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Internet of things (IoT) in Healthcare Market Worth USD 446.52 Billion at 25.9% CAGR by 2028 Owing to Presence of Large Population in Asia-Pacific

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Pune, India, Oct. 12, 2021 (GLOBE NEWSWIRE) — The global internet of things (IoT) in healthcare market size is expected to experience significant growth by reaching USD 446.52 billion by 2028 while exhibiting an astounding CAGR of 25.9% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled “Internet of things (IoT) in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Component (Devices, Software, and Services), By Application (Telemedicine, Patient Monitoring, Operations and Workflow Management, Remote Scanning, Sample Management, and Others), By End-User (Laboratory Research, Hospitals, Clinics, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 71.84 billion in 2020. Factors such as the growing awareness regarding self-health monitoring and the evolving healthcare infrastructure are expected to boost the demand for the product worldwide.

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List of the Companies Operating in the Global Market for Internet of things in Healthcare:

  • Amazon, Inc. (Seattle, Washington, United States)
  • Cisco system Inc. (San Jose, California, United States)
  • General Electricity Company (Boston, Massachusetts, United States)
  • IBM Corporation (Armonk, New York, United States)
  • Intel Corporation (Santa Clara, California, United States)
  • Microsoft Corporation (Redmond, Washington, United States)
  • SAP SE (Walldorf, Germany)
  • koninklijke philips n.v. (Amsterdam, Netherlands)
  • Senseonics Holdings, Inc. (Maryland, United States)
  • SGH Group (Sydney, Australia)
  • TeleTracking Technologies Inc. (Pittsburgh, western Pennsylvania, United States)
  • Wipro Ltd. (Bengaluru, Karnataka, India)

Market Exhibited 24.1% Growth Rate in 2020 amid COVID-19

The surging number of patients for diagnosis and detection of the novel coronavirus overwhelmed the healthcare settings globally. Owing to the sudden influx, the healthcare sector focused on adopting modern means to ensure reduced downtime for screening and testing of patients. Several hospitals and diagnostic centers started adopting IoT-based systems. For instance, according to the World Health Organization (WHO), in 2020, medical staff and patients in Wuhan, China, started adopting Cloud-Mind’s AI-synched smart medical devices consisting of rings and bracelets. This led to the market exhibiting a growth rate of 24.1% in 2020.

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Market Segmentation:

Based on the component, the market is trifurcated into devices, software, and services. On the basis of application, the market is divided into telemedicine, patient monitoring, operations and workflow management, remote scanning, sample management, and others. Moreover, based on the end-user, the market is segmented into laboratory research, hospitals, clinics, and others.

  • On the basis of end-user, the hospitals segment held a global internet of things (IoT) in healthcare market share of about 34.6% in 2020. The segment is expected to dominate during the forecast period owing to the increasing investment by hospitals in the adoption of IoT-based technology.

Lastly, based on region, the market is categorized into Asia-Pacific, North America, Europe, the Middle East and Africa, and Latin America.

What does the Report Include?

The global market for internet of things (IoT) in healthcare report includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

DRIVING FACTORS

Increasing Focus on Self-Health Monitoring to Promote Growth

The increasing awareness regarding fitness and health is leading to the demand for self-health management techniques. This has surged the demand for several medical wearable devices globally as people can easily access and monitor their health at any given time. Moreover, several manufacturers are focusing on introducing advanced monitoring devices to cater to the growing consumer demand. This is expected to favor the global internet of things (IoT) in healthcare market growth in the forthcoming years.

Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 25.9 %
2028 Value Projection USD 446.52 Billion
Base Year 2020
Market Size in 2020 USD 71.84 Billion
Historical Data for 2017 to 2019
No. of Pages 140
Segments covered By Component, By Application, By End User
Growth Drivers Rising Awareness of Self Health Monitoring and Measurement to Propel Market Growth
Integration of Artificial Intelligence with IoT in Healthcare to Drive Market
The AI-enabled IoT devices help healthcare providers in diagnosing and predicting the ailment in real-time.
Pitfalls & Challenges Limitation in Protecting Privacy to Restrict Market Growth

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REGIONAL INSIGHTS

Asia-Pacific- The region is expected to remain at the forefront and hold the highest position in the market during the forecast period. This is due to the presence of a large population and the rising investment in digital technology in the healthcare sector in the region. Asia-Pacific stood at USD 28.46 billion in 2020.

Latin America – The region is expected to experience considerable growth backed by the increasing focus on developing healthcare settings. For instance, February 2020, several Brazilian Ministries such as innovation, healthcare, and technology collaborated to integrate the internet of things (IoT) in healthcare schemes for the betterment of patients. 

COMPETITIVE LANDSCAPE:

Product Innovation by Key Players to Strengthen Their Market Positions

The market is segmented into several major companies striving to maintain their dominance by introducing advanced IoT in healthcare solutions to cater to the growing demand from patients worldwide. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.

Industry Development:

  • September 2020 – Intel Corporation announced the launch of enhanced IoT capabilities in its 11th Gen Core developed for several industrial applications. According to the company, the solution offers AI-based diagnostics and high-resolution displays by adopting advanced medical imaging devices.

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Table of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
  • Global Internet of Things (IoT) in Healthcare Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc.
    • Offerings/Business Segments
    • Key Details (Subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global Internet of Things (IoT) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component (Value)
        • Devices
        • Software
          • Remote Device Management
          • Data Analytics
          • Compliance and Security
          • Asset Performance Management
          • Others (Data Storage, Electronic Health Record, etc.)
        • Services
      • By Application (Value)
        • Telemedicine
        • Patient Monitoring
        • Operations and Workflow Management
        • Remote Scanning
        • Sample Management
        • Others (Predictive Device Maintenance, Medication Management, etc.)
      • By End-User (Value)
        • Laboratory Research
        • Hospitals
        • Clinics
        • Others (Clinical Tests, Pathology, etc.)
      • By Region (Value)
        • North America
        • Latin America
        • Europe
        • Middle East & Africa
        • Asia Pacific

TOC Continued.

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About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Artificial Intelligence

Dongfa Group’s Gas Scenario + Digital Twin Technology, Leads the Industry with New AI Trend

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–Highlights of the 2024 Exhibition
SHANGHAI, May 23, 2024 /PRNewswire/ — From May 17 to 19, 2024, China(Shanghai) International Metrology Measurement Technology and Equipment Exhibition was held at the Shanghai World Expo Exhibition and Convention Center. Dongfa Group participated in the exhibition, showcasing its latest research achievements. At the expo, Chairman Liu Ming of Dongfa Group conducted the lighting ceremony and announced the official launch of the “Smart Gas Comprehensive Supervision Platform,” demonstrating the convenience and efficiency achieved through the smart management of municipal gas meters.

Dandong Dongfa (Group) Co., Ltd., established in 1962 and headquartered in Singapore, was formerly known as Dandong Thermal Instrument Co., Ltd. As an integrated group company engaged in research, production, and operations, Dongfa Group is dedicated to the development and application of instruments and meters. Its product range includes IC card gas meters, wired direct-reading remote diaphragm gas meters, wireless direct-reading remote diaphragm gas meters, NB-IoT IoT meters, and ultrasonic gas meters. These products incorporate the technical features of similar domestic and international products, offering high accuracy, reliability, and stability, making the company a leading smart gas meter manufacturer in China.
At the expo, Dongfa Group showcased its Smart Gas Comprehensive Supervision Platform, which integrates AI, IoT, cloud computing, and big data. This platform connects the topological structure of all aspects of gas operations and consolidates all relevant data involved in production management and operation maintenance. This integration enhances the comprehensive research and development and operational maintenance capabilities of the big data governance system.
At the same time, Dongfa Group is empowering comprehensive management and control with digital twins, AI, and big data. By leveraging digital twins, AI models, and 5G technology as data elements, the company is constructing a unified citywide network and a digital twin map of the gas pipeline network. This enables deep integration of AI monitoring, pressure and leakage detection, smart terminals, and other sensing devices with gas operations, ensuring the comprehensive safety and supply of urban gas.
Digital twin gas technology not only provides auxiliary support for pipeline design, but also plays a crucial role in intelligent emergency response and precise distribution. Especially in the operation of gas stations, it enables comprehensive real-time monitoring, intelligent integrated operation scheduling, proactive warning, emergency event command plans, and other effects, thereby improving the efficiency and safety of gas management.
However, there have been numerous incidents of data leakage involving smart AI devices in recent years. Sensitive data is being collected or even sold by malicious actors, leading to the disclosure of confidential information, resulting in significant economic losses and even legal risks.
To ensure the security of both enterprise and user data, Dongfa Group utilizes Digital Envelope technology to encrypt and decrypt data packets during data collection and distribution. This approach combines the advantages of both symmetric and asymmetric encryption technologies for secure information transmission, enabling fast, efficient, and secure encryption and decryption processing for the smart gas digital business sector. This ensures the security and integrity of data during transmission.
Visitors at the expo showed strong interest in the new products and technologies exhibited by Dongfa Group. Dongfa Group has always been committed to driving the development of the smart instrumentation industry through technological innovation. Through this exhibition, the company not only showcased its technical prowess but also strengthened communication and collaboration with industry peers. Looking ahead, they aim to join hands in opening a new chapter in the smart instrumentation industry.
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QNAP S3-compatible Storage Solution “QuObjects” Certified as Veeam® Ready – Object with Immutability

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TAIPEI, May 23, 2024 /PRNewswire/ — QNAP® Systems, Inc., a leading computing, networking, and storage solution innovator, today announced that its S3-compatible object storage solution “QuObjects” has qualified as Veeam® Ready – Object with Immutability, applicable for QNAP NAS with QTS and QuTS hero operating systems. This certification underscores the reliability of QuObjects as a secure object backup solution for enterprises, enhancing data management efficiency and upmost security.

QuObjects is the S3 object storage solution for QNAP NAS, boasting read/write speeds 20 times faster than conventional cloud services, along with a highly flexible and scalable architecture to ensure efficient transmission and flexibility in object storage. From object service development to demanding workloads like machine learning and data lakes, QuObjects assists enterprises in achieving diverse application needs with higher cost effectiveness.
QuObjects supports Object Lock to ensure data immutability, further safeguarding against ransomware threats, cyberattacks, or human error. Coupled with access controls and authentication features, it provides comprehensive protection for object data security.
Jimmy Tam, Product Manager of QNAP, stated “Data security is critical for enterprises. With QuObjects certified by Veeam Ready – Object with Immutability, we empower organizations leveraging Veeam solutions to confidently opt for QNAP NAS for on-prem S3 object storage and backup, enjoying rapid transmission, extensive scalability, and steadfast security.”
QNAP is the preferred partner for Veeam object backup solutions. Learn more at Veeam Ready Object Partner and QNAP QuObjects- S3 Object Storage.
For more information and to view the full QNAP NAS lineup, please visit www.qnap.com.
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Tencent Announces Winners of Flagship CarbonX Program to Combat Climate Change

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SHENZHEN, China, May 23, 2024 /PRNewswire/ — Tencent (00700.HK) is awarding 13 exceptional teams that won the first phase of its groundbreaking CarbonX Program, which is aimed at boosting promising new climate technologies. The winners, which emerged from a pool of 30 finalists and more than 300 initial applications, will receive a total of around RMB 100 million (US$14 million) in financial support from Tencent. It showcases the company’s commitment to driving sustainable social innovations in the fight against climate change.

CarbonX was launched in March 2023 to advance the next generation of low-carbon technologies. Tencent has committed RMB 200 million (US$28 million) in catalytic funding over the next three years to innovative ideas that might otherwise languish or fail to gain traction.
CarbonX’s first phase focused on carbon capture, utilization, and storage (CCUS), as well as technology-based carbon removal. These solutions were chosen for their unique ability to curb emissions from hard-to-abate industries such as steel and cement, mitigate the continued reliance on fossil fuels, and reduce legacy emissions created from decades of industrialization.
Backed by Tencent’s mission of Tech for Good and an alliance of like-minded industry partners, CarbonX aims to help these cutting-edge technologies make the leap from the research or early startup stage to commercial scale. The ultimate goal is supporting them in making a significant impact toward the targets outlined in the Paris Agreement, which includes a 45 percent reduction in emissions by 2030 and achieving net-zero emissions by 2050.
Dr. Hao Xu, Tencent’s Vice President of Sustainable Social Value and Head of Tencent’s Carbon Neutrality Lab, said: “Technology innovation serves as the driving force to accelerate our progress toward achieving carbon neutrality. CarbonX program is aimed at fostering the growth of these technologies, driving positive impact across society, and laying the groundwork for a more sustainable future.”
Professor Jerry Yan, Chair Professor of the Hong Kong Polytechnic University and Co-chairman of the CarbonX expert committee, said: “To pave the path for a greener economy, we must champion the development of cutting-edge low-carbon technologies. Just as solar and wind power were nurtured in their infancy, emerging solutions like CCUS and tech-based carbon removal demand our early support.”
The program assembled a panel of experts from academia, industries, and the investor community as the jury, and welcomed submissions from diverse participants across three distinct tracks:
CarbonX Lab: Designed to incubate research institutions, universities, or labs that bring in game-changing climate solutionsCarbonX Accelerator: Designed to accelerate the growth of climate-tech startups that exhibit commercialization potentialCarbonX Infrastructure: Designed to support capacity building to facilitate industry developmentThe finalists comprise four projects from the Lab track, six from the Accelerator track, and three from the Infrastructure track. These projects explore innovative solutions, such as using steel slag to capture and store carbon directly from furnace exhaust, converting CO2 into sustainable aviation fuel and valuable chemicals through electrochemical reactions or microorganisms, and employing new approaches to directly capture CO2 from the atmosphere with the hope of slashing the cost to less than US$150 per ton.
Meanwhile, Tencent is also collaborating with Tsinghua University to develop a comprehensive system of Measure, Reporting and Verification (MRV) tools to accurately gauge progress toward decarbonization.
Aside from receiving financial and advisory support, several projects will also have the opportunity to collaborate with industry partners and test their research beyond the laboratory setting.
Building upon the success of the first phase, Tencent is poised to launch the second iteration of CarbonX globally as early as later this year in pursuit of early-stage climate tech innovation.

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