IoT in Healthcare Market Size to Hit Around USD 960.2 BN by

Ottawa, Jan. 12, 2023 (GLOBE NEWSWIRE) — According to Precedence Research, the global IoT in healthcare market size was accounted at USD 217.34 billion in 2022. IoT in medical devices with rapid increase of the developed technologies and adapting the technologies in medical fields across the world with advanced IoT medical devices which enhanced the market growth of IoT to a greater extent with increased market The demands to increase the developments with new innovations in medical devices and research carried out by the market players involved help to boost the market growth.

Various new technologies developed in IoT medical devices with wide acceptance from the health care center and support of the government to develop the health care center with new IoT based medical devices with new infrastructure. Increased digitalization across the various regions newly emerging developing regions across the nation with efficient, effective, good results with no errors have gained the attention of health professionals and citizen towards the newly developed medical devices have fueled the market growth rate to a greater extent.

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Key Takeaways:

  • By component, services segment has accounted revenue share of 59% in 2021.
  • By end user, the hospital segment has captured revenue share of 35% in 2021.
  • North America has accounted revenue share of 40.3% in 2021.
  • The Asia Pacific region is expected to reach at a CAGR of 18.50% from 2022 to 2030.

Recent Developments

  • In the year 2020, Abbott and Insulet collaborated together to introduce a glucose determining and auto insulin delivery.
  • In the year 2021, Hill Rom introduced a suite of connected solutions to increase the patient outcome.
  • In the year 2021, surgical theaters collaborated with Medtronic to launch surgical theaters SyncaR augmented reality (AR) technology with Medtronic’s StealthStation S8 surgical navigation system.

regional Snapshots

Rise of the market across the various regions depending on the needs and requirements according to the regions with widely spreading awareness of the IoT medical devices efficiency and affectivity contributing to good output. Advancement of the technologies in medical devices with increasing costing of the treatment. Facilities and policies of reimbursement provided by the government enables for the citizens to opt the treatment of newly developed technologies.

Asia Pacific region to hold the top most position of IoT healthcare with increased revenue share helped the market to grow. Other regions such as North America, Europe, Middle East and Africa, Latin America also holds the highest position with increased demands for developed technologies in medical devices and expansion of IoT in medical devices helped the market to grow more.

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Scope of the Report

report attributes Details
Revenue Forecast by 2030 USD 960.2 Billion
CAGR 20.41% from 2022 to 2030
North America Revenue Share 40.30% in 2021
Asia Pacific Revenue Share 20.60% in 2021
Base Years 2022
forecast year 2023 to 2030
key players Medtronic (US), Stanley Healthcare (US), Hillrom- Welch Allyn (US), AgaMtrix (US), Abbott Laboratories, AliveCor,Inc, Bio Telemetry, Inc, Omron Healthcare, Inc (Japan), iHealth Lab, Inc, Johnson & Johnson Services, Inc, Siemens AG (Germany), Boston Scientific Corporation (US), BIOTRNIK (Germany), Honeywell Life Care Solutions (US), Koninklijke Philips NV (Netherlands), GE Healthcare (US) and Others

Market dynamics

Drivers

The advanced developed technologies in the IoT healthcare with various facilities introduced which are highly efficient and effective with accurate results. Major driving factor to increase the demand of the medical devices in healthcare sector, laboratories and many more? Increasing research and development in IoT medical devices with increased market during the forecast period. The key market players involved in developing and manufacturing of the IoT medical devices have expanded the market of medical devices.

Restraints

The newly developed IoT medical devices with software system updated with increasing cost of the medical devices with the higher costing of the treatment. There is wide expansion of the IoT in various new developing features which includes modification and update of the software for ease of the performance and affectivity, efficiency for good results system software update is utmost. System update carries the charges which may restrain the market to grow higher. Lack of awareness among the people and new technologies and skill personnel are required to perform the procedure update of skill a is necessary.

Opportunities

The increasing IoT medical devices in health care center with update software and maintaining EHRs Electronic Health Records of the individuals and to access the health information and history of the patient. Widely developed self-health services include blood pressure mentor, glucose monitor, stress monitor, sleep monitor, breathing, inhale and exhale installation in the smart phones or smart watch and access through wireless connectivity. Decreased ratio of Dry to patient in various regions and the opportunities integrated by the government of reimbursement policies for citizens. Increased market rate of IoT medical devices with improved research and technology.

challenges

The developments of the IoT medical devices with new features and facilities developed led to increase costing of the usage of the medical devices which can be a challenging task to increase the growth of the IoT medical devices. Transmitting information from one device to another device having suitable installed software and performing over wireless network may increase the risk of release of the information and hack the information. Data security and privacy need to be improved.

Market Segmentation

By Medical Devices

  • Stationary Medical Devices
  • Wearable External Medical Devices
  • Implantable Medical Device
  • Other medical devices

By Software and System

  • Application Security
  • network security
  • data analytics
  • Remote Device Management
  • Network Bandwidth Management

By Services

  • Architecture (System Integration)
  • consulting
  • Application Development (Support and Maintenance)

By Product

  • Vital Signs Monitoring Devices
    • Blood Glucose Monitors
    • ECGs/Heart Rate Monitors
    • blood pressure monitor
    • Multiparameter Monitors
    • Oximeters
  • Imaging Systems
  • Respiratory Devices
  • Implantable Cardiac Devices
    • Implantable Cardioverter-defibrillators
    • Pacemakers
    • Implantable Cardiac Monitors
  • Patient Monitoring
  • infusion pump
  • Fetal Monitoring Devices
  • Neurological Devices
  • Ventilators
  • Anesthesia Machines
  • hearing aids
  • Other Products

By Connectivity

  • bluetooth
  • zigbee
  • WiFi
  • NFC
  • Embedded System
  • Others

By End User

  • Hospitals
  • Clinics
  • Laboratory Research
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
    • China
    • India
    • japan
    • South Korea
    • malaysia
    • Philippines
  • Latin American
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)

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