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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) accommodates a network of physical devices equipped with sensors, software programs, and community connectivity to smooth the progress of data collection and exchange. In the healthcare area, IoT packages span from wearable fitness trackers and remote patient monitoring systems to advanced scientific devices like insulin pumps and pacemakers. This interconnected ecosystem allows real-time data access and analysis, encouraging personalized healthcare interventions. IoT technology offers a huge number of healthcare applications, including remote monitoring, intelligent sensors, and seamless integration of medical devices. These innovations improve patient safety and well-being while maximizing healthcare delivery by enhancing communication between physician and patient. 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 endorses data clearness and ensures the circulation of exact, current information to patients, thereby reducing miscommunication-related incidents, enhancing preventive care, and elevating patient satisfaction levels.
The occurrence of chronic diseases such as diabetes, heart conditions, and respiratory ailments is on the increase between adults and elderly people due to unhealthy routines. These health conditions require continuing monitoring and effective management. In response to this need, there is a mount in 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 are important, as they allow 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 rising incorporation of information technology (IT) within healthcare systems, such as electronic health records and telemedicine, is raising the demand for Internet of Things (IoT) applications in healthcare. Starting from remote patient monitoring to smart medical devices, IoT presents a way to make more efficient healthcare delivery, recover patient results, and decrease costs. As healthcare becomes more and more data-driven and consistent, the synergy between IT and IoT is motivating a transformative revolution in the sector. IoT in healthcare is making healthcare easier to get to, well-organized, and patient centric. One of the most important challenges in healthcare that IoT poses is data safety and confidentiality. 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, continuing improvement in the healthcare infrastructure, growing investments in R&D, and mounting simulations for technical development in the healthcare industry are predicted to generate more than a few opportunities for this market in the future.
North America commands the leading market share in the IoT in the healthcare sector due to several factors. The region possesses an extremely urbanized healthcare infrastructure, a tech-savvy customer foundation, and a strong focus on healthcare improvement. The existence of the most important IoT and technology companies such as GE Healthcare, Medtronic, and many others in North America contributes to the fast acceptance and growth of healthcare IoT results. Additionally, positive administration policy, strong investments, and growing awareness of the benefits of IoT in healthcare drive the market's growth. The region's obligation to deal with healthcare challenges through technology places North America as a leading force in the global IoT in the healthcare market. Additionally, Asia-Pacific is the fastest-growing region in IoT in the healthcare market. The mounting demand for a cloud-based management system in the healthcare industry forces market growth in the Asia-Pacific region. Furthermore, the existence of a variety of hospital and surgical centers and the rising 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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