IoT in Healthcare Market to Expand at a Stellar 16.8% CAGR through 2031 | SkyQuest Technology
Westford, USA, May 09, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the IoT in healthcare market will attain a value of USD 926.9 billion by 2031, with a CAGR of 16.8% over the forecast period (2024-2031). The use of Internet of Things (IoT) devices in healthcare helps all medical devices and healthcare equipment connected via the internet. Rising use of connected medical devices and high demand for better patient monitoring and care are forecasted to bolster the demand for IoT in healthcare over the coming years.
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*Browse in-depth TOC on "IoT in Healthcare Market" *
· Pages - 157
· Tables - 107
· Figures – 76
*IoT in Healthcare Market Overview:*
*Report Coverage* *Details*
Market Revenue in 2023 $ 252.1 billion
Estimated Value by 2031 $ 926.9 billion
Growth Rate Poised to grow at a CAGR of 16.8%
Forecast Period 2024–2031
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Application, Product Type, Platform End-Use, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunities High demand for remote patient monitoring
Key Market Drivers Rising use of connected medical devices
*Emphasis on Patient-Centric Care Allowing Hospitals to Account for a Dominant Market Share*
Growing adoption of connected devices in hospitals is a key factor that is promoting the demand for IoT devices in this segment. Increasing investments in enhancing patient experience, growing use of wearable devices, and high adoption of EHR (electronic health records) and PHM (population health management) systems are all estimated to help hospitals account for a major market share.
*Surging Popularity of Home Healthcare Allowing Remote Monitoring to Emerge as Fastest-growing Application*
The rapidly increasing geriatric population and their need to stay independent are boosting the demand for home healthcare, which is projected to uplift the demand for remote monitoring. IoT devices play a crucial role in enabling remote monitoring for patients and this is why the use of IoT in healthcare is projected to be driven rapidly by high adoption of home healthcare going forward.
*Increasing Use of Digital Technologies in the Healthcare Industry Allows North America to Dominate the Global Market*
The rapid adoption of advanced digital technologies and solutions in the healthcare industry to improve patient care is allowing North America to hold a dominant stance in the global landscape. The United States is projected to lead the market growth in this region on the back of high healthcare expenditure and rising adoption of EHR, remote monitoring, advanced healthcare devices, and technologies.
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*IoT in Healthcare Market Insights:*
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*Drivers*
· Increasing emphasis on improving patient care
· Growing demand for remote patient monitoring
· Advancements in wearable and IoT device technology
*Restraints*
· Data security and privacy concerns
· Interoperability issues of IoT devices with legacy infrastructure
· Resistance to change in healthcare industry
*Prominent Players in IoT in Healthcare Market*
· AdhereTech
· Capsule Technologies Inc.
· Cerner Corporation
· Cisco Systems Inc.
· GE Healthcare
· Honeywell International Inc.
· IBM Corporation
· Intel Corporation
· Koninklijke Philips N.V.
· Medtronic Plc
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*Key Questions Answered in IoT in Healthcare Market Report*
· What drives the global IoT in healthcare market growth?
· Who are the leading IoT in healthcare providers in the world?
· Where will IoT in healthcare demand soar high?
*This report provides the following insights:*
· Analysis of key drivers (rising demand for remote patient monitoring, increasing emphasis on patient care improvement, advancements in wearable technology, adoption of telehealth practices), restraints (interoperability issues with legacy infrastructure, data privacy and security concerns, resistance to change in healthcare space), and opportunities (rising popularity of home healthcare, growing demand for better patient engagement, high adoption of preventive healthcare), influencing the growth of IoT in Healthcare market.
· Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
· Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the IoT in Healthcare market.
· Market Development: Detailed analysis of potential regions where the market has potential to grow.
· Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
· Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
*Related Reports:*
Global Internet Of Things (IoT) Market
Global IoT Sensors Market
Global IoT Security Market
Global Industrial Internet Of Things (IIoT) Market
Global Narrowband-IoT (NB-IoT) Market
*About Us:*
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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Skyquest Technology
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