Infinium Global Research has recently released a report on the IoT in Healthcare Market. This report offers an in-depth analysis of both global and regional segments and sub-segments within the IoT in healthcare market. It also examines the impact of drivers, restraints, and macro indicators on the market’s short-term and long-term prospects.
Furthermore, the report provides a comprehensive presentation of the market’s trends, forecasts, and monetary values. Notably, the IoT in healthcare market generated USD 227.33 billion in revenue in 2022, and it is anticipated to achieve a substantial growth trajectory, reaching USD 787.17 billion by 2030. This remarkable growth is expected to be driven by a robust compound annual growth rate (CAGR) of 14.70% during the forecast period from 2023 to 2030.
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Growing Demand for Technological Advancements in the Healthcare Sector are Poised to Create Numerous Opportunities
The rising prevalence of chronic diseases, including diabetes, heart conditions, and respiratory ailments among middle-aged and elderly populations, has spurred the demand for IoT devices in healthcare. These devices, such as smart wearables, pulse-oximeters, electrocardiograms, thermometers, fluid level sensors, and sphygmomanometers, enable real-time monitoring of vital signs, medication adherence, and patient behaviors. As a result, the demand for IoT technology in healthcare is on the rise, driven by the necessity for improved chronic disease management.
Furthermore, the integration of Information Technology (IT) within healthcare systems, including electronic health records and telemedicine, is fueling the demand for IoT applications in healthcare. IoT solutions, from remote patient monitoring to smart medical devices, streamline healthcare delivery, enhance patient outcomes, and reduce costs. This synergy between IT and IoT is transforming the healthcare industry, making it more accessible, efficient, and patient-centric.
However, one of the significant challenges posed by IoT in healthcare is data security and privacy. While IoT security devices capture and transmit data in real time, many lack adequate data protocols and security requirements. This issue is expected to hamper market growth. Nevertheless, ongoing improvements in healthcare infrastructure, increased investments in research and development, and the growing demand for technological advancements in the healthcare sector are poised to create numerous opportunities for IoT in the healthcare market in the coming years.
North America Dominates the Market with a Strong Emphasis on Healthcare Innovation
North America commands the leading market share in the IoT in the healthcare sector, driven by several factors. The region boasts a highly developed healthcare infrastructure, a tech-savvy consumer base, and a strong focus on healthcare innovation. The presence of major IoT and technology companies like GE Healthcare and Medtronic in North America contributes to the rapid adoption and development of healthcare IoT solutions. Additionally, favorable government policies, substantial investments, and increasing awareness of the benefits of IoT in healthcare are propelling market growth. North America’s commitment to addressing healthcare challenges through technology solidifies its position as a dominant force in the global IoT in the healthcare market.
Asia-Pacific Emerges as the Fastest-Growing Region
Asia-Pacific emerges as the fastest-growing region in the IoT in healthcare market. The region’s healthcare industry witnesses strong growth due to the increasing demand for cloud-based management systems. Furthermore, the presence of numerous hospitals, surgical centers, and expanding healthcare infrastructure is expected to further boost market growth in the Asia-Pacific region.
