Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- The "Global IoT in Healthcare Market by Component (Medical Device, Systems & Software, Services, Connectivity Technology), Application (Telemedicine, Connected Imaging, Inpatient Monitoring), End-user and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global IoT in healthcare market 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%
The need to streamline operations by automating a range of healthcare processes in order to reduce costs and improve efficiency will drive the market.
Inpatient Monitoring segment to grow at a higher CAGR during the forecast period
In-patient monitoring is a process that involves continuous monitoring of a patient's physiological functions for guiding management decisions and making therapeutic interventions. The increasing focus on the deployment of technologies such as IoT, AI, and robotics to reduce manpower for cost-savings and to minimize physical contact will drive the market Clinical Research Organizations segment to grow at the highest CAGR during the forecast period.
Clinical Research Organizations are adopting to IoT based technology to collect more data, monitor patients more effectively, and manage clinical trials more efficiently. Also, IoT is enabling faster analysis and information flow to clinical research organizations, thereby helping them with faster operations and outcomes.
North America region to record the highest market share in the IoT in Healthcare market in 2022
North America is expected to have the largest share in the overall IoT in Healthcare market. The penetration of chronic diseases has led organizations in the region to readily develop innovative solutions for combating the rising disease scenario. Hence, healthcare organizations are rapidly moving toward providing high-tech solutions for the already-established healthcare system in the region.
Connected health solutions, including health IT, Electronic Medical Record (EMR), digital health, video-enabled telehealth and telemedicine, mobile health and m-Health, remote patient monitoring, IoT, AI, Virtual Reality (VR), exponential medicine, e-Patient, hearables, and wearables are being adopted by healthcare providers across the region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 240 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $127.7 Billion |
| Forecasted Market Value (USD) by 2028 | $289.2 Billion |
| Compound Annual Growth Rate | 17.8% |
| Regions Covered | Global |
Premium Insights
Reduced Cost of Care and Evolution of Artificial Intelligence Technology to Drive Growth
Medical Devices Segment and North America to Dominate in 2023
Asia-Pacific to Grow at Highest CAGR During Forecast Period
IoT in Healthcare Market Overview and Industry Trends
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 e-Health Platforms
- Government Initiatives for Promoting Digital Health
- IoT for COVID-19 Patient Monitoring
- Health Insurers with IoT-Connected Intelligent Devices
Challenges
- Increase in Cyberattacks due to Data Security Constrictions
- Integration of Multiple Devices and Protocols Leading to Data Overload
- High Cost of Technology Implementation
Use Cases
- Use Case 1: Connected Healthcare
- Use Case 2: Asset Tracking
- Use Case 3: Remote Patient Monitoring
Regulatory Implications
- ISO Standards - ISO 27799:2008 and ISO/TR 27809:2007
- Internet of Medical Things Resilience Partnership Act (2017)
- Health Insurance Portability and Accountability Act
- HIPAA Privacy Rule
- HIPAA Security Rule
- CEN ISO/IEEE 11073
- CEN/CENELEC
Technological Analysis
- Artificial Intelligence
- Machine Learning
- Natural Language Processing
- Big Data
- Speech Recognition
- 5G
Company Profiles
Major Players
- Cisco
- IBM
- GE Healthcare
- Microsoft
- SAP
- Medtronic
- Royal Philips
- Resideo Technologies
- Securitas
Other Players
- Bosch
- Armis
- Oracle
- PTC
- Huawei
- Siemens
- R-Style Lab
- HQSoftware
- Oxagile
- Softweb Solutions
- OSP Labs
- Comarch SA
- Telit
- Kore Wireless
- ScienceSoft
- Intel
- AgaMatrix
- Welch Allyn
- Alivecor
- Sensely
- Clover Health
For more information about this report visit https://www.researchandmarkets.com/r/ryo417
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