Internet Of things (Iot) In Healthcare Market Size 2022-2031: Business Share Analysis, Development Trends, Significant Growth Outlook, Regional Demand, Robust Industry Expansion

Kenneth Research, in its repository of market research reports, have recently added a report on Internet Of things (Iot) In Healthcare Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Internet Of things (Iot) In Healthcare Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

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 Internet Of things (Iot) In Healthcare Market products.

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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.

The Internet Of things (Iot) In Healthcare Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2022, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Internet Of things (IOT) is a network which connects objects via embedded electronics, sensors, and network connectivity. IoT gather devicesand share the information, making it possible to collect and analyse datafaster and accurately. IoT being used in healthcare sector acts as a catalyst for improving real-time communication between patients and the care provider’s. IoT applications are mostly used to improve access to care, quality of care,and reduce the cost of the total care. As the investment will increase in the healthcare systems, it will be used in telehealth systems delivering better care for remote locations and monitoring systems for better decisions.

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The customer intelligence market is expected to have a CAGRof 43.01% during the period 2016-2022, mainly driven by growing investments inhealthcare market by governments and various other stakeholders. The IoT healthcaremarket is analysed by six regions – North America, Western Europe,Asia-Pacific, Central Eastern Europe (CEE), Middle East & Africa and LatinAmerica. Further the region markets are also analysed by countries tounderstand the healthcare spending, government initiatives and underlyingopportunities for IoT healthcare market. North America is the most matured marketsowing to its extensive health infrastructure and the ever increasing pressureto control the healthcare costs.

Healthcare providers, payers, bio pharma and medical devicescompanies are investing heavily in adopting new technologies, enter new marketswith acquisitions and forge multiple collaborations to scale and be ahead ofthe competitors. Healthcare market is favoured by government mandates whichreduce healthcare burden on individual. One of the major trend in the market ishit by high consumerization. Consumers want to take control of their health andwhich has boosted the market for fitness bands such as Nike Fuel band, Google Glass, and Fitbit. Thedevices provide data at regular or scheduled intervals of time which are oftensupported by analytics for consumer to take control of their health and beaware of any variations from the normal health condition.

Healthcare organizations adopting IoT solutions to reduce cost of healthcare and also improve quality of healthcare delivery. Major capabilities of customer intelligence solution are predictive analytics, decision management, real-time scoring, customer engagement, cross-campaign optimization, customer lifetime value segmentation. Some of the major marketplayers include GE Healthcare, Medtronic, Koninklijke Philips NV, StanleyHealthcare, and AirStrip Technologies.

This study covers and analyses “IoT healthcare market” globally. Bringing out the complete keyinsights of this industry, this report aims to provide an opportunity forplayers to understand the latest trends, current market scenario, governmentinitiative and technologies related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.

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