The global Internet of Things (IoT) in healthcare market size is expected to grow from USD 72.5 billion in 2020 to USD 188.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
Northbrook, IL -- (SBWIRE) -- 01/20/2021 -- According to a new market research report "IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, and Connectivity Technology), Application (Telemedicine, Connected Imaging, and Inpatient Monitoring), End User, and Region - Global Forecast to 2025" published by MarketsandMarkets™, the market size expected to grow from USD 72.5 billion in 2020 to USD 188.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
Key factors driving the IoT in healthcare market include rising focus on active patient engagement and patient-centric care, growing need for adoption of cost-control measures in the healthcare sector, and growth of high-speed network technologies for IoT connectivity.
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By application, the telemedicine segment to hold the largest market size during the forecast period
The telemedicine segment to hold the largest market size during the forecast period. Telemedicine is an information- and communication-based system, which is developed to deliver diagnostics and healthcare services electronically, providing information on a patients condition to patients and doctors, clinics, and other staff. The telecommunication infrastructure used to exchange information is maneuvered for improvement, sustaining, and assisting a patient's health status.
By end user, the clinical research organizations segment to grow at the highest rate during the forecast period
Clinical research organizations are also one of the larger IoT solution adopters among all segments. They support research institutes, universities, and government organizations, with many clinical research organizations specifically providing clinical-study and clinical-trial support for drugs and/or medical devices.
North America to hold the largest market size during the forecast period
North America is expected to account for the largest market size in the IoT in healthcare market by region during the forecast period. The region houses various IoT-based healthcare solution providers who are continuously engaged in delivering innovative solutions. Increasing need to reduce costs associated with support services and demand for self-health management solutions is expected to boost the adoption of IoT in healthcare technology in North America.
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The IoT in healthcare market comprises major solution providers, such as 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). The study includes an in-depth competitive analysis of key players in the IoT in healthcare market with their company profiles, recent developments, and key market strategies.
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