Internet of Things in Healthcare Market Demand, Scope, Share, Growth, Applications, Types and Forecasts Report 2032
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The Internet of Things (IoT) has revolutionized various industries, and healthcare is no exception. The IoT in healthcare market is experiencing rapid growth, driven by the increasing adoption of connected devices and the need for efficient healthcare delivery. The integration of IoT technology in healthcare enables real-time monitoring, remote patient management, and improved operational efficiency.
The global Internet of Things (IoT) in healthcare market size was USD 108.40 Billion in 2022 and is expected to register a revenue CAGR of 17.50% during the forecast period, according to latest analysis by Emergen Research. One of the key drivers of the IoT in healthcare market is the growing demand for remote patient monitoring. IoT devices such as wearables, smart sensors, and connected medical devices allow healthcare providers to monitor patients' vital signs, medication adherence, and overall health remotely. This enables early detection of health issues, reduces hospital readmissions, and improves patient outcomes.
Another driver is the need for efficient healthcare delivery. IoT-enabled devices and systems streamline healthcare processes, automate data collection, and enhance communication between healthcare providers and patients. This leads to improved operational efficiency, reduced healthcare costs, and enhanced patient satisfaction.
However, there are certain restraints that may hinder the growth of the IoT in healthcare market. One of the major challenges is data security and privacy concerns. With the increasing number of connected devices and the exchange of sensitive patient information, there is a need for robust security measures to protect patient data from cyber threats and unauthorized access.
Additionally, interoperability issues pose a challenge to the widespread adoption of IoT in healthcare. The integration of various IoT devices and systems from different manufacturers can be complex, leading to compatibility issues and data fragmentation. Standardization efforts are underway to address these challenges and ensure seamless interoperability.
In terms of recent product launches, here are a few examples:
- In May 2023, Philips launched the Philips HealthSuite System, an IoT platform that enables the secure collection, storage, and analysis of healthcare data from various sources. This platform allows healthcare providers to gain insights and make informed decisions for personalized patient care.
- In April 2023, Medtronic introduced the Guardian Connect CGM system, an IoT-enabled continuous glucose monitoring system for people with diabetes. This system wirelessly transmits glucose data to a smartphone app, allowing users to monitor their glucose levels in real-time and make informed decisions about their diabetes management.
Some of the key factors driving the growth of the global Internet of Things in Healthcare market include expanding R&D efforts to develop novel Internet of Things in Healthcare products for a variety of applications and rising demand for mercury control technology for industrial air purification. The most recent data on the COVID-19 pandemic market condition is provided in the research. The investigation indicates that COVID-19 plays a vital role in the market's dynamically altered environment. The study carefully investigates how the pandemic has altered market dynamics and trends while also precisely analysing how the crisis has impacted the market as a whole.
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Effect of COVID-19 on the global market for Internet of Things in Healthcare
The COVID-19 pandemic had a significant negative influence on the market for Internet of Things in Healthcare in 2020, significantly decreasing its CAGR. In 2020, manufacturers and suppliers of Internet of Things in Healthcare were significantly impacted by federal and national safety and legal orders. The majority of businesses have been impacted by the COVID-19 pandemic. Mandates for business closures, restricted municipal and state government office activities, and social conventions of distance had an impact on the production of Internet of Things in Healthcare in 2020. Additionally, demand for Internet of Things in Healthcare decreased across a range of end-use sectors. The pandemic epidemic also resulted in a decline in global investments in the water sector.
Internet of Things in Healthcare market : Competitive Landscape
The prominent players operating in the Internet of Things in Healthcare market are profiled in-depth in the report and their strategies, collaborations, and product innovations. The analysis of the key players and their strategies to fortify their presence in the market impart a better understanding of the competitive landscape of the Internet of Things in Healthcare market .
Some of the prominent players operating in the market are:
Medtronic, Cisco Systems, Inc., IBM Corporation, GE Healthcare, Microsoft, SAP, Infosys Limited, Oracle, Qualcomm Technologies, Inc., Intel Corporation
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The research study examines historic data from 2018 and 2020 to draw forecasts until 2028. The timeline makes the report an invaluable resource for readers, investors, and stakeholders looking for key insights in readily accessible documents with the information presented in the form of tables, charts, and graphs.
Key questions answered in the report:
What will be the development pace of Internet of Things in Healthcare market ?
What are the key factors driving the Global Internet of Things in Healthcare market ?
Who are the key manufacturers in the market space?
What are the openings, hazards, and outline of the market?
What is sales, revenue, and price analysis of top manufacturers of Internet of Things in Healthcare market ?
Who are the distributors, traders, and dealers of Internet of Things in Healthcare market ?
What are the Internet of Things in Healthcare market opportunities and threats faced by the vendors in the Global Internet of Things in Healthcare industries?
What are deals, incomes, and value examinations by types and utilizations of the market?
What are deals, income, and value examinations by areas of enterprises?
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Segments Covered in this report are:
-
Component Type Outlook (Revenue, USD Billion; 2019-2032)
- Medical Devices
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Systems & Software
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
- Services
- Deployment & Integration
- Consulting
- Support & Maintenance
- Medical Devices
-
Technology Outlook (Revenue, USD Billion; 2019-2032)
- Wi-Fi
- Bluetooth Low Energy
- ZIGBEE
- Near-Field Communication
- Cellular
- Satellite
-
Application Outlook (Revenue, USD Billion; 2019-2032)
- Telemedicine
- Remote Patient Monitoring
- Interactive Telemedicine
- Clinical Operations & Workflow Management
- Connected Imaging
- In-Patient Monitoring
- Medication Management
- Other Applications
- Telemedicine
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Regional Bifurcation of the Internet of Things in Healthcare market Includes:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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