Healthcare IoT Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The Internet of Things (IoT) is revolutionizing the healthcare industry by enabling network connectivity to address the challenges faced by healthcare systems in remote areas. IoT is transforming these systems into efficient, well-integrated, and patient-centric networks. By enhancing the reliability of network connections, solution and service providers are focused on transforming present medicinal care to a state of well-being and wellness in collaboration with governments. This transformation is aimed at reducing the healthcare expenditure burden through holistic measures. While technology cannot replace doctors, network-enabled healthcare equipment with cloud connectivity can empower medical professionals to store and access patient health data in remote and underdeveloped areas. Key players in the healthcare IoT market are dedicated to developing innovative remote clinical monitoring systems and clinical communication platforms for both in-home and outpatient remote monitoring.

Advancements Driving Smart Healthcare

Significant advancements in mobile data connectivity, portable devices, sensor technologies, application development, cloud computing, and big data analytics have made smart healthcare the most promising solution to increasing per capita healthcare expenditure. Local companies are making substantial investments to upgrade smart sensing healthcare by continuous research and development in information and communication technology, broadband data connectivity, e-location technology, and data management technology. These advancements are expected to significantly expand the healthcare IoT market size in the coming years.

Increased Adoption During COVID-19 Crisis

The accommodation of smart healthcare infrastructure using IoT is increasing rapidly during the ongoing COVID-19 crisis. Healthcare IoT is being adopted globally by hospitals, contract research organizations (CROs), rehabilitation centers, and residential end-users. The crisis has underscored the importance of efficient clinical communication and collaboration tools to ensure swift diagnostics and quarantine measures. As a result, there has been a notable increase in remote patient monitoring solution and service deployments, especially in developing economies such as India, Spain, Italy, and Brazil.

Assembled Deployment Enhances Market Attractiveness

The wearable devices market is experiencing significant growth, which is expected to create greater opportunities for the integration of IoT sensors in the healthcare industry. This integration aims to develop smarter wearable devices for patient monitoring and diagnostic purposes. Additionally, the integration of other connectivity platforms such as Bluetooth, RFID, ZigBee, and HomeRF connects IoT sensors in healthcare to network infrastructure in households and workplaces. This approach increases the number of IoT sensors in healthcare systems and extends remote access distances. A well-managed IoT solution and service provider can adopt a holistic approach to healthcare institutions, including device management, connectivity, network management, deployment, and logistics processes, thereby presenting lucrative growth opportunities in the healthcare IoT market.

Government Initiatives Fuel Market Growth

The use of cloud computing in healthcare helps reduce costs while maintaining the quality of healthcare services. Various reforms worldwide aim to reduce costs and improve healthcare service quality. Initiatives by the Healthcare Information and Management Systems Society (HIMSS) and the European Commission's eHealth Action Plan focus on empowering patients and healthcare workers with modern healthcare IoT devices and technologies to promote personalized medicine. With the rise in government programs encouraging the use of healthcare IoT, the market for healthcare cloud computing is expected to grow rapidly.

Regional Outlook of the Healthcare IoT Market

North America and Europe hold major shares in the healthcare IoT market, driven by increasing investments by healthcare IoT companies in these regions. These investments focus on accelerating the upgradation of smart sensing healthcare through continuous developments in information and communication technology, broadband data connectivity, and e-location technology. However, the healthcare IoT market in the Asia Pacific region is anticipated to grow at a significant rate due to the increased adoption of wearable devices such as smartwatches, augmented reality glasses, and fit bands in the healthcare sector.

Key Market Players

• IBM Corporation
• Koninklijke Philips N.V.
• Siemens Healthineers
• GE Healthcare
• Honeywell International Inc.
• Cerner Corporation
• Proteus Digital Health, Inc.
• Huawei Technologies Co., Ltd.
• Bosch Healthcare Solutions
• Medtronic
• Biotronik
• Boston Scientific Corporation
• Capsule Technologies, Inc.
• STANLEY Healthcare
• Microsoft Corporation
• OSPLabs
• Care Innovations
• AMD Global Telemedicine, Inc.
• Aerotel Medical Systems Ltd.
• HQSoftware

Key Market Segmentation

By Component

• Devices
• Wearable Medical Devices
• Ingestible Sensors
• Wearable Biosensors
• Others
• Software
• Healthcare IoT Platforms
• Patient Management & Monitoring Apps
• Telehealth Software

Others

• Services
• Professional Services
• Consulting
• Integration & Implementation
• Support & Maintenance
• Managed Services

By Application

• Remote Patient Monitoring
• Diagnostics
• Disease Management
• Telemedicine
• Others

By End User

• Hospitals & Clinics
• Diagnostic Centers
• Rehabilitation Centers
• Health Insurance Companies
• Others

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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