IoT In Healthcare Market to Hit Sales of $332.52 Billion by 2028 | IoT Market to Surpass Valuation of $2412.49 Billion

IoT in healthcare market was valued at USD 87.06 Billion in 2021, and it is expected to reach a value of USD 332.52 Billion by 2028, at a CAGR of 21.10% over the forecast period (2022-2028).

Westford, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- By 2025, the number of internet-connected devices is expected to reach 27 billion. of these, 2.3 billion will be used in healthcare, according to a report from SkyQuest Technology. IoT in healthcare market is one of the most promising and rapidly growing areas in healthcare technology. Hospitals and other care providers are starting to see the potential of IoT to transform the way they provide care, improve patient outcomes, and lower costs. There are a number of factors driving the demand for IoT in healthcare. One is the increasing prevalence of chronic conditions, which require ongoing management and monitoring. IoT can play a role in helping patients manage their conditions by providing real-time data on their health status and providing alerts when something is wrong.

In addition to this, rising cost of healthcare to add fuel to the growth of the IoT in healthcare market. With costs continuing to rise, hospitals and other care providers are looking for ways to improve efficiency and lower costs. IoT can help by reducing the need for manual tasks, such as charting and data entry, and by automating tasks that can be done more efficiently by machines.

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IoT can play a transformative role in healthcare, from improving patient care and reducing costs to enabling new business models and revenue streams. For example, hospitals can use IoT sensors to track patients’ vital signs and send alerts to caregivers if something is wrong. This can help prevent potential complications and save lives in the global IoT in healthcare market. In addition, IoT can be used to monitor health at a population level and collect data that can be used for research purposes. For instance, data from fitness trackers and other wearable devices can be anonymized and aggregated to identify trends in health and wellness. This information can then be used by healthcare organizations to develop targeted interventions and improve population health.

IoT Security to Remain Key Challenge in IoT in Healthcare Market

Despite the potential benefits of the Internet of Things (IoT) in healthcare market, security remains a key challenge. A recent study by the SkyQuest found that 27% of healthcare organizations have experienced an IoT-related data breach, and that IoT devices are a leading cause of data breaches in healthcare. One of the biggest challenges with IoT security is the sheer number of devices and sensors that are being used. Healthcare organizations are collecting more data than ever before, and this data is often sensitive in nature. With so many devices and so much data, it can be difficult to keep track of everything and ensure that all devices are properly secured.

In addition, many IoT devices are not designed with security in mind across global IoT in healthcare market. They may have weak passwords, outdated software, or no encryption at all. This makes it easy for hackers to gain access to these devices and the data they contain. Finally, healthcare organizations must also contend with the fact that their patients’ lives could be at risk if an IoT device is compromised. This is particularly true for medical devices such as pacemakers or insulin pumps, which could be remotely controlled by a hacker if they gain access to the device. As such, it is crucial for healthcare organizations to ensure that their IoT devices are properly secured to protect their patients’ safety.

In order to mitigate these risks, healthcare organizations need to put in place robust security measures for their IoT devices. This includes ensuring that devices are properly configured and secured, and that staff are aware of the risks associated with their use. Additionally, organizations should consider investing in secure communication protocols and data encryption technologies.

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Telemedicine is Offering Prominent Growth Opportunity for IoT in Healthcare Market

IoT in healthcare market is growing at a rapid pace and is expected to continue doing so in the coming years. Telemedicine is one of the most promising applications of IoT in healthcare, as it has the potential to greatly improve patient care and reduce costs.

There are a number of different telemedicine applications that are being developed and deployed today. These include remote patient monitoring, tele-diagnostics, teleradiology, and more. Remote patient monitoring is perhaps the most widely used telemedicine application at present in the IoT in healthcare market, as it allows patients to be monitored remotely using various sensors and devices. This helps to improve patient care by allowing doctors to keep track of their patients' health status and intervene if necessary.

Tele-diagnostics is another important application of telemedicine that is growing in popularity in the IoT in healthcare market. This involves using diagnostic tools and techniques remotely in order to make diagnosis easier and more accurate. Teleradiology is another key application, which uses radiologic imaging techniques remotely in order to diagnose patients.

The deployment of telemedicine applications is often limited by infrastructure limitations, but this is changing as more and more hospitals and clinics adopt IoT technologies. In addition, government initiatives such as the FDA's recently announced pilot program for medical devices connected to the internet are helping to drive adoption of these technologies.

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Major Players in Global IoT in Healthcare Market

  • Medtronic (US)
  • GE Healthcare (US)
  • Koninklijke Philips N.V. (Netherlands)
  • Honeywell Life Care Solutions (US)
  • BIOTRONIK (Germany)
  • Boston Scientific Corporation (US)
  • Johnson & Johnson Services Inc. (US)
  • Siemens AG (Germany)
  • Omron Healthcare Inc. (Japan)
  • BioTelemetry Inc. (US)
  • AliveCor Inc. (US)

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The epidemic has compelled governments, corporations, and individuals to rethink their goals, perspectives on socioeconomic issues, and methods of operation. While the globe battled the new coronavirus epidemic in 2020, healthcare experts worked tirelessly. The goal was to provide adequate services to protect residents from being sick and to heal those who had become ill. In such a case, technological advancements have consistently resulted in disparities between healthcare systems. Countries were amassing resources and creating cutting-edge methods to mitigate the impact of COVID-19 and monitor populations at risk. During the crisis, the Internet of Things (IoT) market and other modern technologies such as cloud computing and artificial intelligence (AI) proved extremely useful.

One of the most critical parts of internet technology is data management. Internet-connected gadgets generate massive amounts of data and information that must be processed. The internet of things standard security gateway, on the other hand, poses a slew of security and privacy concerns. The blockchain-based architecture enables basic and decentralised security solutions for connected devices.

The major reasons responsible for the effective operation of global Internet of Things (Iot) market are technological developments and operational efficiency. Various nations in Asia Pacific, the Middle East and Africa, and Latin America face a lack of essential technologies, such as telecom and networking infrastructure, and are unable to quickly execute smart projects owing to a variety of problems, including a low budget and a low literacy rate. Several nations have yet to mature or even launch 4G technology, whilst others such as China have conducted testing on 5G technology. Though governments and businesses in such nations are aware of the benefits of Internet of Things (IoT) technology and the industry's high ROI, the initial budget limitation plays a significant role in slowing the development of the Internet of Things (IoT) market share.

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Read market research report, " Global Internet of Things (IoT) market analysis is segmented By Software Solution (Data Management, Security Solution, Network Bandwidth Management, Remote Monitoring System, and Real-Time Streaming Analytics), By Platform (Network Management, Application Management, and Device Management), By Service (Consulting service, Support and maintenance, Deployment and integration, Managed service, and Professional service), By Application (Smart Manufacturing, Smart Energy & Utilities, Smart Mobility & Transportation, Building & Home Automation, Smart retail, Connected Logistics, and Others) & By Region - Forecast and Analysis 2021-2027” by SkyQuest

With rising population and urbanisation, several nations across the world are launching smart city initiatives and using smart city technologies to better manage resources. Connected devices, such as sensors, smart lighting, and smart metres, among others, aid in the enhancement of the functionality and efficiency of infrastructure and related services.

IoT software solutions provide business applications that improve operational efficiencies, enhance the customer experience, and provide new income streams. Internet-connected Internet of Things (IoT) devices easily share data with other devices/applications/things to offer trustworthy data decisions to the end-user. Software solutions provide a wide range of technologies that assist firms in meeting their goals and maintaining a critical competitive advantage. Software solutions are gaining popularity for existing infrastructure systems to automate a variety of operations in critical infrastructure, manufacturing, and other industries.

The Americas account for the vast bulk of the device-enablement value pool. Because of the centrality of device enablement to the Internet of Things (IoT) market share and its worldwide Internet of Things (IoT) market revenue growth, both technology and business prospects will be nearly geographically agnostic and increase at similar rates. And, while enterprise clients will continue to dominate, device-enablement solutions will see rapid adoption among small and mid-sized businesses. The expanding market for IoT technology shows some of the ways in which maturing technologies have begun to deliver on the IoT's promises. PE funds should analyse potential to exploit IoT in their portfolio firms and seek for developing investment opportunities in the IoT industry as well as in sectors that can profit significantly from these technologies.

Asia Pacific is home to a number of rising and developed economies, including Australia, India, China, Japan, and Singapore. Because of the rapid adoption of new technology, this area has become a valuable market for the IT sector. As a result, the Asia Pacific Internet of Things (IoT) market is predicted to develop at the fastest rate. While Japan has announced the completion of the majority of its "smart city" projects, the rest of the area is still in the planning stages. China is the region's largest market for developing IoT application in smart cities. As of January 2019, more than 5,000 smart cities initiatives in India were under various phases of development, with investments totalling more than INR 2 trillion.

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Furthermore, the region's governments are taking strong steps to improve their IT infrastructures, allowing business users to embrace cutting-edge technology. Some countries are more technologically advanced than others, yet some are still hesitant to accept new technology. The lack of knowledge and competence among end-users, as well as a lack of resources and infrastructure in emerging nations, are likely to limit the growth of the Asia Pacific IoT market share analysis. Some extensive government programmes in the region attempt to improve service efficiency. The area is home to the bulk of developing members who are undergoing fast urbanisation as the world's most dynamic region for urbanisation. While this trend creates great commercial potential, it also poses significant hurdles to long-term growth.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

List of internets of things (IOT) Key Players/Suppliers

  • Amazon Web Services, Inc. (U.S.)
  • Intel Corporation (U.S.)
  • Microsoft Corporation (U.S.)
  • PTC Inc. (U.S.)
  • Robert Bosch GmbH (Germany)
  • Cisco Systems, Inc. (U.S.)
  • IBM Corporation (U.S.)
  • Oracle Corporation (U.S.)
  • SAP SE (Germany)
  • Siemens AG (Germany)

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