IoT Sensors Healthcare Market Scope
Improvements in patient retention, greater accuracy in data analysis, improved disease management, and patient outcomes, and reduced treatment costs are key drivers for the growth of global IoT sensors in the healthcare market. However, privacy concerns and compliance with standard regulations, as well as different communication protocols among various IoT sensors in healthcare devices, are hampering the growth of global IoT sensors in the healthcare market. Some of the recent trends for IoT sensors in the healthcare market are centered on the implementation of artificial intelligence and IoT technologies, as well as the increasing demand for wearable devices for IoT sensors in healthcare.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | STMicroelectronics (Switzerland), GE Healthcare (United States), Koninklijke Philips N.V. (Netherlands), Siemens (Germany), Texas Instruments Incorporated (United States), STANLEY Healthcare (United States), TE Connectivity (Switzerland) and Honeywell International Inc. (United States) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT Sensors Healthcare market throughout the predicted period.
STMicroelectronics (Switzerland), GE Healthcare (United States), Koninklijke Philips N.V. (Netherlands), Siemens (Germany), Texas Instruments Incorporated (United States), STANLEY Healthcare (United States), TE Connectivity (Switzerland) and Honeywell International Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are PAREXEL International Corporation (United States) and Analog Devices, Inc. (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IoT Sensors Healthcare market by Type , by Application (Patient Monitoring, Diagnostics, Clinical Efficiency and Other) and Region with country level break-up.
On the basis of geography, the market of IoT Sensors Healthcare has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In April 2019, Royal Philips and Spencer Health Solutions expanded their partnership to offer chronically ill patients in selected European Union (EU) countries medication compliance at home and Philips' telemedicine platform.
In February 2018, STANLEY Healthcare announced the introduction of a cloud-based sensor solution that monitors the conditions in the care environment. The platform integrates sensors through a network cloud to allow pharmacies, outpatient service providers, and small hospitals to monitor the aspects of the surgery that should be maintained under certain conditions for efficient patient care.
Influencing Trend:
Growth of High-Speed Network Technologies for IoT Connectivity and Implementation of Artificial Intelligence and IoT Technologies
Market Growth Drivers:
Improvements in Patient Engagement, Increased Accuracy in Data Analysis, Enhanced Disease Management and Treatment Results and Reduction in Treatment Costs
Challenges:
Varying Communication Protocols in Different IoT Sensors in Healthcare Equipment
Restraints:
Privacy Concerns and Adherence to Standard Regulations
Opportunities:
The Increasing Demand For Wearable Devices in the IoT Sensors in Healthcare Sector and A Rising Government Initiatives for Promoting Digital Health
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of IoT Sensors Healthcare, Venture Capitalists and Private Equity Firms and End-Use Industry