Farmington, April 17, 2023 (GLOBE NEWSWIRE) -- The Internet Of Things (Iot) In Healthcare Market Is Projected To Grow From USD 190.5 Billion In 2022 To USD 980.2 Billion In 2030 at a CAGR Of 20.41% During The forcast period 2023-2030. Key factors Self-Health Measurement and Monitoring Will Drive Market Growth
People around the world are gaining a greater understanding of self-health management as a result of the rise in early-life issues. Increasing health consciousness compels the young and physically active to employ wearable devices.
Segmentation Overview:
Component Outlook:
Due to the rising demand for efficient platforms for downstream data servers and enterprise application connectivity, the platform is anticipated to experience the maximum CAGR growth.
Nonetheless, solutions and services are anticipated to hold the largest market share. A number of industries are implementing intelligent solutions to enhance their existing systems. For instance, healthcare facilities deploy connected devices to enhance patient outcomes.
In addition, network management is anticipated to hold a sizable market share during the forecast period due to the rising demand for remote monitoring systems and internet-capable devices among enterprises. The network management solution is device-independent and provides a straightforward method for integrating hardware models and data structures from multiple vendors into the workflow.
Regional Outlook:
In addition to North America, Europe, Asia-Pacific, Latin America, the Middle East, and India, the global market for Internet of Things (IoT) in healthcare has also been analyzed in other regions. In the near future, the global region will dominate this market.
North America dominated the market in 2018. The growth is attributable to the increasing demand for healthcare IT solutions, the presence of large corporations, government initiatives such as the HITECH Act of 2009, and the region's complex healthcare IT infrastructure.
It is anticipated that the United States will continue to have the largest income share in North America over the next few years. The factors that generate the most revenue are technological advancements and government programs that facilitate the use of digital platforms in the life sciences industry. eHealth and clinical interoperability are being developed in a variety of methods, which is also driving market growth.
Asia-Pacific is expected to be the fastest-growing region. Improving healthcare IT infrastructure, working to connect more healthcare services, and encouraging more people to use new technologies such as smart wearable devices are all crucial to the development of the region. Demand for IoT technology may also be influenced by the fact that medical device and pharmaceutical companies in the region are investing more capital.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 20.41% from 2023 to 2030. |
| Revenue Forecast by 2030 | $980.2 Billion |
| By Component |
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| By Application |
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| By End User |
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| By Companies |
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| Regions and Countries Covered |
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| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Restraining Factors:
Restriction on Privacy Protection to Halt Market Expansion
Data security and distinct algorithms will create market difficulties. The healthcare industry is at a high risk for a data breach because it stores so much confidential and health information about individuals. Using machine learning, deep learning tools, smart and connected devices, and other methods, IoT makes the most of the healthcare data it collects. These applications examine the medical history, symptoms, insurance information, and payment transactions of the user. Also, according to a study by Checkpoint Technologies Ltd, millions of U.S. patients are affected by the security risk of IoT in medical due to healthcare breaches. Therefore, the fact that assaults on healthcare data are escalating may reduce consumer interest in the technology.
Opportunity Analysis:
Governmental efforts to promote digital health yield enormous results.
Numerous governments have launched initiatives to promote digital health. The healthcare system is undergoing a significant reform, as evidenced by the implementation of mandatory EHR system regulations.
In the future years, diagnostic hardware devices that are portable will experience the greatest expansion.
As a result of technological advances in portable diagnostic devices, CDI predicts that portable hardware diagnostic devices will account for the majority of sales. In 2017, for instance, the FDA approved Eko Duo, an effective ECG monitoring device manufactured by EKO Devices. A CAGR of 15.1% is anticipated between 2022 and 2032, per the report.
Key Segments Covered:
Top Market Players:
- Medtronic
- Cisco Systems, Inc.
- IBM Corporation
- GE Healthcare
- Microsoft Corporation
- SAP SE
- Infosys Limited
- Cerner Corporation
- Diabetizer Ltd. & Co. KG
By Component
- Devices
- Implantable Sensor Devices
- Wearable Sensor Devices
- Others Sensor Devices
- System and Software
- Network Layer
- Database Layer
- Analytics Layer
- Services
- Architecture (System integration)
- Consulting
- Application Development (support and maintenance)
By Application
- Patient Monitoring
- Clinical Operation and Workflow Optimization
- Clinical Imaging
- Fitness and Wellness Measurement
- Drug Development
By End User
- Healthcare Providers
- Patients
- Healthcare Payers
- Research Laboratories (Biotech/Pharma)
- Government Authority
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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