Chicago, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global IoT in Healthcare Market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period, according to a new report by MarketsandMarkets™.
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IoT in Healthcare Market Dynamics:
Drivers:
- Rising adoption of IoMT in healthcare industry
- Rising focus on active patient engagement and patient-centric care
- Growing need for cost control measures in healthcare
- Increased adoption of high-speed network technologies for IoT connectivity
- Evolution of complementing technologies such as artificial intelligence and big data
- Need for healthcare in remote locations
Restraints:
- Outdated infrastructure hindering digital growth of medical industry
- Internet disruptions leading to IoT device issues
Opportunities:
- Low doctor-to-patient ratio leading to increased dependency on self-operated eHealth platforms
- Government initiatives for promoting digital health
- IoT for COVID-19 patient monitoring
- Health insurers with IoT-connected intelligent devices
List of Key Players in IoT in Healthcare Market:
- Cisco (US)
- IBM (US)
- GE Healthcare (US)
- Microsoft (US)
- SAP (Germany)
- Medtronic (Ireland)
- Royal Philips (Netherlands)
- Resideo Technologies (US)
- Securitas (Sweden)
- Bosch (Germany)
- Armis (US)
- Oracle (US)
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IoT is the networking of devices and buildings. The technology enables the collection and sharing of information directly via internet protocols. IoT in healthcare bridges the digital and physical worlds to monitor and modify patient behavior in real-time and manage conditions, such as asthma, diabetes, and high blood pressures, by streamlining various clinical processes and information flow. IoT can bring together people (patients, caregivers, and clinicians), data (patient or member data), processes (care delivery and wellness), and enablers (fitness and medical devices, and mobile applications) to efficiently deliver healthcare results. It helps deliver intelligent and measurable information to improve the overall efficiency in different healthcare aspects.
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IoT in healthcare is used to reduce costs and improve the quality of care. It uses applications and leverages the benefits of connected sensors to manage diagnosis and enable patient treatment. The concept of IoT in healthcare has transformed the way healthcare organizations interact with patients and day-to-day decision-making, resulting in an increased operational efficiency and optimized healthcare outcomes.
Concerns, such as outdated infrastructure hindering the digital growth of the medical industry and internet disruptions leading to rugged IoT device performance can restrain the growth of the IoT in healthcare market. In addition, an increase in attack surfaces due to a rise in IoT devices and data security constrictions, the integration of multiple devices and protocols, data overload and accuracy, and high technology costs are a few challenges for implementing IoT in the healthcare sector.
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