IoT in Healthcare is Expected to Hit US$446.52 Billion by 2028

Rising interest of the start-up companies in the IoT healthcare industry is expected to boost the IoT in healthcare market growth.

The global IoT in healthcare is expected to reach US$446.52 billion by 2028 while exhibiting a CAGR of 25.9% between 2021 and 2028. The market growth is driven by an increasing focus on active patient engagement and patient-centric care, the growth of high-speed network technologies for IoT connectivity and the surging need for the adoption of cost-control measures in the healthcare sector.

The pandemic has caused a change in providers' willingness to implement IoT solutions which helped in diagnosing the virus using the internet of things. Further, many IoT technologies are playing a growing role in helping authorities to prevent the further spread of COVID-19, while also treating those that have been infected. IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to a wide range of applications of IoT in healthcare during this crisis.

Internet of things (IoT) technology has the potential to revolutionize traditional paper-based healthcare treatment by simplifying access to real-time patient data and remote patient monitoring. The emergence of this digital healthcare technology has addressed the impending need for better diagnostics and targeted therapeutic tools. In addition, it not only provides remote patient monitoring to physicians but also works as a fitness and wellness tracker for athletes and a dosing reminder for patients. The successful implementation of IoT in remote monitoring of diabetes and asthma patients, coupled with the high penetration of fitness and wellness devices, has created a high demand for the IoT healthcare market.

Growing preference for real-time data monitoring among healthcare practitioners to manage chronic diseases is expected to propel the demand for IoT networks in healthcare institutions. Furthermore, advancements in communication technologies, such as real-time data transmission, have positively impacted the patients in managing chronic diseases and medication dosage, which has further fostered the market growth.