Middle East IoT in Healthcare Market Analysis

The Middle East IoT in Healthcare Market Analysis size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The Middle East IoT in Healthcare Market Analysis Executive Summary

IoT in Healthcare also known as the Internet of Medical Things (IoMT) is the concept in which medical devices, software applications and systems are connected in a technologically intelligent network in order to gather, analyze, and share health related information. It facilitates nursing and other healthcare services by allowing the monitoring of patient’s health status and facilitating remote patient care as well as healthcare decision-making. 

The emergence of IoT in the global healthcare setups has accelerated over the recent past, effectively facilitated by the growth of interconnected devices and needs for efficient delivery of customised healthcare services. A paper in the *Journal of the American Medical Informatics Association* shows that there is a potential to make a profound positive impact on patients’ well-being and organization’s productivity using IoT devices. 

Healthcare organizations’ adoption of IoT is on the rise since IoT has been proven to enhance patients’ quality while reducing their cost. Thus, an online survey by the American Hospital Association revealed that 74% of patients in the U. S. were using Telehealth services through IoT technologies in 2023, which suggested a significant rise in the acceptance ratio. Connected devices help patient health surveillance, helping doctors and other healthcare professionals monitor patient’s readings, doses and general condition in real time and thus timely manage conditions that are chronic in nature. However, some issues are still present, namely related to the protection and safety of data. People are becoming more sensitive concerning the privacy of information related to the health of the individual, and the risks of computer hacking. Trust is equally a significant factor that health care related organizations have to employ adequate security measures and meet the laid down regulations. All in all, in spite of large IoT opportunities in healthcare, privacy and security aspects have to be taken up to integrate the IoT in healthcare market in healthcare systems. 

Market Dynamics for IoT in Healthcare Market in Middle East

Market Growth Drivers

The integration of IoT in the healthcare sector is catalyzed by various factors namely; the advancement in technology, increasing focus on remote healthcare, and the rising trend in the patient-centric approach. Connectivity of the devices means that the data gathered can be analyzed in real-time, therefore enhancing the patients and hospitals’ experience while boosting productivity. Studies also suggest that aspects such as the popularity of IoT technology, perceived health benefits, and perceived social norms, all significantly improve users’ perceived attitudes towards these devices, thereby increasing the likelihood of adoption. For example, one study denoted that 74% of patients in the U. S. employed telehealth services that involved IoT in 2023 and demonstrated a significant rise in the proven reception and dependence on a connected healthcare system. 

Market Restraints

On the other hand, IoT in healthcare has major challenges that include the privacy and security challenges that can arise from use of the technology. Interconnected devices create concerns in handling sensitive health data since there is concern in cases of data breaches and unauthorized access of data resulting in decreased willingness among patients and heath care providers towards the adoption of these technologies. Thus, self-perceived barriers include concerns for the safety of personal health information which cause IoT solutions to be considered cautiously. In addition, there are no clear legal norms and standards for protecting data and this also leads to the following issues contributing to the limitation of acceptance. 

Competitive Landscape for IoT in Healthcare Market in Middle East

Key Players

• Medtronic
• Philips Healthcare
• GE Healthcare
• IBM Watson Health
• Cisco Systems
• Honeywell Life Care Solutions
• Microsoft
• Siemens Healthineers
• Qualcomm Life
• Stanley Healthcare 

Recent Developments

June 2024, Qure.ai, a leader in healthcare AI, formed a partnership with Strategic Radiology, a coalition of independent radiology practices. This collaboration aims to enhance clinical accuracy and operational efficiency by providing easier access to advanced AI imaging technologies, ultimately benefiting over 1,700 radiologists in the U.S. 

Mergers and Acquisitions

July 2024, Deepc, a Munich-based AI-driven software company, announced its acquisition of the Osimis medical imaging software platform. This acquisition aims to enhance Deepc's capabilities in providing AI-powered radiology solutions, allowing for streamlined workflows and improved interoperability between systems 

July 2024, GE HealthCare announced plans to acquire an AI business from an ultrasound firm for $51 million, indicating a strategic move to enhance its portfolio of AI applications in medical imaging

Healthcare Policies and Regulatory Landscape for IoT in Healthcare Market in Middle East

Policy changes and Reimbursement scenario

Current policy debates focus on the matter of structuring data so that they could be read by devices and EHRs, all of which are part of the IoT. Thus, the reimbursement regime for IoT in healthcare is in a dynamic state though it still poses some complexities. Most of today’s conventional fee-for-service systems do not seem to consider the constant string of biometric data from the IoT devices. For example, Intel report shows that the Medicare has put several regulations that prevent the reimbursement of virtual services to anyone but patients in rural areas, therefore restricting the penetration of IoT in the delivery of care services.