The global internet of things (IoT) in healthcare market generated a revenue of $56.1 billion in 2017 and is predicted to attain a valuation of $267.6 billion by 2023. According to the estimates of the market research firm, P&S Intelligence, the market will progress at an explosive CAGR of 30.2% between 2018 and 2023. The prominent factors driving the market are the rising investments, penetration of connected home appliances, geriatric population, incidence of chronic diseases, adoption of mobile health (mHealth), and demand for affordable healthcare.

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For example, the Connecting Europe Facility (CEF) program was launched by the European Union (EU) in November 2015 for facilitating the utilization of digital service infrastructure (DSI). The EU made an investment of $18.2 million in this program. This program invited proposals from various EU member states in order to provide digital services in four unique domains all over the EU. These domains are: eProcurement, online dispute resolution (ODR), eHealth, and eIdentification (eID).

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Based on component, the IoT in healthcare market is classified into systems and software, services, and medical devices. Out of these, the systems and software category is predicted to register the fastest growth in the market in the future years. The market is also divided, on the basis of application, into telemedicine, clinical operations & workflow management, connected imaging, inpatient monitoring, and medication management. Amongst these, the telemedicine category registered the highest growth in the market.

Thus, it is safe to say that the market will register rapid growth all over the world in the future years, primarily because of the rising incidence of chronic diseases, the surging geriatric population, and the growing popularity of IoT-integrated healthcare operations in various countries.