Global IoT and Virtual Hospital Market - 2023-2030

Global IoT and Virtual Hospital Market - 2023-2030

Global IoT and Virtual Hospital Market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2030, growing with a CAGR of XX % during the forecast period 2023-2030.

The Internet of Things (IoT) is a recent phenomenon which connects physical and analogue devices through the Internet with the use of actuators and sensors. The IoT application development technology allows these manual devices to store data and share information. The use of this technology eliminates the need for human intervention and enables the transfer of information over a network.

Virtual Hospitals are also an emerging trend. It uses telemedicine applications as a medium through which patients and doctors can communicate with each other. Such healing centres have a wider outreach and can cater to patients without boundaries.

Market Dynamics: Drivers and Restraints

Rise in adoption of connected devices and connectivity

The global IoT and virtual hospital market is growing due to the widespread adoption of connected devices across sectors. The potential for data generation and analysis has increased, leading to various health sectors leveraging IoT solutions to improve patient care and operational efficiency. Remote patient monitoring devices enable virtual ICUs and surgical assistance, optimizing costs and expanding reach to remote areas. Wearable health trackers enable individuals to monitor chronic conditions from home and seek medical advice online.

Furthermore, the global IoT and virtual hospital market is also driven by various factors like, advancements in technologies, a rise in the demand for remote patient monitoring and others that help the market to grow during the forecast period.

Market Dynamics: Restraint

A prominent challenge of implementing IoT in healthcare is the issue of data security and privacy. IoMT devices gather and transmit real-time data, but many lack adequate data protocols and security measures. Ambiguity around data ownership regulation further complicates matters. This vulnerability exposes patient and doctor data, making it susceptible to cyberattacks. Hackers could compromise Personal Health Information (PHI) for fraudulent activities, such as creating fake IDs to buy medical supplies or filing insurance claims.

Segment Analysis

The global IoT and virtual hospital market is segmented based on component, application, end-user and region.

The software and services from the component segment accounted for approximately 42.7% of the IoT and Virtual Hospital market share

The software and services from the component segment accounted for approximately 42.7% and is expected to dominate during the forecast period. Software and services are pivotal in IoT and virtual hospitals, enhancing efficiency, patient care, and overall healthcare experience.

For instance, in June 2021, Max Healthcare, one of the largest healthcare providers in India with over 15 super speciality hospitals, diagnostics and integrated home care services, launched an artificial intelligence (AI) powered device integrated patient monitoring framework, claimed to be the first in the country. Max Healthcare has launched the service in collaboration with digital health solutions provider MyHealthcare.

Geographical Analysis

North America accounted for approximately 38.4% of the market share in 2022

North America is estimated to hold about 38.4% of the total market share throughout the forecast period owing to the factors like advancements in connected healthcare technologies over the past few years that have enabled more robust remote monitoring of patients, especially among those with chronic conditions.

For instance, in February 2020, Cynerio, a leading provider of healthcare IoT cybersecurity solutions, stated the addition of the virtual segmentation capability to their platform. Safe and effective healthcare IoT security projects can take over a year to execute due to a lack of visibility into network topology and sensitive device operations. Building effective cybersecurity policy requires thorough analysis and the ability to contextualise and prioritise devices according to impact.

COVID-19 Impact Analysis

COVID-19 has significantly accelerated the adoption of IoT in healthcare, leading to increased demand for smart medical devices, telemonitoring for hospitals, and the use of IoT for quarantine compliance and contact monitoring. This has improved healthcare service delivery and the development of the Internet of Medical Things (IoMT). The adoption of IoT has also led to the development of virtual reality patient rehabilitation systems and a greater focus on security and privacy issues related to IoT devices.

Market Segmentation

By Component
• Software and Services
• Hardware
• Connectivity Devices

By Application
• Remote Patient Monitoring
• Telemedicine
• Store and Forward Telemedicine
• mhealth
• Others

By End User
• Hospitals
• Surgical Centers
• Clinical Research Organizations
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Microsoft, IBM, Oracle, GE Healthcare, Siemens Healthcare, McKesson, Koninklijke Philips, Medtronic, ScienceSoft USA Corporation, Bridgera and among others.

Key Developments

 In April 2023, Saint Joseph Hospital, a healthcare provider celebrated the launch of a new model of nursing care that will address staffing challenges while enhancing patient care. On April 18, hospital leaders shared an update about the virtually integrated care technology developed by CommonSpirit Health, which selected CHI Saint Joseph Health as a pilot site to pioneer this model of care.

 In September 2021, MFine, a health tech startup, announced that it had raised US$ 48 million in a Series C funding round led by Moore Strategic Ventures and BEENEXT with participation from existing investors, Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital.

Why Purchase the Report?
• To visualize the global IoT and virtual hospital market segmentation based on component, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analysing trends and co-development.
• Excel data sheet with numerous data points of IoT and virtual hospital market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global IoT and virtual hospital market report would provide approximately 69 tables, 70 figures and 183 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies