IMARC Group, a leading market research company, has recently releases report titled “Internet of Things (IoT) in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global internet of things (IOT) in healthcare market size reached US$ 323.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 1,116.5 Billion by 2032, exhibiting a growth rate (CAGR) of 14.3% during 2024-2032.
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Factors Affecting the Growth of the Internet of Things (IoT) in Healthcare Industry:
- Integration of Advanced Technologies in Healthcare:
The integration of advanced technologies like artificial intelligence (AI), machine learning (ML), and big data analytics with internet of things (IoT) devices is impelling the growth of the market. These technologies enhance the functionality of IoT devices, enabling real-time health monitoring, personalized patient care, and predictive analytics for early intervention. The ability to gather and examine vast amounts of health-related data in real-time leads to more informed decision-making, improved patient outcomes, and optimized healthcare processes. Additionally, AI-powered IoT devices can predict patient trends, automate routine processes, and provide healthcare professionals with actionable insights, thereby improving the efficiency and effectiveness of medical care.
- Increasing Demand for Remote Patient Monitoring:
The demand for remote patient monitoring (RPM) is increasing, particularly due to the rise in chronic diseases and an aging population. IoT devices play a pivotal role in RPM, offering continuous patient monitoring without the need for hospital visits, thereby reducing healthcare costs and improving patient quality of life. These devices enable healthcare providers to track the vital signs, medication adherence, and recovery progress of patients remotely, facilitating timely interventions and reducing hospital readmissions.
- Enhanced Focus on Patient-Centered Care:
The shift towards patient-centered care is driving the adoption of IoT in healthcare. IoT technologies empower patients by giving them control over their health and wellness, fostering a collaborative patient-healthcare provider relationship. Wearable devices, home monitoring systems, and personal health trackers provide patients with real-time access to their health data, enabling them to make informed health decisions and actively participate in their care plans. This empowerment leads to increased patient engagement, and satisfaction, ultimately leading to improved health outcomes and reduced healthcare costs.
Leading Companies Operating in the Global Internet of Things (IoT) in Healthcare Industry:
- Apple Inc.
- Cisco Systems Inc.
- Comarch SA
- HQSoftware
- Intel Corporation
- Koninklijke Philips N.V.
- Medtronic plc
- Microsoft Corporation
- Oracle Corporation
- OSP Labs
- Oxagile
- Qualcomm Incorporated
- Siemens AG and STANLEY Healthcare.
Internet of Things (IoT) in Healthcare Market Report Segmentation:
By Component:
- Medical Devices
- Wearable External Devices
- Implanted Medical Devices
- Stationary Medical Devices
- System and Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Services
- System Integration Services
- Consulting, Training and Education
- Support and Maintenance Services
Services represent the largest segment as it offers enhanced medical care for patients.
By Connectivity Technology:
- Wi-Fi
- Bluetooth Low Energy
- ZigBee
- Near Field Communication (NFC)
- Cellular
- Satellite
Cellular exhibits a clear dominance in the market due to its enhanced connectivity and real-time data transfer.
By Application:
- Telemedicine
- Medication Management
- Clinical Operations
- Inpatient Monitoring
- Connected Imaging
- Others
Telemedicine holds the biggest market share owing to its capability to enable patients to connect with healthcare providers.
By End User:
- Hospitals and Clinics
- Clinical Research Organizations
- Research and Diagnostic Laboratories
- Others
Hospitals and clinics account for the majority of the market share driven by the increasing automation of operations in healthcare facilities.
Regional Insights:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the internet of things (IoT) in healthcare market is attributed to investment in research operations, leading to the development of advanced IoT solutions in healthcare.
Global Internet of Things (IoT) in Healthcare Market Trends:
Governments worldwide are recognizing the potential of IoT in enhancing healthcare delivery, prompting them to implement supportive policies and invest in IoT infrastructure. Regulatory support includes guidelines and standards that ensure the reliability, safety, and privacy of IoT applications in healthcare. Such regulations help in building trust among users and providers, ensuring data is handled securely and patient privacy is maintained. Government initiatives often provide funding, incentives, and pilot programs that encourage the adoption of IoT technologies in healthcare settings. These efforts help to improve the quality of healthcare services, increase the accessibility of care, particularly in underserved areas, and reduce overall healthcare costs.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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