USD 215.4 billion
Report ID: SQMIG35G2103 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 107 | Figures: 76
Global IOT In Healthcare Market size was valued at USD 215.4 billion in 2021 and is poised to grow from USD 252.1 billion in 2022 to USD 926.9 billion by 2030, growing at a CAGR of 16.8% in the forecast period (2023-2030).
The Internet of Things (IoT) in healthcare connects all devices and operating machinery and enables data transfer and storage via the internet. The rising demand for connected medical devices and automated remote patient care is expected to drive IOT in Healthcare Market expansion.
For several years, the healthcare sectors of several developed countries have shifted away from paper-based clinical records and toward electronic health record systems. The rapid advancement of technology encourages the government to invest in IoT to enable remote access to healthcare services. As a result, government initiatives to support technology development and adoption are expected to drive significant growth in the IoT in the healthcare market.
A network of physical devices connected by connectivity to exchange data is referred to as the Internet of Things (IoT). Further, in the healthcare field, IoT is used in the collection, analysis, and monitoring of personal health records, protected health information, and other data generated by machines in healthcare. Additionally, IoT applications in healthcare facilitate important tasks, such as improving patient outcomes, and relieve some of the burdens on healthcare practitioners.
US IOT In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 215.4 billion
Surgical Centers, and Clinics
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Global IOT in Healthcare Market is segmented based on Component, Application, End user, and Region. Based on Component it is categorized into: Medical Devices, Systems and Software, Services, Connectivity Technology. Based on Application it is categorized into: Telemedicine, Store-and-forward Telemedicine, Remote Patient Monitoring, Interactive Medicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Others (Fall detection, sportsmen care, and public safety. Based on End user it is categorized into: Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Government and Defense Institutions, Research and Diagnostic Laboratories. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
IOT In Healthcare Market Analysis by End-User
The hospital and clinic segment is expected to dominate the segment share. The adoption of IoT has increased customer experiences owing to the instant and real-time attention provided through connected devices. Thus, hospitals are extensively investing in IoT technology. The rising adoption of wearable devices is expected to fuel IoT-powered clinics. Similarly, with its capabilities to provide real-time data analysis, laboratory researchers have started integrating the technology with the research work. The growing requirement to manage an ever-increasing number of patient data, as well as the expanding demand for data accessibility and interoperability in hospitals and clinics, is propelling this industry forward.
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The North American segment accounted for a key share in 2020 and is predicted to continue this trend due to rapid technological advancements, increasing investments from top players, supportive government regulations, and a rise in the prevalence of chronic diseases, and the demand for cost-effective disease management. In contrast, Asia-Pacific is expected to register a CAGR of 17.40% during the forecast period. There are several reasons for this, including rapidly changing healthcare infrastructure in developing countries like India and China, a large patient population, public awareness, and increasing healthcare spending.
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IOT In Healthcare Market Driver
IOT In Healthcare Market Restraint
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The Global IOT in Healthcare Market are characterized by a fragmented landscape and fierce competition among industry participants. The players have focused their efforts on bolstering their IOT in Healthcare Market position through mergers and acquisitions, alliances, and global development. These techniques assist businesses in expanding their geographic reach and improving their service offerings in both domestic and foreign markets.
Top Players Company Profiles Global IOT in Healthcare Market
Recent Developments in Global IOT in Healthcare Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research has identified that the major factors driving the growth of the internet of things in the healthcare market include technological advancements, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, improved access to high-speed internet, and the implementation of favorable government regulatory policies. Furthermore, with advanced and cost-effective IoT in healthcare products and solutions, there is a growing demand for cost-effective treatment and disease management, increased adoption of smart devices and wearables, increased interest in self-health measurement, and reduced healthcare costs.
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|Market size value in 2021||USD 215.4 billion|
|Market size value in 2030||USD 926.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global IOT In Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global IOT In Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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