IoT in Healthcare: Increasing demand for wearable devices amid the COVID-19 outbreak
The internet of things has numerous applications in the healthcare, from having smart sensors to medical device integration and remote monitoring. It has the potential to improve the potential of the physicians to deliver care along with keeping patients healthy and safe. Healthcare IoT applications boost the patient engagement and the satisfaction by allowing the patient to spend more time interacting with the doctors. For instance, the devices such as vital signs monitors and infusion pumps were once used as a standalone machines which were attached to the isolated patients. Now they are often tethered to the health systems data networks in order to provide information.
The IoT in healthcare is although not yet in widespread use throughout, but there shall be massive increase in demand for internet of things in this industry in the coming years. This rapid scaling of these technologies is attributed to the declining prices of the devices and reducing the size of the components by making it user friendly and compact to use. Hospitals, healthcare laboratories and pharmacies will use internet of things for inventory management, improving the workflow optimization and medical device integration.
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A report by Transparency Market Research (TMR), forecasts the global IoT in healthcare market to be evaluated at US$ 102.8 Bn in 2019. Expanding at a pace of 20.9% CAGR for the 2019-2027 forecast period, the market is estimated to be worth US$ 469.4 Bn by the end of 2027.
North America IoT in healthcare market is expected to dominate throughout the forecast timeline. High technological awareness, increasing investments and adoption of smartphones and government initiatives fulfilling the industry potential is anticipated to drive the market in IoT related services and software. The U.S. is expected to dominate the North America region accounting for above 50% of market share throughout 2019 to 2027 as compared to Canada and Mexico. Hospitals across the region are adopting IoT technologies for monitoring people with long-term or chronic conditions, tracking the patient’s medication and their location through wearable devices.
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The development of the worldwide e-wellbeing market is significantly determined by expansion in government drives supporting the utilization of e-wellbeing arrangements and administrations, flood deprived to oversee administrative consistence through utilization of e-wellbeing arrangements, and shortage of medical services experts. Be that as it may, hesitance among clinical experts to embrace progressed e-wellbeing arrangements and significant expense of sending and upkeep of e-wellbeing arrangements frustrate the market development. On the other hand, expansion in promising circumstances in arising countries; development of mHealth, telehealth, and far off persistent checking markets; and ascend being used of e-wellbeing arrangements in outpatient care offices are relied upon to give rewarding development freedoms to the market development.
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