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Global IoT in Healthcare Market to Grow at a CAGR of 17.49% During the Forecast Period of 2022-2027, Aided by Rising Applications in Monitoring Devices

According to a new report by EMR titled, ‘Global IoT in Healthcare Market Report and Forecast 2022-2027’, the market attained a value of more than USD 177.64 billion in 2021. The industry is further expected to grow at a CAGR of 17.49% in the forecast period of 2022-2027 to reach a value of nearly USD 467.25 billion by 2027.

The global market for IoT in healthcare is being driven by robust advancements in computing technologies aided by large-scale funding by several private and public organisations to support these progressions. IoT has been reshaping several medical procedures using predictive and cognitive analysis, thereby promoting enhanced reliability. In line with this, monitoring systems equipped with IoT are positively influencing market growth. Wearable devices such as heart monitors can determine a patient’s blood pressure and can instantly notify healthcare providers or family members in case of shifting health trends through smartphone applications, which is likely to bolster the growth of the market. Additionally, when patients are experiencing arrhythmias, palpitations, strokes, or full-blown heart attacks, an ambulance can be dispatched in time. These are some of the factors pushing the growth of the market.

Medigate, a leading company in the global market for IoT in Healthcare, recently announced a partnership with Rapid7 (NASDAQ: RPD) in March 2021 to secure real-time health. Under the partnership, Medigate’s IoT security platform would integrate with Rapid7 Insight VM and Nexpose vulnerability management systems, allowing HDOs, clinics, and other HIPAA-covered entities a secure way to manage connected assets. Such developments are leading to the growth of the market.

Market Analysis by Component, Connectivity Technology, End-Use, Application, and region:

  • Based on components, the market can be categorised into medical devices, system and software, and services.
  • On the basis of connectivity technology, the market can be divided into Wi-Fi, Bluetooth low energy, ZigBee, Near Field Communication, cellular, and satellite.
  • On the basis of end-use, the market can be classified into clinical research organisations, hospitals, and clinics, and research and diagnostic laboratories, among others.
  • Based on application, the market can be segmented into telemedicine, medication management, clinical operations, inpatient monitoring, and connected imaging, among others.
  • The major regional markets for the product include North America, Latin America, Europe, the Asia Pacific and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by the introduction of IoT-enabled devices such as wearables, sensors, and monitoring devices which allow physicians to make data-driven decisions using AI and Big Data.
  • IoT has made possible remote patient care which reduces the need for readmissions, saves costs, and allows physicians to deliver superlative care. This is surging the growth of the market.
  • The market growth can be associated with the development of surgical robots using IoT and AI technologies to assist in surgeries.
  • Rising investments in the healthcare structures by the governments of major developed and developing countries are providing impetus to the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global healthcare in the IoT industry for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for components, connectivity technologies, end-uses, applications, and major regions.
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global IoT in the healthcare market are Medtronic, Cisco Systems, Inc., General Electric Company, International Business Machines (IBM) Corporation, Microsoft, and Cerner Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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