The global internet of things (IoT) in healthcare market size was USD 57.62 billion in 2019 and is projected to reach USD 352.88 billion by 2027, exhibiting a CAGR of 25.6% during the forecast period.
The supply and demand across several industrial sectors are witnessing massive pressure. Providing essential services to a large number of people simultaneously is becoming challenging for each industry, including healthcare. It is difficult for healthcare service providers to reach each of the patients at a remote location at the right time and treat them properly. As a result, the internet of things emerges specifically to diminish the medical field challenges, and it is continuously gaining traction across the market.
The IoT in healthcare connects all the devices and operating machinery together and allows data transfer and storage using the internet. The capability to connect mobile devices and to automate the patient treatment flow is witnessing a large demand for IoT in the healthcare industry. For the past several years, the healthcare sector of several developed countries has shifted their approaches to electronic health record systems instead of paper-based clinical records. The development of this platform is leading the government to invest in IoT to enable healthcare services to be remotely available. Hence, government initiatives supporting the technology development and acceptance are expected to drive the substantial growth for IoT in the healthcare market. Further, the COVID-19 global pandemic has abruptly accelerated the demand for IoT across the healthcare sector.
Internet of things technology that connects various medical devices enables doctors and patient to communicate on virtual platform. The virtual IoT-based connectivity using wearables allow doctors to continuously monitor patient health condition, even from the remote locations, and vice versa. Apart from adopting a camera-based monitoring system, advanced IoT network facilitates includes video chat or calling for primary consultation. Also, integration of IoT technology in wearables and medical devices have enabled doctors to check different health parameters such as temperature, blood pressure, heartbeats, etc., remotely. Thus, efficient remote patient monitoring can help the doctors and patients to save their time by avoiding hospital visit, which is escalating the adoption of IoT in healthcare.
The end-user segment is classified into laboratory research, hospitals, clinics, and others. Among this, hospitals will hold a large market share owing to the increasing requirement for remote monitoring and departmental flexible connectivity at the established hospitals. Each time doctors cannot reach the patient immediately, thus hospitals are adopting remote patient monitoring and management system. Apart from these, affordable prices of remote sensors and wearables are encouraging small clinics to adopt the IoT network to enhance their operations. Additionally, laboratories are further witnessing adoption of the IoT based medical record system to get valuable insights from the databases. Thus, hospitals are anticipating continuing the market leader in the forthcoming years.