IOT in Healthcare Market

Global IOT In Healthcare Market Size, Share, Growth Analysis, By Component(Medical Devices, Systems), By Application(Telemedicine, Store-), By End user(Hospitals, Surgical Centers) - Industry Forecast 2024-2031

Report ID: SQMIG35G2103 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 107 | Figures: 76

Global IOT In Healthcare Market Dynamics

IOT In Healthcare Market Driver

  • The global IOT in healthcare market is driven by rising cases of chronic diseases such as genetic diseases, respiratory diseases, COPD, and others. The market is also growing due to favorable government policies and high internet accessibility. demand for disease management and cost efficient treatments is supporting the need for smart devices and wearables.

IOT In Healthcare Market Restraint

  • Interoperability and connectivity solutions for many medical devices are extremely expensive. Furthermore, IT support and maintenance services, which include customizing and upgrading software to meet changing user needs and maintaining a reliable IT infrastructure, are a recurring cost. This makes up a significant portion of the total cost of ownership. Additionally, to assure solution integrity and completeness, post-sale custom interface creation for device integration necessitates additional testing and validation, as a result, The total cost of ownership for healthcare providers will rise even more. Small healthcare facilities, particularly in emerging nations, are hesitant to replace their outdated systems with advanced IoT-enabled equipment due to the significant costs involved.
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Global IOT In Healthcare Market size was valued at USD 215.4 billion in 2019 and is poised to grow from USD 252.1 billion in 2023 to USD 926.9 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

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. 'AdhereTech', 'Capsule Technologies, Inc.', 'Cerner Corporation', 'Cisco Systems, Inc.', 'GE Healthcare', 'Honeywell International, Inc.', 'IBM Corporation', 'Intel Corporation', 'Koninklijke Philips N.V.', 'Medtronic Plc', 'Microsoft Corporation', 'NXP Semiconductors N.V.', 'Qualcomm Life, Inc.', 'Siemens AG', 'STMicroelectronics N.V.', 'Telit Communications PLC', 'Terumo Corporation', 'Texas Instruments Incorporated', 'Welch Allyn, Inc. (A Hill-Rom Company)', 'Zebra Technologies Corporation'

The global IOT in healthcare market is driven by rising cases of chronic diseases such as genetic diseases, respiratory diseases, COPD, and others. The market is also growing due to favorable government policies and high internet accessibility. demand for disease management and cost efficient treatments is supporting the need for smart devices and wearables.

People all over the world are becoming more aware of self-health management as early-life issues become more prevalent. The growing health-consciousness of the young and active population is driving the adoption of wearable devices. With the introduction of wearable medical devices, it has become much easier and more convenient to monitor health concerns. According to the International Diabetes Federation (IDF), the majority of the world is affected by diabetic issues. Nonetheless, 46% of patients are not diagnosed on time. As a result, people are increasingly turning to wearable medical devices to conduct regular health checks.

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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