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24-Mar-2021

Why is IoT in Healthcare Market Booming?

Summary

Market research firm P&S Intelligence expects the IoT in healthcare market revenue to display a massive 30.2% CAGR between 2018 and 2023, to reach $267.6 billion by 2023 from $56.1 billion in 2017.
Editor: Pramod Arya Last Updated: 24-Mar-2021

One of the biggest trends in the technology landscape is the internet of things (IoT), which refers to any electronic device embedded with sensors and internet connection, allowing it to not only gather data about the purpose it is achieving, but also sending it through the internet to the relevant person or authority. Now, the IoT concept has penetrated the healthcare industry, especially with the increasing usage of connected medical devices, the most common and easily available of which is a smartwatch or fitness tracker.

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One of the biggest factors cited for this is the regulatory and financial support being offered for the integration of IoT in the healthcare industry in numerous parts of the world. For instance, the European Union (EU) invested $18.2 million in the Connecting Europe Facility (CEF) program in 2015 to deploy the digital service infrastructure (DSI) in the region.

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With connected devices, various health parameters, such as heart rate, blood pressure and oxygen saturation, body temperature, respiratory rate and efficiency, blood glucose, and weight, can be monitored and the data sent to doctors over the internet. This way, people do not have to physically be at their doctor’s for regular checkups and consultation, as all of it can be done via web conferencing and other audiovisual software. Further, in the present times, with anti-COVID measures having been implemented around the world, telemedicine is enabling patients to stay home and avoid getting infected at hospitals.

In the past, North America contributed the most significantly to the IoT in healthcare market, on account of its developed healthcare and IT infrastructure and strong government support for bringing the two fields closer. In addition, the prevalence of cardiovascular diseases, cancer, and diabetes is rather high in the region, which is leading to the rising demand for remote patient monitoring and consulting solutions. During the forecast period, Asia-Pacific (APAC) would witness the fastest growth in the market, due to the rising public and private spending on healthcare information technology (HIT) solutions and increasing geriatric population.

Hence, with governments and private companies investing heavily in advancing their healthcare infrastructure, the demand for IoT solutions for medical purposes will increase.