- Apr 05, 2022
The use of IoT has grown exponentially in the field of Medicine providing better services to patients. This has transformed the way we analyze Medical Data, Patient information, and Medical device information.
Due to this evolution of IoT in Healthcare, the market is expected to cross $190 Billion by 2028.
IoT in Healthcare: Market reports
- Market experts predict that the domain will experience a CAGR of 25.9% in the upcoming years.
- The market will accelerate with a CAGR of 19.8% between 2022-2027.
- Almost 30.9% of the market share of IoT technologies in healthcare belongs to medical devices.
- 34% of the top Healthcare Professionals also feel that IoT productivity will rise.
- The Asia Pacific region is expected to witness a growth rate of 20.5% within the 2022-27 period.
- Artificial intelligence and machine learning will also dominate the market.
Future of IoT in Healthcare industry
- Telemedicine will have a market share of 24.7% among the IoT applications.
- Software and systems will be a dominant market segment for IoT, with a share of $88.66 billion.
- Analysts state that the adoption of IoT technologies can help hospitals save almost $300 billion.
- This along with remote supervision will create a 50% reduction in patient readmissions.
- The implementation of AI in healthcare will grow up to $45.2 billion due to IoT.
- 73% of IoT based applications will be prevalent in remote patient monitoring.
- It’s predicted that 50% of IoT apps will be used in the remote operation and 47% in location-based facilities.
