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IoT and Virtual Hospital Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Published: January 2024 || SKU: HCIT7865
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Global IoT and Virtual Hospital Market is segmented By Component (Software and Services, Hardware, Connectivity Devices) By Application (Remote Patient Monitoring, Telemedicine, Store and Forward Telemedicine, mhealth, Others) By End User (Hospitals, Surgical Centers, Clinical Research Organizations, Others) and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Market Overview

Global  IoT and Virtual Hospital Market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing with a CAGR of YY% during the forecast period 2024-2031.

The Internet of Things (IoT) is a recent phenomenon which connects physical and analogue devices through the Internet with the use of actuators and sensors. The IoT application development technology allows these manual devices to store data and share information. The use of this technology eliminates the need for human intervention and enables the transfer of information over a network.

Virtual Hospitals are also an emerging trend. It uses telemedicine applications as a medium through which patients and doctors can communicate with each other. Such healing centres have a wider outreach and can cater to patients without boundaries.

Market Scope

Metrics

Details

CAGR

YY%

Size Available for Years

2022-2031

Forecast Period

2024-2031

Data Availability

Value (US$) 

Segments Covered

Component, Application, End User

Regions Covered

North America, Europe, Asia-Pacific, South America and Middle East & Africa

Largest Region

North America

Fastest Growing Region

Asia-Pacific

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights.

 

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Market Dynamics: Drivers and Restraints

Rise in adoption of connected devices and connectivity

The global IoT and virtual hospital market is growing due to the widespread adoption of connected devices across sectors. The potential for data generation and analysis has increased, leading to various health sectors leveraging IoT solutions to improve patient care and operational efficiency. Remote patient monitoring devices enable virtual ICUs and surgical assistance, optimizing costs and expanding reach to remote areas. Wearable health trackers enable individuals to monitor chronic conditions from home and seek medical advice online.

Furthermore, the global IoT and virtual hospital market is also driven by various factors like, advancements in technologies, a rise in the demand for remote patient monitoring and others that help the market to grow during the forecast period.

Restraint

A prominent challenge of implementing IoT in healthcare is the issue of data security and privacy. IoMT devices gather and transmit real-time data, but many lack adequate data protocols and security measures. Ambiguity around data ownership regulation further complicates matters. This vulnerability exposes patient and doctor data, making it susceptible to cyberattacks. Hackers could compromise Personal Health Information (PHI) for fraudulent activities, such as creating fake IDs to buy medical supplies or filing insurance claims.

Segment Analysis

The global  IoT and virtual hospital market is segmented based on component, application, end-user and region.

The software and services from the component segment accounted for approximately 42.7% of the  IoT and Virtual Hospital market share

The software and services from the component segment accounted for approximately 42.7%  and is expected to dominate during the forecast period. Software and services are pivotal in IoT and virtual hospitals, enhancing efficiency, patient care, and overall healthcare experience.

For instance, in June 2021, Max Healthcare, one of the largest healthcare providers in India with over 15 super speciality hospitals, diagnostics and integrated home care services, launched an artificial intelligence (AI) powered device integrated patient monitoring framework, claimed to be the first in the country. Max Healthcare has launched the service in collaboration with digital health solutions provider MyHealthcare.

Geographical Analysis

North America accounted for approximately 39.4% of the market share in 2022

North America is estimated to hold about 39.4% of the total market share throughout the forecast period owing to the factors like advancements in connected healthcare technologies over the past few years that have enabled more robust remote monitoring of patients, especially among those with chronic conditions.

For instance, in February 2020, Cynerio, a leading provider of healthcare IoT cybersecurity solutions, stated the addition of the virtual segmentation capability to their platform. Safe and effective healthcare IoT security projects can take over a year to execute due to a lack of visibility into network topology and sensitive device operations. Building effective cybersecurity policy requires thorough analysis and the ability to contextualise and prioritise devices according to impact.

COVID-19 Impact Analysis

COVID-19 has significantly accelerated the adoption of IoT in healthcare, leading to increased demand for smart medical devices, telemonitoring for hospitals, and the use of IoT for quarantine compliance and contact monitoring. This has improved healthcare service delivery and the development of the Internet of Medical Things (IoMT). The adoption of IoT has also led to the development of virtual reality patient rehabilitation systems and a greater focus on security and privacy issues related to IoT devices.

Competitive Landscape

The major global players in the market include Microsoft, IBM, Oracle, GE Healthcare, Siemens Healthcare, McKesson, Koninklijke Philips, Medtronic, ScienceSoft USA Corporation, Bridgera among others.

Key Developments

  • In April 2023, Saint Joseph Hospital, a healthcare provider celebrated the launch of a new model of nursing care that will address staffing challenges while enhancing patient care. On April 18, hospital leaders shared an update about the virtually integrated care technology developed by CommonSpirit Health, which selected CHI Saint Joseph Health as a pilot site to pioneer this model of care.
  • In September 2021, MFine, a health tech startup, announced that it had raised US$ 48 million in a Series C funding round led by Moore Strategic Ventures and BEENEXT with participation from existing investors, Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital.

Why Purchase the Report?

  • To visualize the global  IoT and virtual hospital market segmentation based on component, application, end user and region as well as understand key commercial assets and players.
  • Identify commercial opportunities by analysing trends and co-development. 
  • Excel data sheet with numerous data points of  IoT and virtual hospital market-level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Product mapping available as excel consisting of key products of all the major players.

The global  IoT and virtual hospital market report would provide approximately 69 tables, 70 figures and 183 pages.

Target Audience 2024

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies

Why purchase IoT and Virtual Hospital Market report?

Technological Innovations

Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.

Product Performance & Market Positioning

Analyzes product performance, market positioning, and growth potential to optimize strategies.

Real-World Evidence

Integrates patient feedback and data into product development for improved outcomes.

Physician Preferences & Health System Impact

Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.

Market Updates & Industry Changes

Covers recent regulatory changes, new policies, and emerging technologies.

Competitive Strategies

Analyzes competitor strategies, market share, and emerging players.

Pricing & Market Access

Reviews pricing models, reimbursement trends, and market access strategies.

Market Entry & Expansion

Identifies optimal strategies for entering new markets and partnerships.

Regional Growth & Investment

Highlights high-growth regions and investment opportunities.

Supply Chain Optimization

Assesses supply chain risks and distribution strategies for efficient product delivery.

Sustainability & Regulatory Impact

Focuses on eco-friendly practices and evolving regulations in healthcare.

Post-market Surveillance

Uses post-market data to enhance product safety and access.

Pharmacoeconomics & Value-Based Pricing

Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

Target Audience 2025

Manufacturers

Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.

Regulatory & Policy

Compliance Officers, Government, Health Economists, Market Access Specialists.

Application & Innovation

AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.

Investors

Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.

Consulting & Advisory

Healthcare Consultants, Industry Associations, Analysts.

Supply Chain

Distribution and Supply Chain Managers.

Consumers & Advocacy

Patients, Advocacy Groups, Insurance Companies.

Academic & Research

Academic Institutions.

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