Internet Of Things (IOT) In Healthcare Market Size to Hit USD 960.2 Bn by 2030

13 Sep 2022
www.biospace.com
According to Nova one advisor, the global Internet Of Things (IOT) In Healthcare market was valued at USD 180.5 billion in 2021 and it is expected to hit around USD 960.2 billion by 2030 with a CAGR of 20.41% during the forecast period 2022 to 2030. Request Free Sample of This Report@ Key Takeaways: By component, services segment held 59% revenue share in 2021. By end user, the hospital segment has garnered 35% revenue share in 2021. North America has had a highest revenue share of over 40.3% in 2021. Asia Pacific region is projected to grow at a CAGR of 18.50% from 2022 to 2030. The internet of things (IoT) is described as a network of physical devices that uses connectivity to enable the exchange of data. In addition, in healthcare IoT is used for the data collection, analysis for research, and monitoring electronic health records which contains personally identifiable information, protected health information, and for other machine-generated healthcare data. Further, IoT applications in healthcare facilitate important tasks such as to improve patient outcomes, and also take some burden off health practitioners. Internet of Things (IoT)-enabled devices have made remote monitoring in the healthcare sector possible, unleashing the potential to keep patients safe and healthy, and empowering physicians to deliver superlative care. Furthermore, from 2017 to 2022, growth in IoT healthcare applications is indeed projected to accelerate as the Internet of Things is a key component in the digital transformation of the healthcare industry and various stakeholders are stepping up their effort in this field. The pandemic has caused change in providers' willingness to implement IoT solutions which helped in diagnosing the virus using internet of things. Further, many IoT technology is playing a growing role in helping authorities to prevent the further spread of COVID-19, while also treating those that have been infected. IoT, specifically and especially when combined with other transformative technologies such as Cloud and Artificial intelligence (AI). This led to wide range of applications of IoT in healthcare during this crisis. For instance, According to the WHO, in 2020, patients and staff at a field hospital in Wuhan, China, wore bracelets and rings synced with an AI. This platform from CloudMinds the Beijing-based operator of cloud-based systems for intelligent robots to provide constant monitoring of vital signs, including temperature, heart rate, and blood oxygen levels during Covid-19 pandemic. In addition, in India, the mobile application named as aarogya setu app, launched by the Union Health ministry on April 2, 2020 which helps users identify whether they are at a risk of COVID-19 infection. Therefore, Covid-19 has uplifted the demand of internet of things in healthcare market and provides opportunities for the manufacturers in various applications in the healthcare domain during the forecast period. The major factors that contribute toward the growth of the internet of things in healthcare market include owing to technological advancements, rising incidence rates of chronic diseases such as COPD, genetic diseases, respiratory diseases, and others, better accessibility to high-speed internet, implementation of favorable government regulatory policies. Furthermore, growing demand for cost-effective treatment and disease management, increased adoption of smart devices and wearables, increasing interest in self-health measurement, and reduced healthcare cost with advanced and cost effectives IoT in healthcare products and solutions. Moreover, rising interest of the startup companies in IoT healthcare industry such as MedAngelONE, Amiko, SWORD health, and Aira, is expected to boost the market growth. However, factors such as high costs associated with IoT infrastructure development, data privacy and security issues, lack of awareness among public in developing regions, and limited technical knowledge are expected to impede the market growth. Various factors such as government initiatives to support IoT platform, improvement in healthcare infrastructure in developing countries, and high R&D spending are expected to boost the market growth. Report Scope of the Internet of Things (IOT) in Healthcare Market Report Coverage Details Market Size in 2022 USD 217.34 Billion Market Size by 2030 USD 960.2 Billion Growth Rate from 2022 to 2030 CAGR of 20.41% Base Year 2021 Forecast Period 2022 to 2030 Segments Covered Medical Devices, Software and System, Services, Product, Connectivity, End User and Geography Companies Mentioned Medtronic (US), Hillrom- Welch Allyn (US), Stanley Healthcare (US), Abbott Laboratories, AgaMtrix (US), iHealth Lab, Inc, AliveCor,Inc, Bio Telemetry, Inc, Omron Healthcare, Inc (Japan), Siemens AG (Germany), Johnson & Johnson Services, Inc, Boston Scientific Corporation (US), BIOTRNIK (Germany), Honeywell Life Care Solutions (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US) Key Findings in the Global Internet of Things (IoT) in Healthcare Market Study: Hospitals and Clinics Will Continue to Dominate the Internet of Things (IoT) in Healthcare Market by 2030 The Internet of Things (IoT) in Healthcare Market among hospitals and clinics commanded the largest share of the Internet of Things (IoT) in Healthcare technologies market in 2021. Growing adoption of IoT enabled medical devices among healthcare providers in order to improve the efficiency of care delivery and enable patient-centric care delivery services are some of the key factors contributing to the growth of this market. Over the years, the hospitals have been burdened with increasing number of patients, owing to growing incidence of chronic care diseases such as diabetes, cardiovascular diseases, arthritis, and cancer. With growing number of patients treated, the amount of patient information generated is on the rise, exponentially. IoT infrastructure helps in integrating all the medical devices with the hospital information systems in a seamless manner and thereby improve the operational and clinical workflow within and outside healthcare organization. It also helps in minimizing the turn-around time of care and lower the overall cost of care within hospital settings. Government initiatives to modernize healthcare infrastructure is also expected to drive adoption of IoT-enabled medical devices among hospitals and healthcare providers and thereby contribute to the growth of the IOT market among hospitals and clinics. Full Report is Ready | Quick Buy This Premium Report from Here@ Regional Insights Asia Pacific: Fastest Growing Regional Market North America accounted for the largest share of the global Internet of Things (IoT) in Healthcare Market in 2021, followed by Europe and Asia-Pacific regions. However, during the forecast period, the APAC market is expected to register the fastest CAGR. The growth in this geographic market is primarily attributed to the growing smartphone penetration, widening internet connectivity and high-speed networks, need to manage growing burden of chronic diseases on healthcare providers, and government efforts to improve accessibility of healthcare services to remote locations. India and China represent the fastest growing markets in this region and globally as well. Rapid infrastructure development initiatives from governments is expected to fuel a multifold growth in Internet of Things (IoT) in Healthcare Market in India and China over the coming years. Some of the prominent players in the Internet of Things (IOT) in Healthcare Market include: Medtronic (US) Hillrom- Welch Allyn (US) Stanley Healthcare (US) Abbott Laboratories AgaMtrix (US) iHealth Lab, Inc AliveCor,Inc Bio Telemetry, Inc Omron Healthcare, Inc (Japan) Siemens AG (Germany) Johnson & Johnson Services, Inc Boston Scientific Corporation (US) BIOTRNIK (Germany) Honeywell Life Care Solutions (US) Koninklijke Philips N.V. (Netherlands) GE Healthcare (US) Segments Covered in the Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Internet of Things (IOT) in Healthcare market By Medical Devices Stationary Medical Devices Wearable External Medical Devices Implantable Medical Device Other medical devices By Software and System Application Security Network Security Data Analytics Remote Device Management Network Bandwidth Management By Services Architecture (System Integration) Consulting Application Development (Support and Maintenance) By Product Vital Signs Monitoring Devices Blood Glucose Monitors ECGs/Heart Rate Monitors Blood Pressure Monitors Multiparameter Monitors Oximeters Imaging Systems Respiratory Devices Implantable Cardiac Devices Implantable Cardioverter-defibrillators Pacemakers Implantable Cardiac Monitors Patient Monitors Infusion Pump Fetal Monitoring Devices Neurological Devices Ventilators Anesthesia Machines Hearing Devices Other Products By Connectivity Bluetooth Zigbee Wi-Fi NFC Embedded System Others By End User Hospitals Clinics Laboratory Research Others Regional Segmentation Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] South America [Brazil, Argentina, Columbia, Chile, Peru] Middle East & Africa [GCC, North Africa, South Africa] Key Benefits For Stakeholders This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Internet Of Things (IOT) In Healthcare industry analysis from 2022 to 2030 to identify the prevailing Internet Of Things (IOT) In Healthcare industry opportunity. The market research is offered along with information related to key drivers, restraints, and opportunities. Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network. In-depth analysis of the global Internet Of Things (IOT) In Healthcare industry segmentation assists to determine the prevailing market opportunities. Major countries in each region are mapped according to their revenue contribution to the global market. Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players. The report includes the analysis of the regional as well as global Internet Of Things (IOT) In Healthcare industry trends, key players, market segments, application areas, and market growth strategies. Full Report is Ready | For Purchase Inquiry@ You can place an order or ask any questions, please feel free to sales@novaoneadvisor.com| +1 9197 992 333 Blog: Blog: Blog: About Us Nova One Advisor is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Nova One Advisor has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defense, among different ventures present globally.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
-
Drugs
-
Chat with Hiro
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Empower better decisions with the latest in pharmaceutical intelligence.