Internet Of Things Market In Healthcare Market size is set to grow by USD 208.26 bn from 2024-2028,increasing remote patient monitoring boost the market- Technavio

NEW YORK, March 27, 2024 /PRNewswire/ -- The global internet of things market in healthcare market size is estimated to grow by USD 208.26 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 21.39% during the forecast period. The Internet of Things (IoT) market in healthcare is expanding, with companies like Blackfrog Technologies providing temperature-regulated vaccine carriers in Rajasthan. European governments invest in digital healthcare transformation, including ThermaiScan for breast cancer screening. IoT solutions offer personalized care, real-time monitoring, and increased safety, but face challenges like internet disruptions and poor access in vulnerable populations. Market players develop innovative mHealth solutions for medication management, patient engagement, and hospital stays, aiming to reduce readmissions and healthcare costs. Implementing IoT in hospitals requires a skilled workforce and technology knowledge to ensure connected technology, health-connected devices, and real-time patient monitoring function optimally.

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Segment Overview

This internet of things market in healthcare market report extensively covers market segmentation by Type (Medical devices, Software and system application, Connecting technologies) Application (Telemedicine, Patient monitoring, Clinical operation and workflow management, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa)

Market segmentation by Type

The Internet of Things (IoT) market in healthcare is experiencing significant growth, driven by technological advancements and digital adoption. Machine Learning, Logical Methodologies, Computational Intelligence, and Data Mining are key technologies enabling this transformation. Healthcare experts, payers, and providers are leveraging these technologies to improve healthcare quality and reduce expenditures. AI and chatbot technology facilitate accurate diagnoses, efficiency, speed, and effectiveness in the global health system. Telemedicine, IoT-powered solutions, and remote patient monitoring are essential components of this digitization of healthcare. Pharmaceutical companies, medical institutions, and medical devices are integrating IoT infrastructure development to enhance their offerings. Government participation, automation, and IoT-enabled tracking, tracing, and monitoring patients are crucial in addressing the lack of awareness and technical expertise in rural areas and developing economies. IoT solutions are proving invaluable during lockdowns and movement restrictions, enabling medical consultations and device unit management on internet platforms. Market trends indicate continued digital health adoption and pandemic management through IoT-powered telemedicine solutions.

Geography Overview

The Internet of Things (IoT) market in North America's healthcare sector is expected to grow significantly during the forecast period due to high healthcare expenditure and advanced technology adoption, including IoT. Data security and privacy are paramount concerns in this sector, as sensitive data is frequently transmitted and stored. Telemedicine segment is a major contributor to market share, with high-speed internet connections and high-definition video cameras enabling remote consultations. Organizational efforts to implement paperless EHRs, driven by government models and policy changes, are boosting IoT adoption. Reimbursement models are evolving to accommodate digital healthcare technology, such as specialized software, platforms, and connected devices. IoT applications include telemedicine, diagnostics, therapeutic tools, remote patient monitoring, dosing reminders, and more. Big data analytics and device accuracy are crucial for effective connectivity and improving patient outcomes. Despite these benefits, cyberattacks pose a threat to IoT devices and the sensitive data they transmit. Healthcare providers and medical devices are increasingly adopting cloud-based platforms to mitigate risks and enhance interoperability across healthcare verticals. IoT applications in healthcare market include healthcare information systems, big data, and digital healthcare technology.

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• The healthcare industry is undergoing digital transformation through IoT, AI, and telemedicine. Machine learning and data mining are used to improve healthcare quality and reduce expenditures. Payers, providers, and healthcare experts collaborate to leverage IoT infrastructure for patient monitoring, diagnosis, and treatment. Digital adoption is driven by technological advancements, government participation, and remote solutions. IoT-powered telemedicine and chatbot technology facilitate accurate diagnoses and efficient, effective care. Pharmaceutical companies and medical institutions adopt IoT for device unit management and tracking life activities. Despite challenges like lack of awareness and technical expertise, the market trends towards pandemic management and digitization of healthcare.
• The Internet of Things (IoT) significantly impacts the healthcare market by enhancing data security and privacy through paperless Electronic Health Records (EHR) and cloud-based platforms. Telemedicine adoption increases with high-speed internet connections and high-definition video cameras, enabling remote diagnostics and therapeutic tools for asthma and diabetes patients. Specialized software and platforms facilitate big data analytics for improved connectivity, device accuracy, and reimbursement models. Government models and policy changes foster IoT integration in healthcare verticals, including medical devices and healthcare information systems.

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Research Analysis

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Market Research Overview

The Internet of Things (IoT) market in healthcare is experiencing significant growth, with various devices and technologies revolutionizing the industry. IoT solutions in healthcare include wearable devices, telemedicine systems, and remote monitoring systems. These technologies enable real-time patient data collection, analysis, and actionable insights, leading to improved patient outcomes and reduced healthcare costs. IoT devices in healthcare can monitor vital signs, track medication adherence, and provide early warning systems for potential health issues. Additionally, IoT systems can facilitate remote consultations, enabling healthcare professionals to diagnose and treat patients from a distance. The IoT market in healthcare is expected to continue expanding, with a focus on developing more advanced and integrated solutions to meet the evolving needs of the healthcare industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Medical Devices
• Software And System Application
• Connecting Technologies
• Application
• Telemedicine
• Patient Monitoring
• Clinical Operation And Workflow Management
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio