In healthcare, the Internet of Things (IoT) integrates all devices and operating apparatus and enables Internet-based data transmission and storage. Rising demand for connected medical devices and automated remote patient care is anticipated to fuel the expansion of IoT in the Healthcare Market.
According to our new research study on “IoT in Healthcare Market Forecast to 2030 –Global Analysis – by Solution, Component, Application, and End User,” The Global IoT (Internet of Things) In Healthcare Market reached USD 120.2 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 390.2 billion by 2030.
The report highlights the key factors driving the market growth and prominent players with their developments in the market. The growth of the IoT in the Healthcare market is primarily attributed to the changing perception toward the use of IoT in Healthcare products and increasing investments by market players. However, the side effects associated with the use of IoT in Healthcare hamper the market growth.
Market Analysis: Identifying the Market Drivers:
Integrating AI with IoT to Drive the Healthcare Market:
IoT technology employs artificial intelligence (AI) capabilities to provide advanced solutions for healthcare providers, such as enhancing operational efficiency, enhancing prediction capabilities, automating processes, and optimizing outcomes. To provide patient-centric devices, medical device manufacturers are also incorporating AI technology into their products. AI-enabled Internet of Things devices aid healthcare providers in diagnosing and predicting the condition in real-time.
Exploring the Emerging Market Key Trends:
Awareness of self-health measurement and monitoring will promote market growth:
People around the world are gaining a greater understanding of self-health management as a result of the rise in early-life issues. Increasing health consciousness compels the young and physically active to employ wearable devices. With the introduction of ubiquitous medical devices, it is now simple and convenient to monitor health issues.
According to the International Diabetes Federation (IDF), for instance, the majority of the world is affected by diabetes. Still, 46% of patients are not properly diagnosed. Consequently, people are turning to ubiquitous medical devices for regular health exams. Companies such as Dexcom and Eversense are the first to receive FDA approval for glucose monitoring devices that can track sugar levels for 90 days.
IoT in Healthcare Market Players:
The major players are adopting several growth strategies, such as product launches, acquisitions, and collaborations, contributing to the growth of the IoT in Healthcare market globally.
- Medtronic
- Cisco Systems, Inc.
- IBM Corporation
- GE Healthcare
Overall, the IoT in healthcare market is poised for significant growth in the coming years, with drivers, future opportunities, and innovations shaping its trajectory. As the market evolves, businesses, investors, and R&D professionals must stay informed and adapt to the ever-changing landscape.
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