Global IoT and Virtual Hospital Market is estimated to Witness High Growth Owing to Increased Need for Improved Healthcare Infrastructure
The global IoT and virtual hospital market has seen considerable growth in recent years with growing adoption of connected medical devices and imaging systems for remote diagnostics and treatment. IoT enables collection of large amounts of patient data from wearable devices and sensors which can help hospitals deliver preventive and personalized care. Virtual hospitals allow remote access to hospital services through digital platforms for patients in rural areas with lack of medical facilities. This reduces healthcare costs and improves access and outcomes.
The global IoT and virtual hospital market size is expected to reach US$ 47.24 Bn by 2030, from US$ $17.18 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 18.4% during the forecast period.
Key Takeaways
Key players operating in the global IoT and virtual hospital market are Microsoft, IBM, Oracle, GE Healthcare, Siemens, Cerner, Allscripts, McKesson, Koninklijke Philips, and Medtronic. These players are focusing on developing advanced IoT-enabled medical devices and platforms for remote care delivery and management.
The growing need to reduce rising healthcare costs is presenting numerous opportunities for players in Global IoT and Virtual Hospital Market Demand. Technologies such as telehealth, remote patient monitoring, and AI-based diagnostics are enabling affordable long-term care for chronic conditions without hospital visits.
The increasing digitalization and availability of high-speed internet globally is facilitating international expansion of IoT and virtual hospital platform providers. Companies are partnering with local players to offer their solutions in international markets and tap into the large unmet demand, especially in developing countries.
Market Drivers
The key drivers boosting growth of the global IoT and virtual hospital market include growing geriatric population and rising prevalence of chronic diseases driving demand for remote care solutions. Furthermore, advancements in digital technologies, increasing investments by hospitals to upgrade IT infrastructure, and favorable government initiatives to promote telehealth are fueling adoption of IoT-based medical devices and virtual hospitals globally. However, data privacy & security concerns and lack of standards could hamper market growth.
PEST Analysis
Political: The Global IoT and Virtual Hospital Market Regional Analysis positively impacted by government initiatives and funding for digital health infrastructure and technological advancements. Countries are developing policies to increase the affordability and accessibility of virtual healthcare services.
Economic: Rising healthcare costs, shortage of medical professionals, growing requirement for improved patient care and diagnosis are driving the demand for cost-effective virtual hospital solutions. The economic growth is resulting in higher disposable incomes supporting the adoption of advanced healthcare technologies.
Social: The increased use of smartphones, tablets and other connected devices along with growing Internet penetration is supporting the social acceptance of virtual healthcare delivery models and remote patient monitoring. Elderly population prefers virtual consultations for convenience.
Technological: Integration of advanced technologies like AI, cloud computing, 5G, blockchain and wearable devices is enabling virtual consultations, remote procedures, centralized healthcare delivery and improved storage/processing of large patient datasets. Technologies allow sharing of information in real-time between doctors and patients.
The geographical regions where the global IoT and virtual hospital market in terms of value is concentrated include North America, Western Europe and Asia Pacific. North America accounts for the largest share due to established healthcare infrastructure, favorable government policies, presence of leading technology companies and high healthcare spending. Western Europe is another major regional market backed by expanding digital healthcare services.
Asia Pacific is considered the fastest growing region for the global IoT and virtual hospital market attributed to rapidly developing economies, rising healthcare needs of huge patient population, increasing medical tourism and investments by market players in digital transformation of healthcare. Countries like China, India and South Korea are witnessing heavy adoption of virtual care models and remote monitoring solutions.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: www.linkedin.com/in/alice-mutum-3b247b137 )
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