Information and Communication Technology IOT in Healthcare Market is projected to grow up to 25% CAGR during the forecasting period...

IOT in Healthcare Market is projected to grow up to 25% CAGR during the forecasting period 2021-2027.

The Internet of Things (IoT) in Healthcare helps to enhance the delivery of healthcare services through improved communication between patients and healthcare professionals, which is enabled by linked medical equipment. The Internet of Things (IoT) in healthcare enables the stakeholders, particularly employees and patients, to improve patient care, lower healthcare costs, reduce mistakes, increase patient awareness, and improve patient outcomes in conjunction with improved disease management.

Remote monitoring in the healthcare industry is now feasible thanks to Internet of Things (IoT)-enabled equipment, which has the ability to keep patients safe and healthy while also enabling doctors to provide exceptional care. Due to the simplicity and efficiency with which contacts with physicians have evolved, it has also led to an increase in patient involvement and satisfaction. Aside from that, remote monitoring of a patient's health may assist to shorten the amount of time a patient is in the hospital and avoid readmissions to the hospital. The Internet of Things has also had a substantial effect on lowering healthcare costs and increasing treatment results, both of which are important achievements.Certainly, the Internet of Things (IoT) is changing the face of the healthcare sector by rethinking the space of devices and human contact in the delivery of healthcare solutions. IoT offers applications in healthcare that benefit patients, families, doctors, hospitals and insurance companies, among other groups of individuals.

The popularisation, the increasing infusion of money from the world's leading manufacturers, and the wide range of goods available in the field of disease observation are all factors to consider. Another factor that is expected to have a significant impact on the growth of the IoT in healthcare market in the forecast period is the increasing prevalence of chronic diseases such as diabetes, asthma, COPD, and others, as well as the increasing number of collaborative partnerships between top manufacturers in the industry. Furthermore, factors such as the growing emphasis on active patient engagement and patient-centric care, the increasing requirement for the acceptance of expense control measures in healthcare, the development and increased acceptance of high-speed network technologies for IoT connectivity, the progress of completing technologies, such as artificial intelligence and big data, the requirement for a more streamlined healthcare delivery system, and the need for a more streamlined healthcare delivery system are all contributing to this trend.

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Key Driving Factors: Rise in the demand for IOT in healthcare industry

In the healthcare market, the major factors driving growth are the increasing volume of healthcare data and increasing complexity of datasets driving the need for IOT, the intensifying need to reduce soaring healthcare costs, improving computing power and declining hardware costs, the increasing number of cross-industry collaborations, and the growing imbalance between hygienic practises and medical practises.The Internet of Things (IoT) devices in hospitals are very helpful in a variety of other areas apart from patient health monitoring. Sensor-enabled Internet of Things devices, including wheelchairs, defibrillators, nebulizers, oxygen pumps, and other monitoring equipment, are used to track the real-time position of medical equipment. Medical personnel deployment at various sites may also be tracked and evaluated in real time.When it comes to hospitalised patients, the spread of infections is a significant issue. It is possible to prevent patients from being sick by using IoT-enabled hygiene monitoring equipment. Asset management, such as pharmaceutical inventory control, and environmental monitoring, such as checking refrigerator temperatures and controlling humidity and temperature, are also aided by Internet of Things devices.

Key Driving Factors: IOT in healthcare helps to lower the RIsks in Industry.

One of the most important uses of the Internet of Things in healthcare is connected technologies. In most cases, such devices are used for patient monitoring, collecting readings, detecting patterns, and alerting patients if there are any flaws in the patterns seen. Real-time monitoring of people at risk, making educated choices, and avoiding the need for emergency department visits are all made possible by this technology as well.

Because of the reduction in waiting times in emergency departments, it has been more widely used in medical administration. Innovative software applications are being developed by leading businesses to solve a wide range of healthcare problems. Example: In order to address the problem of long wait times in the emergency department at certain hospitals, GE Healthcare created a software tool called AutoBed, which has assisted in decreasing wait times for 50 percent of patients who need an inpatient bed.

This report offers the major market player’s profiles, such as Agamatrix (US), Armis (US), Bosch (Germany),  Capsule Technologies (US), Comarch SA (Poland), Cisco Systems (US), GE Healthcare (US), HQSoftware (Estonia),  Huawei (China), IBM Corporation (US), Intel (US), KORE Wireless (US), Medtronic (Ireland), Microsoft Corporation (US), Oracle (US), OSP Labs (US), Oxagile (US),  PTC (US), Resideo Technologies (US), Royal Philips (Netherlands), R-Style Labs (US), SAP SE (Germany), Sciencesoft  (US), Siemens (Germany), Softweb Solutions (US), STANLEY Healthcare (US), Telit (UK), and Welch Allyn (US).

Based on end users: 

Industry related to health care One of the primary reasons for the widespread use of IoT in hospitals is the increased functional and operational efficiency that it provides. Disease management, patient experience, and treatment results all benefit from Internet of Things technologies, which ultimately contribute to better care delivery. These technologies also assist hospitals in the administration of inventories, billing, and medical records, real-time communication, medication compliance, and hospital processes, all of which contribute to improved overall operational efficiency.

Higher investments by hospitals in order to accelerate the use of digital technology are also responsible for the hospital industry's biggest proportion of overall revenues. Increased use of Internet of Things (IoT) solutions in hospitals is expected to be fueled by a move away from fee-for-service medicine in industrialised countries.

The IOT in Healthcare Market report has been categorized as below: 

By component

  • Medical Devices

  • Wearable External Medical Devices

  • Implanted Medical Devices

  • Stationary Medical Devices

  • Systems and Software

    • Remote Device Management

    • Network Bandwidth Management

    • Data Analytics

    • Application Security

    • Network Security

  • Services

    • Deployment and Integration

    • Consulting

    • Support and Maintenance

  • Connectivity Technology


By Application

  • Telemedicine

  • Store-and-forward Telemedicine

  • Remote Patient Monitoring

  • Interactive Medicine

  • Clinical Operations and Workflow Management

  • Connected Imaging

  • Inpatient Monitoring

  • Medication Management

  • Others (Fall detection, sportsmen care, and public safety)

By End user

  • Hospitals, Surgical Centers, and Clinics

  • Clinical Research Organizations

  • Government and Defense Institutions

  • Research and Diagnostic Laboratories

By Region

       North America

●       Europe

●       Asia Pacific

●       Rest of World

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Published Date : September-2021