The size of the European IoT Healthcare market is predicted to be growing at a CAGR of 25.4% from 2021 to 2026.
Rapid technological advancements and an increase in chronic disease patients as a result of changing lifestyles are key drivers of market growth, while favorable regulatory policies for digitalization in healthcare, as well as an increase in acceptance of cost-effective IoT solutions and rising demand for effective disease management, will fuel market growth. The rising use of IoT devices such as smartphones, tablets, and other mobile devices is seamlessly linked with medical instruments in hospitals and clinics to provide real-time patient health monitoring. Rising incidence rates of chronic conditions such as hereditary disorders, greater access to high-speed internet, and the execution of favorable government regulations are some of the key reasons driving the internet of things growing in the healthcare sector. In addition, the rise in wearable technology usage, investments in digital technology implementation in healthcare facilities, and the advent of linked care further drive Europe's IoT Healthcare market growth.
One of the most common uses of IoT in healthcare is connected technologies. Patient monitoring, taking readings, observing patterns, and notifying patients in the event of pattern flaws are all common uses for such devices. This technology is also used to monitor at-risk patients in real-time, make informed decisions, and avoid unnecessary emergency room visits. In addition, the COVID-19 epidemic has increased demand for wearable devices that measure health and fitness data and location. It can be linked with other devices such as computers and cellphones.
Government support for IoT platforms and initiatives to improve healthcare infrastructure will offer attractive market opportunities. With advanced and cost-effective IoT in healthcare goods and solutions, there is a growing need for cost-effective treatment and illness management, greater acceptance of smart devices and wearables, increased interest in self-health monitoring, and decreased healthcare costs. In addition, the growing demand for price measures in the healthcare sector, the development of high-speed network technologies for IoT connection, and a growing focus on patient-centric service delivery through multiple channels are some other major drivers that are expected to accelerate the growth rate of the European IoT market in the next few years.
Scarcity of experienced personnel, expensive installation costs, and an increasing danger of data breach are significant factors that are expected to impose a negative impact on market growth during the forecast period. In addition, the lack of interconnectivity and interoperability is still a key obstacle to the market's growth. In the healthcare industry, outdated infrastructure is a well-known problem. It has been shown that different firms in the healthcare business are still burdened by legacy healthcare IT infrastructure. When it comes to deploying new technology, these businesses need the right people to do the job.
High expenses associated with IoT infrastructure development, data privacy and security problems, a lack of awareness among the general people, and a lack of technical competence likely hinder industry expansion. In addition, with the widespread adoption of IoT, a danger of data security and privacy has emerged, further increasing the healthcare industry's vulnerability to cyberattacks.
Impact of COVID-19 on the European IoT Healthcare Market:
The recent outbreak of COVID-19 has led IoT healthcare providers to quickly come up with solutions for battling the growing demand for high-quality services for protection against the virus. The fast-spreading of coronavirus has taken over the entire healthcare ecosystem, from pharmaceutical companies, drug makers, vaccine developers to health insurers and hospitals. As a result, applications, such as telemedicine, remote patient monitoring, and interactive medicine, along with inpatient monitoring, gained prominence during this time. In addition, Europe being the early hotspot for the pandemic, witnessed a huge demand for personal protective equipment.
This research report on the European IoT Healthcare market has been segmented into the following categories:
The medical devices segment, by component, is estimated to have the largest market share in this business over the outlook period. The wide-scale adoption of medical devices in healthcare activities is a major reason for this growth. Many European countries are adopting medical devices for the treatment of patients.
Amidst the global pandemic, telemedicine has become the largest application for the European IoT Healthcare industry. Furthermore, factors such as the increasing need for social distance have increased the demand for telemedicine in the area. Inpatient monitoring is considered as most applied segment of the IoT health care industry. This method proves to be extremely useful for monitoring the psychological functioning of the patient. Therefore, telemedicine and Interactive medicine are rapidly evolving in this region.
Geographically, the European IoT healthcare market was the second-largest regional market for IoT in healthcare in the global market in 2020. Due to important competitors in the area and an increase in patients with chronic diseases such as COPD, respiratory diseases, disorders, and others, Germany and the United Kingdom are expected to see substantial market growth. In addition, the need for self-health management approaches is growing as people become more conscious of fitness and health. As a result, demand for a variety of medical wearable devices has risen throughout the region, as individuals can now readily access and monitor their health at any time.
The IoT Healthcare Markets in Germany and the UK are expected to witness the greatest demand and growth rate during the forecast period in the IoT healthcare market. This is because these countries provide superior infrastructure to the growing industry. In addition, the research and development activities carried out in these two countries are very well known are likely to fuel the market growth.
KEY MARKET PLAYERS:
Some of the noteworthy companies leading the European IoT Healthcare market analyzed in this report are 3M, Cardinal Health, Medline Industries, Ansell ltd., AMD Medicom, Alpha Pro Tech, and Medisca Inc.
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