In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Internet of things is spreading their wings in every sector and healthcare is one of them. Internet of things offers various benefits in healthcare sectors such as improved medical care, reduced overall cost, better efficiency and also minimized human errors. Moreover, internet of things in healthcare is also improving relation between patient and doctor by offering better communication medium. Internet of things in healthcare sector has been helping hospitals and clinics to keep their patient safe and healthy. Further, hospitals and clinics can use internet of things to keep track of inventory. Fetal monitors, electrocardiograms, temperature monitor, blood and glucose level monitor are some of the important internet connected devices which have helped the doctors enormously to keep their patients safe and healthy.
Global internet of things in healthcare market is anticipated to flourish at a compound annual growth rate (CAGR) of 32.2% over the forecast period i.e. 2017-2024. The global market of internet of things in healthcare stood at revenue of around USD 42.7 Billion in 2016 and is expected to reach at a valuation of about USD 162.2 Billion by the end of 2024. Increasing expenditure in healthcare sector and technological advancement in internet of things are some major factors which are fostering the growth of global internet of things in healthcare market during the forecast period.
In terms of region, global internet of things in healthcare market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is dominating the global market of internet of things in healthcare due to the availability of advanced medical healthcare sector and higher healthcare expenditures in the region. Further, North America region is expected to retain its leading position over the forecast period.
Asia Pacific region is expected to be the fastest growing market of internet of things in healthcare over the forecast period. This rapid growth of Asia Pacific region can be attributed to factors such as increasing disposable income of consumers, expanding investment in research & development of healthcare sector and emergence of new advanced IT-healthcare services in this region. India and China are expected to be major contributors to the growth of internet of things in healthcare due to increasing medical tourism and rising demand for smart wearable medical devices.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Our-in depth analysis of the global internet of things in healthcare market includes the following segments:
Global smart wearable device market is further classified on the basis of region as follows: