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Internet of Things in Healthcare Market Report Scope & Overview
According to a report by SNS Insider, the Global Internet of Things in Healthcare Market exhibited robust growth, with a valuation of USD 121.20 billion in 2023, and is poised to reach USD 471.20 billion by 2031, showcasing a Compound Annual Growth Rate (CAGR) of 21.4% during the forecast period from 2024 to 2031.
The healthcare industry is undergoing a transformative shift driven by the integration of the Internet of Things (IoT) – a network of interconnected devices collecting and exchanging real-time data. This expanding market presents immense potential for improved patient care, operational efficiency, and cost reduction.
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List of Internet of Things in Healthcare Companies Profiled in Report:
- Boston Scientific Corporation
- IBM Corporation
- Cisco System Inc.
- GE Healthcare
- Honeywell Life Care Solutions
- Medtronic
- Koninklijke Philips N.V.
- Proteus Digital Health
- Microsoft Corporation
- QUALCOMM Incorporated
- Resideo Technologies
- SAP SE
Future Market Landscape analysed by SNS Insider?
The integration of IoT in healthcare unlocks an intense set of opportunities. Remote patient monitoring allows continuous health data collection from chronic disease patients, enabling timely interventions and preventing complications. Smart devices like glucose monitors and ingestible sensors empower diabetic patients with self-management capabilities. Additionally, connected medical equipment streamlines hospital operations by facilitating real-time location tracking of assets and optimizing resource allocation.
Moreover, IoT supports preventative healthcare by leveraging wearable technology to monitor vital signs, sleep patterns, and activity levels. Early detection of potential health issues paves the way for preventative measures and personalized medicine approaches. This not only improves patient outcomes but also reduces healthcare costs by minimizing hospital readmissions and unnecessary treatments.
Internet of Things in Healthcare Industry Segmentation as Follows:
By Component
- Medical Devices
- Systems and Software
- Services
By Application
- Inpatient Monitoring
- Medication Management
- Telemedicine
- Clinical Operations and Workflow Management
- Connected Imaging
By Connectivity Technology
- Wi-Fi
- Bluetooth Low Energy
- Zigbee
- Near Field Communication
- Cellular
- Satellite
By End Use
- Clinical Research Organizations
- Hospitals and Clinics
- Research and Diagnostic Laboratories
What are the major insights of End Use segment analysis done by SNS Insider?
Overview:
A by end-use segmentation explains the distinct customer groups utilizing a product or service. In the life sciences industry, for instance, a company might analyse their market for a new diagnostic tool. Here, hospitals and clinics, a high-volume segment, could account for an estimated 55% share. This segment prioritizes rapid turnaround times and ease of integration into existing workflows. Research and Diagnostic Laboratories, another key segment with a projected 30% share, value precision and advanced functionalities.
Finally, Clinical Research Organizations (CROs), representing a more specialized segment at 15%, seek tools that streamline data collection and regulatory compliance. Understanding these end-use segments with their unique needs and estimated market shares empowers targeted product development, marketing strategies, and pricing models.
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Regional Analysis:
North America currently holds the largest market share, exceeding 35%, due to established healthcare infrastructure, high disposable income, and government initiatives promoting digital health. Europe follows closely at around 30%, driven by strong technological advancements and a growing aging population requiring remote care solutions. The Asia Pacific region is projected to witness the fastest growth at over 22.05% CAGR, fueled by an expanding middle class, increasing government investments in healthcare IT, and a large patient pool.
While lagging, Latin America and the Middle East & Africa also present exciting opportunities due to rising internet penetration and growing awareness of connected health solutions. This regional diversification highlights the immense potential of IoT to transform healthcare delivery models across the globe.
Recent Developments:
- Leading players in the healthcare and technology sectors are actively contributing to the IoT revolution. Major companies like Medtronic, Abbott Laboratories, Fitbit, and Philips are developing innovative wearable devices and remote monitoring solutions.
- Medtronic’s Guardian Connect system continuously monitors glucose levels in diabetic patients, transmitting data to a mobile app for real-time analysis.
- Another noteworthy example is Apple’s integration of health features like ECG and fall detection capabilities into its Apple Watch, empowering users with proactive health monitoring. These advancements highlight the industry’s commitment to leveraging IoT for improved patient care and disease management.
Key Takeaways:
- The convergence of IoT and healthcare presents a major shift in the way medical services are delivered and experienced.
- With its potential to empower patients, optimize healthcare operations, and drive cost-efficiency, the IoT in healthcare market holds immense promise for the future.
- As technology continues to evolve and data security concerns are addressed, we can expect even more groundbreaking applications to emerge, shaping a future where healthcare is personalized, proactive, and accessible to all.
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Table of Content
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Internet of Things in Healthcare Market Dynamics
Chapter 4 Impact Analysis (COVID-19, Ukraine- Russia war, Ongoing Recession on Major Economies)
Chapter 5 Value Chain Analysis
Chapter 6 Porter’s 5 forces model
Chapter 7 PEST Analysis
Chapter 8 Internet of Things in Healthcare Market Segmentation, By Component
Chapter 9 Internet of Things in Healthcare Market Segmentation, By Application
Chapter 10 Internet of Things in Healthcare Market Segmentation, By Connectivity Technology
Chapter 11 Internet of Things in Healthcare Market Segmentation, By End Use
Chapter 12 Regional Analysis
Chapter 13 Company profile
Chapter 14 Competitive Landscape
Chapter 15 Use Case and Best Practices
Chapter 16 Conclusion
Continued…
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