IoT in Healthcare Market Propelled to Transform Patient Care, Expected to Reach $190.50 billion by 2030

According to Next Move Strategy Consulting, the global IoT in healthcare market size is anticipated to surpass $190.50 billion by 2030 reflecting a CAGR of 20.2% during the forecast period till 2030.
This surge is underpinned by the integration of IoT technologies to enhance medical processes, improve patient outcomes, and streamline healthcare operations.

Market Overview:
The IoT in healthcare market is witnessing unprecedented growth as the industry embraces technological advancements to address the evolving demands of patient care. The infusion of IoT into healthcare systems has the potential to usher in a new era of efficiency, patient-centric care, and data-driven decision-making.

With the increasing prevalence of chronic diseases, aging populations, and the need for remote patient monitoring, IoT applications are becoming integral to the healthcare landscape.

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Key Market Drivers:

1.Remote Patient Monitoring: The rise of IoT-enabled devices allows healthcare providers to remotely monitor patients, enabling real-time tracking of vital signs and health parameters. This facilitates early detection of health issues, reducing hospital readmissions and improving overall patient care.

2.Enhanced Operational Efficiency: IoT applications streamline healthcare operations by optimizing resource allocation, improving workflow management, and reducing inefficiencies. Connected devices, such as smart medical equipment and RFID tracking systems, contribute to a more efficient and cost-effective healthcare ecosystem.

3.Data-Driven Decision Making: IoT generates vast amounts of data that can be leveraged for data-driven decision-making in healthcare. This includes predictive analytics, personalized treatment plans, and proactive healthcare management strategies, ultimately improving patient outcomes.

4.Telemedicine and Wearables: The integration of IoT technologies in telemedicine and wearable devices fosters remote consultations, continuous monitoring, and personalized healthcare solutions. Wearables, in particular, play a pivotal role in preventive care and lifestyle management.

Market Segmentation:
The IoT in healthcare market includes various segments, including:

Component: Based on components, the market is divided into Medical Device, Connectivity Solutions, Systems & Software, and Services.

Connectivity Technology: Based on connectivity technology, the market is segmented into Cellular, Wi-Fi, Near Field Communications, Satellite, Bluetooth, Zigbee, and Others.

Application: Based on application, the market is categorised into Telemedicine, Clinical Operations, Workflow Management, Medication Management, Connected Imaging, Inpatient Monitoring, and Others.

End User: Based on end user, the market is categorised into Clinical Research Organizations, Research & Diagnostic Laboratories, Hospitals & Clinics, Health Insurance, and Others.

Regional: Based on regional, the market is categorised into North America, Europe, Asia Pacific, and RoW.

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Outlook and Future Prospects:
Big data analytics is rapidly transforming IoT healthcare by harnessing the power of AI, logic, and data mining. This allows healthcare professionals, from payers to providers, to gain deeper insights and expertise from the vast streams of data generated by connected devices.

This unlocks a wealth of opportunities for the IoT healthcare market, paving the way for personalized care, efficient resource allocation, and improved patient outcomes in the years to come.

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The sensitive nature of patient information, encompassing personal details, health history, insurance specifics, and even financial transactions, makes it highly susceptible to breaches. These potential leaks raise significant privacy and security concerns, deterring both patients and healthcare providers from fully embracing the market's potential.

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Regional Analysis:
North America holds the lion share of IoT in healthcare market at present and is expected to continue its dominance during the forecast period. This is attributed to increase in government investments to expand digital healthcare in this region.

Also, presence of major key players such as IBM Corporation, Forescout Technologies, Cisco system Inc. and QUALCOMM that are adopting acquisition strategies that boosts the market growth in this region.

For instance, in February 2022, Forescout Technologies acquired an early-stage healthcare security vendor, CyberMDX. This acquisition enables to monitor IT (Information Technology), IoT (Internet of Things), OT (Occupational Therapy) and IoMT (Internet of Medical Things) devices that help the company secure customer's environment.

On the contrary, Asia-Pacific is expected to show a steady rise in the IoT in healthcare market due to the growing population that leads to increased adoption of wearable devices such as smartwatches, augmented reality glasses and fit bands owing to health concerns.

Moreover, rising government initiative programs that promote eHealth and growing awareness in this region are expected to drive the IoT in healthcare market growth in this region.

Competitive Landscape
Various market players operating in the IoT in healthcare market includes Apple Inc., Cisco Systems Inc., GE Healthcare Ltd., Forescout Technologies, IBM Corporation, Medtronic PLC, Microsoft Corporation, Proteus Digital Health, Koninklijke Philips N.V. and QUALCOMM.

These market players are launching various new products across various regions to maintain their dominance in the IoT in healthcare market.

For instance, in February 2022, Cisco announced to deliver 5G as-a-Service that offers healthcare enterprises to reduce technical, financial and operational risks with managing enterprise private 5G networks. 5G marks a milestone in wireless networking that creates new opportunities and digital infrastructure.

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This release was published on openPR.