One of the major technologies that has emerged in the past few years is the internet of things (IoT). This technology allows physical devices to be connected in order to exchange data with each other. Today, IoT is a part of number of industries, including the healthcare industries. By making use of IoT, the healthcare sector is bale to enhance patient outcomes and also takes away some of the pressure off healthcare professions. Due to this technology, healthcare professionals are able to provide remote healthcare facilities to patients, which allows them to focus more on patients that need more care.
This further allows people to get proper medical advice without having to frequently visit the hospital. Remote patient monitoring is particularly helpful when it comes to the geriatric population, people suffering from chronic diseases, and people suffering from disability. Ascribed to these factors, the global IoT in healthcare market is projected to generate a revenue of $267.6 billion by 2023, increasing from $56.1 billion, exhibiting a 30.2% CAGR during the forecast period. Services, medical devices, and systems & software are the IoT components in the healthcare industry, among which, the demand for medical devices was the highest in the past.
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Geographically, North America has been the largest IoT in healthcare market in the past, which can be primarily ascribed to the rising initiatives by government and non-government organizations for increasing awareness and encouraging the adoption of IoT solutions in the healthcare industry. In addition to this, the rising prevalence of chronic diseases, technological innovations, and increasing research & development activities in the healthcare information technology sector in the region are also resulting in the growing adoption of IoT solutions.
In conclusion, the demand for IoT solutions in the healthcare sector is growing due to the rising need for improving patient outcomes and remote patient monitoring.