The global Internet of things (IoT) healthcare market is expected to reach $267.6 billion by 2023, according to a new study by P&S Market Research. The market is mainly driven by the growing need for remote patient monitoring services, the heightened demand for advanced healthcare information systems, an increasing prevalence of chronic and lifestyle associated diseases, the growing demand for mobile health technologies, and the increasing support from government organizations.
On a component basis, the IoT healthcare market has been categorized into medical devices, systems and software, as well as services. Among all types, the sales of medical devices were the largest in this market, accounting for 44.6% market share in 2017.
Moreover, based on technology, the IoT healthcare market is categorized into Wi-Fi, Bluetooth Low Energy, near-field communication, ZigBee, cellular, and satellite. Among these categories, the fastest growth during the forecast period is expected from Wi-Fi technology, with a 32.1% compound annual growth rate (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.
Specifically, IoT 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%.
The end users for IoT healthcare market include hospitals, surgical centers, and clinics; clinical research organizations; research and diagnostic laboratories; and others. Of these, the market is expected to witness the fastest growth in the hospitals, surgical centers, and clinics category, with a CAGR of 31.1% during the forecast period.
During the forecast period, the IoT healthcare market is expected to witness the fastest growth in Asia-Pacific, at a CAGR of 34.4%. This growth in the regional-level market is mainly due to the growing geriatric population, as well as a surge in the occurrence of various chronic diseases such as diabetes, chronic obstructive pulmonary disease, asthma, and others. Furthermore, North America held the largest share in the global market, contributing more than 44.3% revenue in 2017, owing to an improved healthcare infrastructure and increased healthcare spending.