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[215+ Pages Report] Facts & Factors has recently published a report titled “IoT Healthcare Market” that encompasses the spectacle of the market in an analytical and comprehensive manner. We at facts and factors estimate that the global IoT healthcare market will be valued at USD 189.4 Billion in the year 2026 from an initial value of USD 78.3 Billion in the year 2020 with growth at a CAGR value of 21.3%.
Internet of things (IoT) is the process of connecting a variety of devices with each other using the internet as a form of communication in order to form an array of devices each armed with similar functionality. In the healthcare, sector IoT technology is helped in order to bridge the discerning gap between the digital and physical aspects of data that is being gathered by monitoring patient behavior in a real-time format.These services are used forimproving the aspects of telehealth services in order to improve accessibility for healthcare services.
The growth of the global IoT healthcare market attributes to contributing factors such asincreased focus on active patient engagement coupled with patient-centric related care to name a few. Additionally, the rising need for the adoption of cost control-related measures in the healthcare sector coupled with the increasing growth of high-speed network technologies is expected to increase the footprint of the global IoT healthcare market during the forecast duration. Moreover, rising cases of COVID-19 during the forecast period coupled with rising demand for wearable devices is expected to boost the global IoT healthcare market.
The global IoT healthcare market is expected to be driven by factors contributing to adoption of health and fitness solutions owing to the ongoing pandemic coupled with rising demand for real-time monitoring requirements to name a few. Factors pertaining to the integration of artificial intelligence and machine learning algorithms areexpected to fuel the growth of the global IoT healthcare market during the forecast duration. However, the higher cost of implementation and outdated infrastructure is expected to hinder the growth of the global IoT healthcare market during the forecast period.
The global IoT healthcare market is segmented intocomponent, applications, end-user, and regions.
On the basis of component, the global IoT healthcare market is divided intodevices, software, and services. The services segment is expected to occupy the largest market share during the advent of the forecast owing to increased implementation of IoT based services increasing operational efficiency coupled with rising functionalities due to improved decision making capabilities to name a few. On the basis of application, the global IoT healthcare market is segregated into telemedicine, patient monitoring, operations and workflow management, remote scanning, sample management, and others. The patient monitoring category is expected to occupy the fastest growing CAGR during the advent of the forecast owing to the rising number of interconnected devices and instruments coupled with the rising adoption of operations and workflow management applications to name a few. On the basis of end-user, the global IoT healthcare market is categorized into laboratory research, hospitals, clinics, and others. The segment pertaining to hospitals is expected to witness the largest market share during the advent of the forecast owing rising adoption of IoT-based services owing to rising customer experiences in terms of real-time attention coupled with the rising adoption of wearable devices to name a few.
|Market Size in 2020||USD 78.3 Billion|
|Projected Market Size in 2026||USD 189.4 Billion|
|CAGR Growth Rate||21.3% CAGR|
|Key Market Players||Amazon, Inc., Cisco Systems, Inc., General Electricity Company, IBM Corporation, Intel Corporation, Microsoft Corporation, and Others|
|Key Segments||Components, Applications, End-Users, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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Asia-Pacific is expected to witness the largest market share during the advent of the forecast owing to highly populous regions turning to eHealth measures coupled with the increasing support of IoT healthcare solutions in rural and remote locations to name a few. Additionally, increasing targeted population coupled with rising government’s digital investments is expected to increase the footprint of the IoT healthcare market during the forecast period. Moreover, factors pertaining to leveraging IoT technologies from emerging economies such as China, India, and Japan coupled with developing healthcare infrastructure is expected to increase the consumer base for the IoT healthcare market during the forecast period. North America is expected to occupy a substantial market share during the advent of the forecast owing to the rising adoption of advanced technologies coupled with changing lifestyles among the general population to name a few.
The key market participants for the global IoT healthcare market are Amazon, Inc., Cisco Systems, Inc., General Electricity Company, IBM Corporation, Intel Corporation, Microsoft Corporation, SAP SE, Senseonics Holdings, Inc., SGH Group, TeleTracking Technologies, Inc., Wipro Ltd., Capsule Technologies, Comarch, HQSoftware, R-Style Labs, and STANLEY Healthcare, among others.
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