by on November 8, 2023
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Market Overview: The global IoT in Healthcare Market is projected to experience a robust growth rate of 19.8%, with the market value expected to increase from USD 60.83 Billion in 2019 to USD 260.75 Billion by 2027. The widespread adoption and advantages of IoT in the healthcare sector are closely associated with trends in medical innovations, medical devices, and the overall improvement of healthcare services to enhance customer satisfaction.

Furthermore, the advancement in information technology and communication technology, coupled with increased investments in medical infrastructure, plays a pivotal role in facilitating smart health solutions and services, thereby driving the industry's growth. The interconnected healthcare system offers centralized access to patients' health-related information and records, leading to more effective patient engagement.

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The emergence of Artificial Intelligence (AI) has significantly contributed to market growth. In 2018, global spending on IoT initiatives reached nearly USD 646.00 billion. Healthcare professionals increasingly rely on real-time data for disease treatment, immediate services, and resource tracking, leading to the integration of real-time monitoring systems and connected devices in the healthcare sector. These connected devices collect extensive data for analysis and record-keeping. IoT applications, such as personal activity trackers like Fitbit, enable remote monitoring, data mining, analytics, network security, and help healthcare providers deliver timely care at reduced costs with fewer errors.

Efficient technology deployment has the potential to revolutionize healthcare operations, with 34.0% of top company officials anticipating increased productivity through IoT technology. However, concerns about privacy and security arising from a lack of public awareness can hinder market growth. Additionally, the absence of state-of-the-art cybersecurity solutions may pose potential obstacles.

Segmentation:

  1. Component Outlook:
    • The services segment dominates the market and is further categorized into Consulting, Training, and Education, Support and Maintenance Services, and System Integration Services. The growing demand for uninterrupted data flow enhances real-time decision-making and the adoption of digital technologies and connected systems in the healthcare sector.
  2. Connectivity Technology Outlook:
    • Near Field Communications (NFC) ensures effective communication among medical staff, providing real-time updates. NFC enables caretakers to monitor individuals and their activities, reducing the scope for errors. It also enhances record-keeping and coordination in different organizations.
  3. Application Outlook:
    • Connected Imaging by Cisco offers imaging as a service, optimizing and virtualizing medical images in a central archive for easy accessibility. This connected system improves the efficiency of image interpretations and imaging infrastructure, reducing diagnosis time.
  4. Regional Outlook:
    • North America is expected to be the primary revenue-generating region due to increased engagement and awareness among consumers, leading to a higher demand for remote care. Asia-Pacific is anticipated to be the fastest-growing segment, driven by technological advancements in developing nations like China and India.

Market Dynamics:

  • The adoption of telemedicine has seen a significant surge, driven by the COVID-19 pandemic and a focus on improving rural healthcare services.
  • Hospitals and clinics are the dominant market players, investing heavily in technology adoption to enhance patient care, disease management, and operational efficiency.
  • The industry is witnessing the entry of numerous startups offering innovative products and technologies, such as Health Care Originals, Elfi-Tech, and Kinsa Health.
  • Mergers and acquisitions are prevalent in the IoT in Healthcare industry, with key market players collaborating to develop smart healthcare devices and improve network security.

Key Players: Major manufacturers in the IoT in Healthcare market include Honeywell International, Cisco Systems, IBM Corporation, Microsoft Corporation, and others. These companies have adopted various strategies to enhance market presence, such as launching IoT Threat Defense solutions and innovative healthcare applications.

Startup Traction: Startups have entered the market with innovative products and technologies. Kinsa Health, for example, uses data from Bluetooth smart thermometers to combat the spread of COVID-19, producing a temperature heat map to identify potential hotspots.

Deals Landscape: Mergers and acquisitions are integral to the industry, with companies like Telenor, Sony, Ericsson, and Cerner partnering to develop IoT healthcare devices and enhance network security.

Expert Insights: Industrial experts predict that IoT devices in healthcare will see significant growth, with new manufacturers providing platform-centric solutions. The adoption of advanced technologies for research in emerging nations is expected to be a key development area for the industry.

Segmentation Summary: The report provides a comprehensive analysis of the global IoT in Healthcare Market, forecasting revenue growth at the global, regional, and country levels. The report segments the market based on components, connectivity technology, applications, end-use, and region. The scope of the report covers various regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

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