual growth rate in the global Internet of Things in the healthcare market and is likely to continue in the same trend during the forecast period. This is attributed to the growing demand for healthcare services in emerging economies such as India, South Korea, Taiwan and China in the region. In addition, the growing population along with the increased health awareness among consumers is also expected to support the growth of IoT in the healthcare market in the near future.

North America held the largest market share in 2021. The US occupied the largest market share in North America in 2021. This is attributed to the growing adoption of healthcare IT solutions in the region. Moreover, the availability of advanced infrastructure and presence of key players is likely to support the regional growth of the market.

List of Notable IoT Players in Healthcare Market:

Recent Developments:

  • January 2021: Zyter, Inc. announced the launch of Zyter Smart Hospitals, a comprehensive intelligent solution that connects disparate hospital data systems, departments, and people, and the latest Internet of Things (IoT) technology devices on powerful digital communications and collaboration from the Zyter platform.

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This market is entitledInternet of things in the healthcare market It will cover the exclusive information in terms of regional analysis, forecasting, quantitative data – units, major market trends and various other information as mentioned below:

Report feature

details

Market size in 2021

73.5 billion US dollars

Expected market size in 2028

190 billion US dollars

CAGR growth rate

Compound annual growth rate of 25.9% from 2022 to 2028

base year

2021

Historic years

2016 – 2020

prediction years

2022 – 2028

covered slices

Component: – Medical devices, systems, software, services and communication technology

Application: – Telemedicine, tele warehousing, tele warehousing, remote patient monitoring, interactive medicine, clinical operations and workflow management, connected imaging, inpatient monitoring, drug management, and more

End User: Hospitals, surgical centers, clinics, clinical research organizations, government and defense institutions, research and diagnostic laboratories

Quantitative data – units

Revenues in US$ Million/Billion and CAGR from 2022 to 2028

Covered areas

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Countries covered

United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others

Report coverage

Market growth drivers, restraints, and opportunities, Porter’s Five Forces Analysis, PEST Analysis, Value Chain Analysis, Organizational Landscape, Market Attractiveness Analysis by Segments and Region, Company Market Share Analysis, and COVID-19 Impact Analysis.

Key questions answered in the report:

  • Which regional market will show the highest rapid growth?

  • Who are the top five IoT players in the healthcare market?

  • How will the Internet of Things change in the healthcare market in the next six years?

  • What application and product will take the lion’s share of the IoT in the healthcare market?

  • What are the limitations and limitations of the Internet of Things in the healthcare market?

  • What will be the compound annual growth rate (CAGR) and the volume of the Internet of Things (IoT) in the healthcare market throughout the forecast period?

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