IoT In Healthcare Market Size Growing at 19.20 % CAGR

The Global IoT in Healthcare Market was worth USD 113.53 billion in 2020 and is projected to amass a valuation of USD 388.18 billion by 2027, registering a CAGR of 19.20% over the assessment timeline of 2022-2029.

The healthcare sector is witnessing a widespread technological transformation. Advanced technologies like IoT are being integrated into various healthcare dimensions. This in turn is facilitating real time health monitoring along with other benefits. IoT based healthcare entities are enabling medical providers to enhance patient outcomes and save plenty of lives in case of any medical emergency by allowing them to diagnose an illness before it gets too late. IoT devices are strengthening communication between patients, doctors, and caregivers.

The growing prevalence of infectious and chronic ailments, surge in the geriatric population base, along with rapid internet proliferation are primarily augmenting the outlook of this business sphere.

Alongside, widespread technological enhancements in the field and rising digital literacy among the masses are aiding the outlook of this market vertically.

Moreover, rising R&D activities in the field, increasing adoption of smart healthcare devices, coupled with growing health cognizance of the masses are adding momentum to the progression of this industry.

On the contrary, rising data privacy risks due to the increasing instances of cyberattacks is hindering the remuneration scope of this marketplace.