global Internet of Things (IOT) in Healthcare Market size was valued at USD 190.5 billion in 2022 and is projected to grow to USD 980.2 billion by 2030 exhibiting a CAGR of 21.30% from 2023 to 2030.
The Internet of Things connects all the devices and machinery used in healthcare. By doing so, information can be sent and stored online. The market is anticipated to expand because to the rising need for automated remote patient care and medical equipment that can connect to the internet. Over the past few years, medical offices in many developed nations have switched from utilizing paper-based clinical records to employing electronic health record software. Because technology is evolving so quickly, the government is funding IoT to enable the provision of medical services. As a result of government initiatives that support the usage and development of the technology, IoT is projected to expand quickly in the healthcare sector.
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Key Market Trends: Self-Health Monitoring and Measurement Awareness Will Drive Market Growth
People worldwide are becoming more aware of self-health management due to the increasing issues in the early stage of life. The rising awareness about health is pushing the young and active population to adopt wearable devices. For instance, as per the International Diabetes Federation (IDF), the majority of the world suffers from diabetic issues. Still, 46% of patients are not diagnosed in time. Thus, people are shifting towards wearable medical devices to keep regular health checks. The companies such as Dexcom and Eversense are the first to receive approval from the FDA for glucose monitor devices, which helps monitor the sugar levels for 90 days.
These IoT-based wearable devices are also helping in monitoring and alerting remote patients with chronic illnesses. For instance, in July 2018, a wearable defibrillator Zoll LifeVest 4000 was launched to monitor abnormal heartbeats (arrhythmias) in adults and children. This wearable device helps in analyzing sudden cardiac arrest. Thus, with the effectiveness of IoT devices, people are adopting these devices for health monitoring, which is expected to drive the growth of the market.
Artificial Intelligence and Internet of Things Integration in Healthcare to Drive Market
IoT technology uses artificial intelligence (AI) to offer improved solutions for healthcare providers, such as improving operational efficiency, making predictions more accurate, automating tasks, and making the best use of resources. AI technology is also being added to medical equipment by their makers to make them more patient-centered. AI-enabled Internet of Things (IoT) gadgets help doctors diagnose and predict illnesses in real time. For example, AI can help healthcare workers quickly diagnose hard scans like cancer by improving the quality of the scans.
Deep learning, natural language processing, and machine learning are all types of AI that help doctors figure out how healthy a patient is. When artificial intelligence and the Internet of Things are used together in healthcare, it makes it easier to find and treat problems and makes the patient’s experience better. This is also helping to spread these technologies in the healthcare business. During the lockdown in 2020, for example, many hospitals used AI and IoT in three telemedicine apps, including telediagnosis, healthcare information technology, and patient monitoring. This made it easier for the hospital and government to find the person and help them. So, combining AI with the Internet of Things (IoT) in healthcare is likely to help the market grow.
Key Market Challenges: IoT is being used more in healthcare because there are more patients and new technologies are being built into medical tools, like wireless links, embedded systems, and other things. For the process to keep going, it’s very important that data can be sent from one computer to another over wireless networks and that software can be written and kept up to date.
More online processing has led to more problems with data security, and hacking or sharing data is not an easy way to stop the market from growing. As new technologies are made, the prices of medical things are going up, which is one of the biggest problems for growth. Medical gadgets are expensive, and many people can’t pay for them.
Key vendors:
- Medtronic
- Cisco Systems, Inc.
- IBM Corporation
- GE Healthcare
- Microsoft Corporation
- SAP SE
- Infosys Limited
- Cerner Corporation
- Diabetizer Ltd. & Co. KG
Market segmentation:
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
The adoption of telemedicine is increasing as a result of the introduction of smart devices, the superior quality of video streaming, and the isolated availability of internet access. Aside from this, remote scanning is extensively utilized in advanced medical imaging systems, such as magnetic resonance imaging (MRI) devices and computerized tomography (CT) scans, among others. From the data, healthcare providers can access the patient’s report immediately for further consultation.
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