In a recent published report, Kenneth Research has updated the market report for IoT Healthcare Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for IoT Healthcare Market products.
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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global IoT Healthcare Market is estimated to reach $205 billion by 2024; growing at a CAGR of 20.2% from 2016 to 2024. Internet of things (IoT) is a system that interconnects physical things such as digital and mechanical machines, computing devices, and others to internet and they are used embedded sensors to collect and exchange data. Currently, healthcare industry speedily adopts IoT technology in healthcare as IoT features in medical devices enhance service processes and improve quality, especially for those who need continuous observations, those in chronic conditions, and aged patients. IoT is used in research of healthcare, for instance, Niox Mino by Aerocrine, for routine measurement of intric oxide in a patient’s breath.
The major supporting factors of IoT healthcare market are growing disposable income, accessibility to high speed internet and increasing demand for wearable devices in healthcare sector. Moreover, increasing need for remote patient monitoring and fitness & wellness tracker for athletes are also expected to fuel the market. However, high cost of IoT devices and lack of IoT technical skills may restraints the growth of market. Additionally, technological advancement and product innovations would provide growth opportunity for this market in the coming years.
The IoT healthcare market is segmented based on the delivery mode, component type, application, end-user and geography. By delivery mode, the segment is categorized into on-premises, web-based, and cloud-based. Component type is further segmented into embedded sensor networks, automation systems, wireless sensor networks, control systems, other components types. Furthermore, application is segmented into connected imaging, impatient monitoring, clinical operations and workflow management, telemedicine, medication management and others. End-user can be segmented into clinical research organization, hospitals, surgical center and clinics, research and diagnostic laboratory and others.
By geography the market is segmented into North America, Europe, Asia-Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers France, Germany, UK, Spain and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, Middle East, and Africa.
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The key market players include GE Healthcare Ltd., Cisco Systems Inc., Google (Alphabet), Microsoft Corporation, International Business Machines Corporation, Apple Inc., Medtronic PLC, Proteus Digital Health, Qualcomm Life Inc., and St. Jude Medical Inc., among others. For instance, GE Healthcare Ltd. Launched digital next-generation molecular imaging systems that can help clinicians in advance quantitative care and research.
The key takeaways from the report:
The report will provide detailed analysis of IoT Healthcare market with respect to major segments such as component type, application and end-user of the market. The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of IoT Healthcare market will be included in the report.
Profile of key players of the IoT Healthcare market, which include key financials, product & services, business strategies, and new developments.
Scope of IoT Healthcare Market:
Component Type Segments
Wireless sensor networks
Embedded sensor networks
Other component types
Delivery Mode Segments
Clinical operations and workflow management
Clinical research organization
Hospital, surgical centers and clinics
Research and diagnostic laboratories
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