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Get Industry Analysis of IoT Healthcare Market Size, Share, Growth, Demand, Trends, Application and Forecast 2024

02.04.2019 · Posted in Health Articles

The IoT healthcare market has witnessed a high demand for telemedicine due to the augmented efficiency of processes and convenience for patients in order to reduce the length of hospital stays.

On the basis of the component, the market is subdivided into medical devices, services, and systems and software. Of all components, systems and software segment is expected to grow at the fastest rate in the market due to an elevated degree of data security and autonomy.

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IoT Healthcare Market

The medical device segment is further subdivided into wearable external medical devices, stationary medical devices, and implanted medical devices. In addition, the services segment is further subdivided into system integration services, support, and maintenance services and professional services.

On the basis of application, the market is subdivided into telemedicine, inpatient monitoring, clinical operations and workflow management, medication management, connected imaging, and others. The augmented efficiency of processes and convenience for patients in order to reduce the length of hospital stays is the factor responsible for the growth of the telemedicine.
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The different end users of the market are hospitals, surgical centers, and clinics, government and defense institutions, clinical research organization (CRO), and research and diagnostics laboratories. Among all end users, the hospitals, surgical centers, and clinics accounted the largest share in the IoT healthcare market.

Lack of data privacy and security, lack of awareness among the consumers, and insufficient healthcare infrastructure in developing counties are the major challenges for the growth of the IoT healthcare market.

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Geographically, North America is the largest IoT healthcare market as in the region the healthcare spending is increased. In addition, expanding the geriatric population, and improving healthcare infrastructure are also up surging growth of the North American IoT healthcare market. Asia-Pacific is observed to witness the fastest growth in the market, due to an upsurge in a number of hospitals and surgical centers.

Key players in the IoT healthcare market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. Medtronic Plc, Microsoft Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., General Electric Company, SAP SE, Cisco Systems, Inc., Qualcomm Incorporated, International Business Machine Corporation (IBM), and Stanley Black & Decker Inc. are the key players offering IoT healthcare.

Source: VynZ Research

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