The APAC IoT Healthcare Market size is forecasted to be growing at a CAGR of 31.24% between 2021 to 2026.
The APAC IoT health market growth is primarily driven by factors such as IoT growth in the Healthcare industry, focusing on active patient participation and patient-centric care. The rising adoption of cost control measures in the healthcare sectors and the faster development of high-speed network technologies for IoT connectivity drive the APAC IoT healthcare market. Besides, an increase in IoT usage in healthcare allows for better medication treatment, resulting in increased demand growth. Furthermore, factors such as the rise in the number of chronic diseases and the need for more advanced medical care services are pushing businesses to implement new technology, such as online patient tracking. Technology allows for the practical observation of patients in environments other than conventional hospital settings, such as rural areas or homes.
Several advantages, such as increased chronic condition control, medical outcomes, and decreased pressure on healthcare services, drive innovative remote patient tracking systems. IoT technology bridges the gap between digital and physical data sources of data in the healthcare sector by monitoring behavior in real-time. Technologies based on IoT infrastructure aim to change the nature of telehealth networks to increase access to digitalized healthcare systems. Other factors, such as a rise in the number of digital health programs initiated by governments in emerging markets, are expected to drive market growth. Growing funding and investments in advanced technologies by the government and private organizations are more likely to contribute to market share. On the other hand, rising smartphone proliferation and the adoption of high-speed networking and connectivity solutions are projected to boost market growth.
However, the IoT healthcare market is hindered by strict regulatory guidelines. Infrastructure development issues in the healthcare sectors in underdeveloped countries in the APAC region impede the market growth. The IoT in the healthcare sector requires significant investments for renovation, which are out of reach for developing countries and limit the demand of the APAC IoT healthcare market. The market's main concern is that IoT is costly and complex, expected to restraint market growth.
Impact of COVID-19 APAC IoT healthcare market:
The emergence of COVID-19 has shown a positive impact on the APAC IoT healthcare market growth. The rapid expansion of COVID-19 across Asian countries has penetrated the entire healthcare industry. The recent SARS-COV-2 has prompted IoT healthcare solution providers to respond quickly to meet the rising demand for high-quality virus protection services.
Pharmaceutical companies and drug makers, vaccine developers are coming up with COVID-19 vaccines for hospitals and COVID-19 treatment centers. Telehealth, remote patient monitoring, and interactive medicine, and inpatient monitoring are expected to gain momentum during this pandemic period. The COVID-19 outbreak has increased demand for wearable devices that track health and fitness records, location and can be integrated with instruments such as laptops and smartphones. However, the market is expected to have better growth due to the increased adoption of health and fitness; there will be further purchases of in-stock wearables for real-time health monitoring.
This research report on the APAC IoT Healthcare market has been segmented into the following categories:
Geographically, the APAC region has seen significant growth in the global IoT healthcare market in the recent past. During the forecast period, APAC is expected to have the highest CAGR among all regions. In the APAC regional market, the healthcare industry is experiencing rapid growth due to the adoption of cutting-edge technologies such as the internet of things and machine learning, among others. As per the reports, it is estimated that the APAC region holds more than 50% of the world's population. The Major players in the market are China, India, and Japan, which are contributing to the largest regional market share.
In APAC, the Chinese market is expected to play a dominating role during the forecast period. It is anticipated to offer promising opportunities for the development of IoT in healthcare solutions. China utilizes information-intensive IoT technologies to meet the healthcare service demand and contribute to the regional market share.
The Indian market is one of the promising countries in the APAC market and is predicted to be the fastest-growing among all APAC nations. Favorable reimbursement programs, growing internet, and smartphone penetration, and investment and funding influence market growth. In recent years, rapidly spreading viruses and a shortage of medical personnel have prompted the government to take quick steps to adopt advanced technologies like IoT, blockchain, machine learning, and artificial intelligence.
Japan is most likely to register a healthy growth rate in the APAC IoT in the healthcare market. The major factors such as improved access to high-speed internet and the implementation of favorable government regulatory policies are the significant factors contributing to the growth of the internet of things in the healthcare market in this region.
KEY MARKET PLAYERS:
Companies that are expected to play a leading role in the APAC IoT Healthcare market during the forecast period are SAP SE, Koninklijke Philips N.V., CISCO Systems Inc., IBM Corporation, GE Healthcare, Microsoft, Qualcomm Life, Inc., Honeywell Life Care Solutions, Diabetizer Gmbh & Co. Kg, Proteus Digital Health, Adheretech Inc., Apple Inc.