With 14% CAGR, IoT in Healthcare Market Trends, Demand, Growth and Future Scope 2023 To 2029 | Medtronic, Cisco Systems, Agamatrix

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Mar 22, 2023, 10:30 ET

The IoT technology used in healthcare is constantly evolving, with new innovations such as edge computing, artificial intelligence, and 5G networks enabling more advanced and efficient data collection and analysis.

PUNE, India , March 22, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the IoT in Healthcare Market.

IoT in Healthcare Market Growth in upcoming years

Increasing adoption of connected devices: The use of connected devices such as wearables, sensors, and smart medical devices is on the rise in the healthcare industry. These devices can collect and transmit data in real-time, enabling healthcare providers to monitor patients remotely and make more informed treatment decisions.

Growing demand for remote patient monitoring: With the COVID-19 pandemic driving the need for remote healthcare services, the demand for IoT-based remote patient monitoring solutions has surged. These solutions allow patients to receive care from the comfort of their own homes while still enabling healthcare providers to monitor their health status and intervene if necessary.

Advancements in technology: The IoT technology used in healthcare is constantly evolving, with new innovations such as edge computing, artificial intelligence, and 5G networks enabling more advanced and efficient data collection and analysis. These advancements are expected to drive further growth in the market.

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IoT in Healthcare Market Drivers:

Increasing demand for remote patient monitoring: IoT technology allows for the remote monitoring of patients' health status and vital signs, enabling healthcare providers to intervene before a condition worsens and reducing the need for hospitalization. This is particularly important during the COVID-19 pandemic, where remote healthcare services have become increasingly necessary to reduce the risk of exposure.

Increasing adoption of wearable devices: Wearable devices such as smartwatches and fitness trackers are becoming increasingly popular, and many of these devices are equipped with IoT technology. This is driving the growth of the IoT in healthcare market, as wearable devices can provide real-time data on a patient's health status and enable remote monitoring.

Here are some of the technological advancements in the IoT in Healthcare Market:

Edge Computing: Edge computing is a technology that processes data near the source, rather than sending it to a centralized data center or cloud for processing. In the IoT in healthcare market, edge computing can be used to process data from wearables, sensors, and other connected devices in real-time, enabling faster and more accurate diagnosis and treatment.

Artificial Intelligence (AI): AI is another technology that is driving the growth of the IoT in healthcare market. Machine learning algorithms can be used to analyze vast amounts of patient data collected by connected devices, enabling healthcare providers to identify patterns and make more informed treatment decisions.

Blockchain: Blockchain technology can be used to securely store and share patient data across different healthcare providers, improving data privacy and security. Blockchain can also be used to track the provenance of medical devices and pharmaceuticals, reducing the risk of counterfeit products entering the supply chain.

Competitive Insight

Some of the notable market players operating in the global IoT in Healthcare Market covered in this report are:

Medtronic (Ireland)
Cisco Systems (US)
IBM Corporation (US)
GE Healthcare (US)
Resideo Technologies (US)
Agamatrix (US)
Armis (US)
Bosch (Germany)
Capsule Technologies (US)
Comarch SA (Poland)
HQSoftware (Estonia)
Huawei (China), Intel (US)

Recent Developments:

Telehealth services have experienced significant growth during the COVID-19 pandemic, with many healthcare providers adopting remote monitoring solutions and virtual consultations to reduce the risk of exposure. As a result, the IoT in healthcare market is expected to continue growing as the demand for remote healthcare services increases.

In 2020, the FDA approved the first AI-powered diagnostic tool for use in healthcare. The tool, developed by IDx, uses AI algorithms to analyze retinal images and detect diabetic retinopathy, a leading cause of blindness.

Many healthcare providers are investing in IoT technology to improve patient outcomes and reduce costs. For example, the University of Mississippi Medical Center is using IoT-powered patient monitoring devices to reduce readmission rates among heart failure patients.

Browse the full "IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, and Connectivity Technology), Application (Telemedicine, Connected Imaging, and Inpatient Monitoring), End User, and Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2023 to 2028" Report and TOC at

https://exactitudeconsultancy.com/reports/2222/iot-in-healthcare-market/

Segment Overview

The IoT in Healthcare Market is segmented By Component, By Application, By End User and .

IOT in Healthcare Market by Component, 2019-2028, (In USD Billion)

Medical Devices

Wearable External Medical Devices
Implanted Medical Devices
Stationary Medical Devices

Systems and Software

Remote Device Management
Network Bandwidth Management
Data Analytics
Application Security
Network Security

Services

Deployment and Integration
Consulting
Support and Maintenance

Connectivity Technology

IOT in Healthcare Market by Application, 2019-2028, (In USD Billion)

Telemedicine
Store-And-Forward Telemedicine
Remote Patient Monitoring
Interactive Medicine
Clinical Operations And Workflow Management
Connected Imaging
Inpatient Monitoring
Medication Management
Others (Fall Detection, Sportsmen Care, And Public Safety)

IOT in Healthcare Market by End User, 2019-2028, (In USD Billion)

Hospitals, Surgical Centers, And Clinics
Clinical Research Organizations
Government And Defense Institutions
Research And Diagnostic Laboratories

IOT in Healthcare Market by Region, 2019-2028, (In USD Million)

Asia Pacific
Europe
Asia Pacific
South America
Middle East And Africa

Regional Analysis

Geographically, the IOT in Healthcare Market is segmented into North America, South America, Europe, APAC and MEA.

North America: includes the US, Canada, Mexico
Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
South America: includes Brazil, Argentina and Rest of South America
Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA

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Regional Insights

North America: North America is currently the largest market for IoT in healthcare, due to the high adoption of connected devices, advanced healthcare infrastructure, and favourable government initiatives. The United States is the largest contributor to the market growth in the region.

Europe: Europe is the second-largest market for IoT in healthcare, driven by increasing demand for remote patient monitoring and favourable government initiatives. The United Kingdom, Germany, and France are the largest contributors to the market growth in the region.

Asia-Pacific: The Asia-Pacific region is expected to experience the highest growth rate for the IoT in healthcare market, due to the increasing adoption of connected devices, rising geriatric population, and favourable government initiatives. China, India, and Japan are the largest contributors to the market growth in the region.

What are the Key Data Covered in this IOT in Healthcare Market Report?

Market size and growth rate: The report may provide information on the current size of the IoT in healthcare market, as well as its expected growth rate over the next few years.
Market segmentation: The report may provide information on the various segments of the IoT in healthcare market, such as by product type, application, and geography.
Competitive landscape: The report may provide information on the major players in the IoT in healthcare market, including their market share, financial performance, and product offerings.
Drivers, restraints, and opportunities: The report may provide an analysis of the key drivers, restraints, and opportunities influencing the growth of the IoT in healthcare market.
Technological advancements: The report may provide information on the latest technological advancements in the IoT in healthcare market, such as edge computing, artificial intelligence, and blockchain.

To know an additional revised 2023 list of market players, request a sample report:

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