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A recent report published by Infinium Global Research on IoT in healthcare market provides in-depth analysis of segments and sub-segments in the global as well as regional IoT in healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional IoT in healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global IoT in healthcare market.
The Internet of Things (IoT) comprises a network of physical devices equipped with sensors, software, and network connectivity to facilitate data collection and exchange. In the healthcare sector, IoT applications span from wearable fitness trackers and remote patient monitoring systems to advanced medical devices like insulin pumps and pacemakers. This interconnected ecosystem enables real-time data access and analysis, promoting proactive and personalized healthcare interventions. IoT technology offers a multitude of healthcare applications, including remote monitoring, intelligent sensors, and seamless integration of medical devices. These innovations enhance patient safety and well-being while optimizing healthcare delivery by improving physician-patient interactions. Healthcare devices gather a wealth of diverse data from a wide range of real-world scenarios, enhancing the volume and accuracy of medical information. Furthermore, IoT promotes data transparency and ensures the distribution of precise, up-to-date information to patients, thereby reducing miscommunication-related accidents, enhancing preventive care, and elevating patient satisfaction levels.
The prevalence of chronic diseases like diabetes, heart conditions, and respiratory ailments is on the rise among middle-aged and elderly populations due to unhealthy lifestyles. These health conditions demand ongoing monitoring and effective management. In response to this need, there is a rise in the demand for IoT devices such as smart wearables and sensors such as pulse-oximeters, electrocardiograms, thermometer, fluid level sensors, sphygmomanometer (blood pressure) that read the current patient situation (data). These devices come into play, as it allows the real-time tracking of vital signs, medication adherence, and patient behaviors. As a result, there's a growing demand for IoT technology in healthcare driven by the necessity for better chronic disease management. Additionally, the growing integration of Information Technology (IT) within healthcare systems, such as electronic health records and telemedicine, is fueling the demand for Internet of Things (IoT) applications in healthcare. From remote patient monitoring to smart medical devices, IoT offers a solution to streamline healthcare delivery, improve patient outcomes, and reduce costs. As healthcare becomes increasingly data-driven and interconnected, the synergy between IT and IoT is driving transformative changes in the industry. IoT in healthcare is making healthcare more accessible, efficient, and patient-centric. One of the most significant challenges in healthcare that IoT poses is data security & privacy. IoT security devices capture and transmit data in real-time. However, most IoT devices lack data protocols and security requirements. Therefore, the issue associated with data privacy and security is expected to hamper market growth. Moreover, ongoing improvements in the healthcare infrastructure, rising investments in R&D, and growing demand for technological advancement in the healthcare sector are projected to create several opportunities for this market in upcoming years.
North America commands the leading market share in the IoT in the healthcare sector due to several factors. The region possesses a highly developed healthcare infrastructure, a tech-savvy consumer base, and a strong focus on healthcare innovation. The presence of major IoT and technology companies such as GE Healthcare, Medtronic, and many others in North America contributes to the rapid adoption and development of healthcare IoT solutions. Additionally, favorable government policies, robust investments, and increasing awareness of the benefits of IoT in healthcare drive the market's growth. The region's commitment to addressing healthcare challenges through technology positions North America as a dominant force in the global IoT in the healthcare market. Additionally, Asia-Pacific is the fastest-growing region in IoT in the healthcare market. The growing demand for a cloud-based management system in the healthcare industry drives market growth in the Asia-Pacific region. Furthermore, the presence of various hospitals and surgical centers and the growing healthcare infrastructure are likely to escalate the market growth in the Asia-Pacific region.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 227.33 Billion |
| Market Size by 2030 | USD 787.17 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 14.70% |
| Largest Market | North America |
| No. of Pages | 255 |
| Market Drivers |
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| Market Segmentation | By Technology, By Application, and By End User |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global IoT in healthcare market covers segments such as technology, application, and end user. On the basis of technology, the sub-markets include wi-fi, nfc, zigbee, bluetooth, and others. On the basis of application, the sub-markets include clinical operations, telemedicine, workflow management, connected imaging, inpatient monitoring, medication management, and others. On the basis of end user, the sub-markets include hospitals, surgical centers and clinics, clinical research organization (cro), government, defense institutions, and research and diagnostics laboratories.
The report provides profiles of the companies in the market such as Medtronic, Cisco Systems, Inc., IBM Corporation, GE HealthCare, Honeywell Life Care Solutions (acquired by Clear Arch Health), Royal Philips, Microsoft Corporation, SAP SE, Francisco Partners (acquired Qualcomm Life), and STANLEY Healthcare (acquired by Securitas Healthcare).
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the IoT in healthcare market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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