- The telemedicine segment will hold the largest market size during the forecast period
- North America is expected to account for the largest market size in the IoT in the healthcare market by region during the forecast period
The IoT in healthcare market size is expected to grow from $72.5 billion in 2020 to $188.2 billion by 2025 at a CAGR of 21 per cent as per a report by MarketsandMarkets. It also said that the factors that will drive this growth are 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.
The report also said that by application, the telemedicine segment will 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. It provides information on a patient’s condition to patients and doctors, clinics, and other staff. The report added that the telecommunication infrastructure used to exchange information is maneuvered for improvement, sustaining, and assisting a patient’s health status.
North America to lead
As per the report, by the end-user, the clinical research organisations segment will grow at the highest rate during the forecast period. Clinical research organisations are also one of the larger IoT solution adopters among all segments. They support research institutes, universities, and government organisations. There are many clinical research organisations specifically providing clinical-study and clinical-trial support for drugs and/or medical devices.
The report also said that North America is expected to account for the largest market size in the IoT in the healthcare market by region during the forecast period. It houses many IoT-based healthcare solution providers who are continuously engaged in delivering innovative solutions. As per the report, “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.”