IoT in healthcare set to skyrocket at $469.4 bn by 2027

It is without a shadow of a doubt that the pandemic has brought the world to a golden age of technology, as it accelerated digital transformation and technological innovations that will forever shape how we lead our lives.

The obvious champion of the pandemic was the healthcare industry, which saw it being infused with a plethora of tech-oriented solutions, inventions, and render the experience as seamless as possible.

Technological advancements are making a mark across the healthcare industry to a considerable extent. Monitoring and diagnosing patients are of utmost importance in the healthcare sector. The increasing use of connected technologies like IoT has resulted in overwhelming innovations.

Thus, all these factors bring immense growth prospects for the IoT in healthcare market.

IoT, or the Internet of Things, is a form of connected technology that uses data to customize real-time monitoring aspects and enhance customer experience. IoT is used extensively to enable real-time health monitoring and usually accesses patient health data.

The data proves to be a treasure for the stakeholders in the healthcare sector as it helps in enhancing patient health. Thus, all these advantages help in boosting the growth prospects of the Internet of Things in healthcare market.

A new study by Transparency Market Research (TMR) analyzed the overall development of the IoT in healthcare market in recent times. TMR experts project the IoT in healthcare market to record a whopping CAGR of 20.9 percent across the forecast period of 2019-2027.

The global IoT in healthcare market is estimated to reach a valuation of $469.4 billion by 2027, the end year of the forecast period.

With the advent of IoT in healthcare, patients’ interactions are not just limited to text messages, visits, and calls. IoT in healthcare has enabled doctors and clinicians to monitor the progress of their patients frequently.

 The data provided by IoT helps in increasing patient engagement and satisfaction due to more efficiency and accuracy. In addition, the COVID-19 pandemic will have a massive positive impact on the growth of the IoT in healthcare market.

Vaccine to boost IoT in Healthcare

COVID-19 vaccines are the key to reducing the effect of the pandemic around the world.

Mass vaccination drives are being conducted across the globe through varied vaccination drives; thus, connected technologies play an important role in the manufacture and supply of vaccines.

The Smart Fridge by Weka is a classic instance. This fridge uses IoT to allow remote monitoring of vaccines and ensures that the vaccines are stored at the right temperature. These factors will play an important role in increasing the growth rate of the Internet of Things in healthcare market.

Connected Ambulances

IoT in healthcare is not just limited to devices; the technology is making a great impact on emergency services as well.

Ambulances play a major role in providing emergency services. These ambulances, if connected with the IoT can help in addressing the issues of the patients with utmost care.

Unlike standard ambulances, IoT-enabled ambulances are connected to remote consultation rooms. It enables the paramedics to consult patients remotely and diagnose their problems immediately without wasting much time. All these factors bode well for the growth of the Internet of Things in healthcare market.

IoT in Healthcare Market: Uses in COVID-19 Pandemic

The growing transmission levels and the increasing strain on the healthcare facilities boost the need for connected technologies extensively. Here’s how the IoT in healthcare is playing a significant role during the pandemic according to the study by TMR:

• IoT devices are speeding up the COVID-19 detection processes by capturing patient data and other information.
• During the COVID-19 quarantine period, the patients can be monitored remotely by the authorities through wearables and similar technologies.
• Crowd monitoring devices powered by IoT will help ensure social distancing in public spaces.

While these innovations and inventions have massive room to disrupt the healthcare market, many experts have made the point that we remain at the tip of the technological iceberg, with much more to come.