PUNE, INDIA, July 22, 2023/EINPresswire.com/ — The IoT in healthcare market has witnessed substantial growth in recent years. By integrating Internet of Things (IoT) devices and solutions, healthcare providers can improve patient monitoring, optimize operational efficiency, and enhance patient outcomes. IoT-enabled medical devices, remote patient monitoring systems, and real-time data analytics are some of the key drivers of this expanding market.
The global IoT in healthcare market size is projected to grow from USD 127.7 billion in 2023 to USD 289.2 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period.
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The need to streamline operations by automating a range of healthcare processes inorder to reduce costs and improve efficiency will drive the market.
Inpatient Monitoring segment to grow at a higher CAGR during the forecast period.,
In-patient monitoring is a process that involves continuous monitoring of a patient’s physiological functions for guiding management decisions and making therapeutic interventions. The increasing focus on the deployment of technologies such as IoT, AI, and robotics to reduce manpower for cost-savings and to minimize physical contact will drive the market
Clinical Research Organizations segment to grow at the highest CAGR during the forecast period.
Clinical Research Organizations are adopting to IoT based technology to collect more data, monitor patients more effectively, and manage clinical trials more efficiently. Also, IoT is enabling faster analysis and information flow to clinical research organizations, thereby helping them with faster operations and outcomes.
North America region to record the highest market share in the IoT in Healthcare market in 2022
North America is expected to have the largest share in the overall IoT in Healthcare market. The penetration of chronic diseases has led organizations in the region to readily develop innovative solutions for combating the rising disease scenario. Hence, healthcare organizations are rapidly moving toward providing high-tech solutions for the already-established healthcare system in the region. Connected health solutions, including health IT, Electronic Medical Record (EMR), digital health, video-enabled telehealth and telemedicine, mobile health and mHealth, remote patient monitoring, IoT, AI, Virtual Reality (VR), exponential medicine, ePatient, hearables, and wearables are being adopted by healthcare providers across the region
By Company Type: Tier 1 – 45%, Tier 2 – 40%, and Tier 3 – 15%
By Designation: C-level – 40%, Directors – 35%, Managers- 15%, and Others – 10%
By Region: North America – 15%,Europe– 35%, Asia Pacific– 40%,and Rest of the World (RoW)– 10%
This research study outlines the market potential, market dynamics, and major vendors operating in the IoT in Healthcare market. Key and innovative vendors in the IoT in Healthcare market include Cisco (US), IBM (US), GE Healthcare (US), Microsoft (US), SAP (Germany), Medtronic (Ireland), Royal Philips (Netherlands), Resideo Technologies (US), Securitas (Sweden), Bosch (Germany), Armis (US), Oracle (US), PTC (US), Huawei (China), Seimens ( Germany), R-Style Lab (US), HQSoftware (Estonia), Oxagile (US), Softweb Solutions (US), OSP Labs (US), Comarch SA (Poland), Telit (UK), Kore Wireless (US), ScienceSoft (US), Intel (US), AgaMatrix (US), Welch Allyn (US), AliveCor (US), Sensly (US), Clover Health (US).These vendors have adopted many organic as well as inorganic growth strategies, such as new product launches, and partnerships and collaborations, to expand their offerings and market shares in the IoT in Healthcare market.
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The market study covers the IoT in Healthcare market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component, application, end-user and regions. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
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Article originally published on www.einpresswire.com as IoT in Healthcare Market 2023