The size of the European IoT Healthcare market is predicted to be growing at a CAGR of 25.4% from 2021 to 2026.
Growing health concerns and an increase in investments towards the healthcare sector have been some of the major factors contributing to the growth of the European IoT Healthcare market in recent years. The Covid-19 pandemic outbreak has seen a surge in demand for PPE kits and masks all over the world, especially in European nations like Italy. This has caused the market to grow at a significant rate in recent times. Moreover, IoT Healthcare is being adopted extensively in hospitals and medical centers. The government policies aimed towards personal protection is another factor that has contributed to the growth of the local market. Members of the European Union (EU) have increased their expenditure towards the healthcare of the citizens. Many of these countries provide free healthcare to the citizens; in doing so, a great advancement in technology has been made, and many medical facilities are using IOT enabled devices.
Infrastructural issues existing with the healthcare industry is a major drawback hindering the European market growth. To improve the problems related to infrastructure, huge investments need to be made for renovation. This whole process is costly and time-consuming, which restrains the growth of the regional market.
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. Applications, such as telemedicine, remote patient monitoring, and interactive medicine, along with inpatient monitoring, gained prominence during this time. 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. 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. Telemedicine and Interactive medicine are rapidly evolving in this region.
Geographically, 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. These countries provide superior infrastructure to the growing industry. The research and development activities carried out in these two countries are very well known and will likely fuel the market growth.
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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