IoT in Healthcare Market Scope
The internet of things (IoT) has several applications in healthcare, from remote monitoring to smart sensors and medical device integration. Healthcare IoT has the potential to not only keep patients safe and healthy but to improve how physicians deliver care as well. Healthcare IoT can also boost patient engagement and satisfaction by allowing patients to spend more time interacting with their doctors. There are numerous benefits associated with the IoT in healthcare such as cut down on the medical costs improved patient experience, enhanced manageability of medical drugs and medicinal adherence, a dramatic reduction in errors, better control over wastage in the healthcare sector, and better outcomes of medical treatments. Owing to the occurrence of the blockchain, the revolution of healthcare IoT is already on its way.
According to AMA, the Global IoT in Healthcare market is expected to see growth rate of 20.7% Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT in Healthcare market throughout the predicted period.
Medtronic (United States), Royal Philips (Netherland), Cisco Systems, Inc. (United States), IBM (United States), GE Healthcare (United States), Microsoft (United States), SAP SE (Germany), Qualcomm Life (United States), Honeywell Life Care Solutions (United States) and Stanley Healthcare (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 Diabetizer GmbH & Co. Kg (Germany), Proteus Digital Health (United States), Adheretech (United States), Cerner (United States) and Physiq (United States).
Segmentation Overview
The study have segmented the market of Global IoT in Healthcare market , by Application (Telemedicine, Clinical operations and workflow management, Connected Imaging, Inpatient Monitoring, Medication Management and Others) and Region with country level break-up.
On the basis of geography, the market of IoT in 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). North America region held largest market share in the year 2023. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
is projected to be the fastest-growing market, expanding at a CAGR of 30.5% from 2023 to 2030.
Influencing Trend:
Increasing Penetration of Connected Devices in Healthcare
Market Growth Drivers:
Implementation of IoT Solutions for Reduced Cost of Care, Evolution of Artificial Intelligence Technology and Rise in Investment for Healthcare IoT Solutions
Challenges:
Increased Interoperability Risks Hospital Security
Restraints:
Lack of Competence in Deploying IoT Solutions and Lack of Governance Standards
Opportunities:
Rising Adoption of Telepresence Technology and Growth Potential in Emerging Economies
Market Leaders and their Expansionary Development Strategies
In September 2018, Royal Philips, a global front-runner in health technology, and Integron, a leading supplier of managed IoT services for connected health, have announced a collaboration that brings together the Philips HealthSuite Digital Platform with Integron’s strong solution deployment services. This joint offering will permit healthcare providers to deploy and build connected health solutions aimed at helping to improve patient outcomes whilst reducing costs. and On 10 April 2018, C3 IoT and Microsoft Corp. have declared a strategic partnership to offer new technology developments and go-to-market initiatives that will accelerate enterprise Artificial Intelligence (AI) and IoT application development.
In February 2018, STANLEY Healthcare, a market leading provider of visibility and analytics solutions for the healthcare industry, has announced a new cloud-based solution for monitoring conditions in the environment of care. The STANLEY Healthcare AeroScout Links IoT platform integrates smart sensors over a cloud-based network to enable small hospitals, outpatient service providers, pharmacies and other organizations to easily regulate cold storage as well as other aspects of their procedures that must be maintained at specific conditions for safe patient care.
Key Target Audience
IT service providers and distributers, IoT service providers, System integrators, Value-added resellers, IOT healthcare solution vendors and Hospitals, surgical centers, and clinics
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.