Pune, Feb. 22, 2023 (GLOBE NEWSWIRE) -- “As per the SNS Insider research, The Internet of Things in Healthcare Market size was valued at USD 100.41 billion in 2022, and is projected to reach USD 495.47 billion by 2030, with a growing CAGR of 21.2% over the forecast period 2023-2030.”
A network of physical items that is connected to enable data exchange is known as the internet of things (IoT). Moreover, IoT is utilized in the healthcare industry for data collecting, analysis, and monitoring of electronic health records that contain personally identifiable information, protected health information, and other machine-generated healthcare data. IoT applications in healthcare also support critical processes like enhancing patient outcomes and reducing the stress on medical workers. Remote monitoring in the healthcare sector is now possible thanks to Internet of Things (IoT)-enabled devices, releasing the potential to keep patients safe and healthy and enabling doctors to provide excellent treatment.
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The market growth for medical devices has been accelerated by IoT's driving forces in healthcare.
Modern medical device technologies are being created for patient safety with effective and efficient treatments. The development of modern technologies and an improvement in health centre service quality has resulted in an increase in the price of medical gadgets in the last few years.
The main cause of the rise in Internet of Things (IoT) healthcare is due to out-of-date medical and clinical devices with flaws that drew patients' attention to recently developed technology.
Key Company Profiles included are:
- Boston Scientific Corporation
- IBM Corporation
- Cisco System Inc.
- GE Healthcare
- Honeywell Life Care Solutions
- Medtronic
- Koninklijke Philips N.V.
- Proteus Digital Health
- Microsoft Corporation
- QUALCOMM Incorporated
- Resideo Technologies
- SAP SE
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Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 100.41 Billion |
| Market Size by 2030 | US$ 495.47 Billion |
| CAGR | CAGR of 21.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Market Segments | • By Component (Medical Devices, Systems and Software, Services) • By Application (Inpatient Monitoring, Medication Management, Telemedicine, Clinical Operations and Workflow Management, Connected Imaging) • By Connectivity Technology (Wi-Fi, Bluetooth Low Energy, Zigbee, Near Field Communication, Cellular, Satellite) • By End Use (Clinical Research Organizations, Hospitals and Clinics, Research and Diagnostic Laboratories) |
| Key Regional Coverage | North America, Europe, Asia-Pacific, The Middle East & Africa, Latin America |
Difficulties with data security act as a challenge in the market
The landscape of healthcare privacy and security has expanded as a result of the rising usage of automated technologies like EHRS, healthcare integration, and health information exchanges. Due to the wider access, the electronic interchange of patient data increases efficiency and reach while also posing severe security threats. The development of the market for loT medical devices faces significant obstacles due to worries about the security of confidential data and applications.
In order to improve patient care through data-driven healthcare solutions, Microsoft Corporation and ZEISS Group announced a strategic partnership in October 2020. With a new digital connected solution, the firms want to improve clinical efficiency, treatment, and device management.
A cooperation between General Electric Company and NASSCOM to introduce and provide digital healthcare solutions and services to the market was another recent event that occurred in May 2019. With the NASSCOM Center of Excellence-Internet of Things (CoE-IoT) platform, the alliance seeks to advance digital healthcare.
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Key Market Segmentation Listed Below:
Segment By Component:
- Medical Devices
- Systems and Software
- Services
Segment By Application:
- Inpatient Monitoring
- Medication Management
- Telemedicine
- Clinical Operations and Workflow Management
- Connected Imaging
Segment By Connectivity Technology:
- Wi-Fi
- Bluetooth Low Energy
- Zigbee
- Near Field Communication
- Cellular
- Satellite
Segment By End Use:
- Clinical Research Organizations
- Hospitals and Clinics
- Research and Diagnostic Laboratories
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