Published Date : 06 May 2024
The global internet of things (IoT) in healthcare market size reached USD 212.04 billion in 2023 and is projected to hit around USD 962.21 billion by 2032 with a remarkable CAGR of 18.3% from 2023 to 2032. Rising rapid development of advanced innovative technology with several facilities integrated by the government is enhancing the internet of things (IoT) in the healthcare market.
The internet of things (IoT) in healthcare market deals with the use of sensors and connected devices in the healthcare sector to collect and exchange data between medical equipment, patients and healthcare professionals. The objective is to improve healthcare delivery and satisfaction and boost patient engagement and overall outcomes. The market is driven by wearables, smart devices, and smartphones that monitor patients. Increasing adoption of monitoring patients remotely for improved out-of-hospital care enhanced the market growth. The emergence of connected care and growing investments in implementing advanced technologies in healthcare are the major factors driving market growth. The rising prevalence of chronic conditions, a growing geriatric population, and technological advancements positively affect the market enlargement. In addition, reduced hardware costs and growing affordability are further driving the growth of the market.
Increasing continuous health monitoring fuels the market growth
These days, glucometers, blood pressure measuring bands, heart monitoring cuffs, fitness bands, and more advanced smart healthcare devices offer patients real-time personalized health conditions. They remind the patient to have regular check-ups to identify changing blood pressure trends, improve exercise routine, regular calorie consumption, and many more. For geriatric patients, it is important to track their health status on a regular basis, and advanced healthcare devices make their lifestyle easy by letting them know about any complications. The internet of things (IoT) in healthcare devices alerts patients and their family members about unwanted fluctuations in the patient’s health status. These are major driving factors expected to enhance the growth of the Internet of things (IoT) in healthcare market.
However, data security and privacy in healthcare may restrain the growth of the body. Privacy and data security remain key concerns discouraging consumers from using IoT technology for medical purposes, as healthcare monitoring solutions have the capacity to be hacked or breached. The exposure of sensitive and crucial information about the location and patient’s health with sensor data can have major consequences, which would challenge the advantages of IoT in healthcare. These are the major factors hindering the growth of the internet of things (IoT) in healthcare market.
Asia Pacific is expected to grow fastest in the forecast period. The rising adoption of telemedicine and telehealth among the population is expected to drive the growth of the Internet of things (IoT) in healthcare market in the Asia Pacific region. China, India, Japan, and South Korea are the developing countries in the Asia Pacific region. In China, the Chinese government's well-documented monitoring of users has been a vast topic in the IoT in the healthcare device sector in China. The increasing changes in lifestyle, including smoking and drinking, an aging population, and the increasing development of IoT devices in China are driving the market growth. China is importing a maximum percentage of IoT-generated high-end healthcare devices that have complexity and lower cost. Chinese and other makers of IoT-generated healthcare devices have been in digital transformation. These are the major factors anticipating the growth of the Internet of things (IoT) in healthcare market in the Asia Pacific region.
North America dominated the internet of things (IoT) in healthcare market in 2023. The adoption of new developments of the Internet of Things (IoT) in healthcare and increasing digitalization in healthcare are expected to drive market growth in North America. U.S. and Canada are the emerging countries in North America. The growing investments for healthcare IoT solutions and penetration of connected devices driving the market in U.S. Air Louisville is crowdsourcing of air quality. U.S. by utilizing smart air inhalers generated with different sensors. It is the most usable Internet of Things (IoT) enabled healthcare wearable. In the U.S., many government initiatives, such as IoHT and eHealth services, have been taken to enhance the user's health. The standardizing wireless healthcare devices used in the U.S. for healthcare treatment. E-Health services are also used to monitor patients through Internet of Things (IoT) technology. These are the major factors that are positively impacting the Internet of Things (IoT) in healthcare market in North America.
Better supervision and reporting and end-to-end connectivity
Real-time monitoring through IoT healthcare devices can save lives in healthcare emergencies, including heart failure and asthma attacks. The IoT-generated medical devices can gather data on patients’ health conditions and transfer it to doctors in real time. There was a high percentage reduction in readmission costs of patients by remote monitoring, according to the Centre for Connected Health Policy. In addition, the Internet of Things (IoT) can automatize the patient care workflow with the help of healthcare mobility solutions. IoT helps in information exchange, data transfer, and machine-to-machine communication while making healthcare delivery more convenient and more productive. The various connectivity protocols in IoT healthcare devices permit hospital workflows to detect early signs of illness in patients. These are the major opportunities that are expected to drive the growth of the internet of things (IoT) in the healthcare market.
Market Segmentation
By Medical Devices
By Software and System
By Services
By Product
By Connectivity
By End User
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