The size of the North American IoT Healthcare market is forecasted to hike at a whopping CAGR of 27.9% between 2023 to 2028.
Increasing health concerns, coupled with a surge in investments towards the healthcare sector, has been a crucial factor contributing to the development of the IoT Healthcare market in the North American region. The Covid-19 pandemic outbreak has seen a surge in demand for PPE kits and masks across the United States, as it has witnessed a drastic hit by this virus. This has caused the market to expand at a significant rate in this area. Also, IoT Healthcare is extensively employed in end-users, like hospitals and medical centers. Government policies aimed towards personal protection are another factor contributing to the business growth in this locale.
Infrastructural issues in the present healthcare industry is a predominant drawback hindering business expansion. To improve the problems related to infrastructure, huge investments need to be made for renovation. This whole process can be considered costly and time-consuming which can act as a challenging aspect to the development of this market.
Impact of COVID-19 on the North American IoT Healthcare Market:
COVID-19 has resulted in severe challenges for different end-users worldwide but proven to be beneficial for the healthcare industry. The United States of America in North America has been seriously affected by this pandemic. Coronavirus pandemic is one of the major reasons for the aggressive growth of the IoT Healthcare markets, not only in North America but worldwide. Demand for equipment such as Masks, Gloves, PPE kits is at an all-time high to fight the existing situation. More investments are being made towards the safety of the frontline workers who are battling the virus; normal households have also taken personal protection seriously, with equipment such as masks being mandatory, the sector is set to boom and become a big hub for investments in the present and future.
This research report on the North America IoT Healthcare market has been segmented into the following categories:
By Component:
The medical devices segment is estimated to have the largest market share during the forecasted period by component. Widescale adoption of medical devices in healthcare activities is a major reason for this growth.
By Application:
Telemedicine has become the most applied segment of the North American IoT healthcare industry in terms of application. This method proves to be extremely useful for monitoring the psychological functioning of the patient.
By End-User:
During the global pandemic, the hospital segment has become the dominant end-user for the IoT Healthcare industry in North America. The increased number of cases in the United States of America has been a driving factor for this regional market segment.
By Country:
Geographically, the U.S. IoT Healthcare Market accounts for the largest share in the North American region. This is credited to the advanced infrastructure and high expenses within the industry.
The Canadian IoT Healthcare Market has also taken the healthcare sector very seriously with providing free healthcare to the citizens; they have improved the existing protective equipment market by increasing the demand and maintaining a balance within the supply chain. The market in Canada is expected to grow at a CAGR of 8% during the forecast period.
Several major market players are asserting their dominance in the North America IoT Healthcare Market in recent years; some of the big names in North America are 3M, Cardinal Health, Medline Industries, Ansell Ltd., AMD Medic, Alpha Pro Tech, and Medisca Inc.
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