The use of IoT in healthcare is growing, and the market is estimated to reach up to $188.2 billion by 2015 – claims a recent study.
With the widespread use of self-health tools, management service indicates the trends towards digitization in healthcare. In 2020, the IoT healthcare market is valued at $72.5 billion. The latest study by Research and Markets reveals that it is projected to grow to $188.2 billion by 2015. The study finds a promising surge in the global IoT healthcare market – at a compound annual growth rate (CAGR) of nearly 39% from 2020 – 2025.
The adoption of IoT in the healthcare sector is driven by the advances of technology, coupled with digitalization. Alongside that, this includes infrastructure, tools, devices, connectivity, etc. Primarily, the self-health management tools helped in the overall increase in innovations and connectivity in the new-age healthcare ecosystem.
As per experts, the entire healthcare sector is poised to experience an unprecedented transformation soon – this is happening largely due to the healthcare access concerns amid the pandemic. As stated in the report, “COVID-19 disease has forced hundreds of millions of people worldwide to change their behaviors in terms of how they obtain healthcare services.”
Furthermore, this substantial market growth includes the solutions deployed in the cloud-based ‘as-a-service’ – for wellness, health-status monitoring, and acute care. Other enablers consist of embedded sensor solutions, high-speed connectivity, as well as wearable applications.
There are still shortfalls in the skilled digital workforce, and it is making daily functions more challenging. However, with the rising security concerns related to the critical patient information breach and other cyber attacks, the restructuring of augmentation in the IoT health market is a sure thing.
As per the study, the IoT healthcare market is segmented into systems and software, medical devices, services, and connectivity technology. Amid the forecasted period, the highest CAGR is expected for the “systems and software” segment. This is because they build a high degree of smart characteristics and can meet interoperability challenges.
Undoubtedly, the internet of healthcare things (IoHT) technologies in terms of processes, services delivery, and systems can transform the entire healthcare ecosystem – leading to high tech remote healthcare services. This will eventually augment the norms for patient care by maximizing patient outreach, increasing efficiency in diagnosis and treatment, and minimizing the operational costs.