High Growth of Global IoT and Virtual Hospital Market owing to Telehealth Adoption Boom
The IoT and virtual hospital market comprises medical devices, systems and software that connect healthcare professionals to their patients outside the conventional clinical settings. The advancements in information technology, virtual healthcare and digital health are facilitating the growth of IoT and virtual hospital market. With the help of IoT medical devices and digital platforms, healthcare professionals can monitor patients from remote locations, conduct video consultations and diagnose illnesses virtually. This improves access, affordability and quality of healthcare globally.
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 innovative IoT-enabled medical devices and healthcare IT solutions to increase their market share.
The growing demand for remote patient monitoring and telehealth solutions is another key factor driving the Global IoT and Virtual Hospital Market Demand. As the coronavirus pandemic restricted physical access to hospitals, the adoption of virtual care saw a significant rise. Various remote healthcare services like tele ICU, tele emergency care and tele-radiology witnessed higher demand from patients.
Advancements in technologies like artificial intelligence, cloud computing, 5G, blockchain and wearable devices are allowing Healthcare providers to offer advanced virtual care with better experience, affordability and outcomes. This is positively impacting the IoT and virtual hospital market.
Market Trends
Growing investment in digital health startups is a key trend in the IoT and virtual hospital market. Several digital health companies are receiving funding to develop innovative virtual care platforms, telehealth services and IoT-based diagnostics solutions. Increased healthcare digitization and focus on value-based care is also driving this funding. Another trend is the shift towards patient-centric healthcare with personalized virtual care. IoT and AI-powered technologies empower patients to track health metrics, manage chronic conditions and get appropriate medical advice or interventions on time. This is proving beneficial for patients as well as healthcare providers.
Market Opportunities
Emerging markets across Asia, Latin America, Middle East and Africa present high-growth opportunities for IoT and virtual hospital solution providers. As these economies witness rapid digital transformation and rising incomes, the adoption of virtual care will pick up pace. Integration of IoT devices, AI, AR/VR and other modern technologies can help providers tap into new opportunities in these regions. The growing geriatric population globally also opens up opportunities for remote patient monitoring and independent living solutions in virtual hospitals. Advancements will allow seniors to remain healthy, independent and connected with caregivers via IoT.
Impact of COVID-19 on Global IoT and Virtual Hospital Market Growth
The outbreak of COVID-19 disrupted the healthcare system worldwide. However, it also accelerated the adoption of digital health technologies like telemedicine, remote monitoring devices, and virtual hospitals. During the pandemic, virtual care emerged as an effective solution to address patients' non-emergency needs without exposing them to infection risk. Healthcare providers adopted IoT and virtual care models to continue providing essential services while following social distancing norms. This helped address the surging demand for healthcare amid medical staff shortages. Though the initial months saw a decline in non-critical care, post-COVID recovery highlighted the benefits of virtual models for managing chronic illnesses and improving access to specialty services in small towns. Going forward, hybrid virtual-physical care models are expected to become the new normal with healthcare moving towards advanced digitization.
Geographical Regions with Highest Value Share in Global IoT and Virtual Hospital Market
North America currently dominates the Global IoT and Virtual Hospital Market Regional Analysis owing to favorable government policies promoting digital health adoption and presence of advanced healthcare IT infrastructure. The United States accounted for the major share due to a large patient base seeking telehealth services. Meanwhile, Asia Pacific is emerging as the fastest-growing regional market given rising internet penetration, increasing healthcare expenditure, and governments prioritizing digital transformation of their healthcare sectors especially countries like India and China. This has stimulated widespread integration of IoT devices, remote monitoring solutions, and virtual consultations in the regions' healthcare systems.
Fastest Growing Region for Global IoT and Virtual Hospital Market
Asia Pacific is poised to be the most lucrative growth area for the global IoT and virtual hospital market during the forecast period. Countries across South-East Asia, South Asia, and East Asia are witnessing massive investments and policy support for digitization of their healthcare facilities. Rising lifestyle diseases, aging populations seeking smart healthcare, growing medical tourism industries are fueling IoT adoption here. Shortage of physicians is also driving virtual care prominence. The region also has a favorable demographic profile with the young tech-savvy population readily accepting digital health solutions. Furthermore, healthcare IT startups are proliferating in APAC with support from governments and private investors. All these factors are expected to significantly drive the Asia Pacific IoT and virtual hospital market within the next decade.
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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.
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