IoT (internet of things), as the name suggests, are the devices which are connected through the internet and exchange their data. Currently, IoT is making inroad in various industries such as automotive. But what is its deployment status in the health sector?.
What is the size of the global IoT in the healthcare market?
The global market size of IoT in healthcare was around $ 50 billion in 2019. The market is expected to see a decent growth rate in future, due to the rising demand for automation in healthcare, Increase in use of IoT devices, advance technologies for communication between IoT devices, cost-effective treatment, real-time engagement with doctors, and rising trend of self-monitoring.
The market is expected to grow at 20%, in 2020, reaching $ 60 billion. The high growth rate is due to the growing use of IoT devices in healthcare to fight against coronavirus. COVID-19 also spread through touching patients, and IoT devices can provide an effective remote treatment to patients and track the real-time condition of patients.
Hospitals are also using IoT devices to track the real-time movement of COVID-19 patients to avoid spreading in hospitals. Most of the companies are also developing various advance robots and devices to fight against COVID-19, such as AT&T which is making robots to automate the cleaning of hospital rooms, by using IoT connectivity, to reduce the spreading of the virus in hospitals. VivaLNK’s has also produced the connected thermometers to track the real-time temperature of COVID-19 patients. The thermometer is currently used by the Shanghai Public Health Clinical Center (SPHCC) and the other seven hospitals in China.
The most important and critical use of IoT application is in the healthcare sector. It can be used by patients, doctors, hospitals, and health insurance companies. Patients can use it through wearable devices which can track the heart rate, blood pressure, and exercise timings, and remind patients in case of disturbance in a regular routine.
Doctors can use it for remote monitoring of patients by staying connected through monitoring equipment in patient homes. Hospitals can use IoT devices for temperature monitoring of hospitals, real-time tracking of medical equipment, and in the automation of various medical devices.
Health insurance companies can use IoT devices to eliminate the insurance claim frauds by keeping track of health data captured by the monitoring devices of patients. In return, insurance companies can offer rewards to the insurer for providing health data.
Some of the main players in IoT in healthcare market include Microsoft, IBM, Intel, Cisco, SAP, Wipro, Resideo, Armis, Comarch, and Softweb.
307 Pages Report] The global Internet of Things (IoT) in healthcare market size is expected to grow from USD 72.5 billion in 2020 to USD 188.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period. Key factors driving the growth of the IoT in healthcare market are the rising focus on active patient engagement and patient-centric care, growing need for adoption of cost-control measures in the healthcare sector, and growth of high-speed network technologies for IoT connectivity, and increasing focus on patient-centric service delivery through various channels.