For the past few years, the world has witnessed a significant emergence of advancement in technology like never before. There has been a massive shift in the way we work, think or interact with each other by becoming such an important part of our daily lives which has definitely influenced the expectations of consumers towards different industry.
With the adaptation of AI, IoT and Machine Learning, Healthcare industry seems to embrace the advancement of technology and has shown rapid growth in the recent years to stay relevant by joining hands with the technology to provide better care and address the needs and expectations of patients.
The Global Internet of Things (IoT) market size is estimated to grow with a CAGR of 10. 53% during the forecast period of 2022-2027.
The growing popularity of IoT in Healthcare industry is due to its high accuracy, cost-effective nature and efficiency. When implemented in medical devices it not only monitors and provide information to make precise decision about the patient’s health condition but also stores these data for quick review.
Having said that the healthcare market is expected to increase about three-fold to USD 660 billion dollars by the year 2025. Though the year 2022 is expected to witness a steep surge in the use of electronic prescriptions with the idea of reducing the paperwork and storage longevity as it continues to evolve and leverage Internet of Things(IoT),Artificial Intelligence (AI), Automation, Precision medicines, e-Rx and cloud computing and many more.
The future of healthcare includes technology that seamlessly combines data on patient’s medical history, real-time health and data visualisation, insurance coverage, and financial information all to support provider decision-making which will not only improve patient health but also reduce the costs. This will begin by expanding access to patient health and background information.
In the near future, not only Internet of Things(IoT) will enable patients to manage and have better access to the personalised health metric data and care but it also has the potential to make healthcare significantly cheaper and efficient.
IoT is already making changes in the healthcare industry- from research, remote patient monitoring, wearable devices to mental health. We will continue to see higher usage of IoT in the healthcare industry since People are playing a more active role in maintaining and monitoring their health and we can definitely see all the big player like apple shifting to medical wearable devices, even the new apple watch is not just a fitness watch anymore it has the ability to monitor health.
And with the help of IoT and cloud together you can access the real time data about your health and with the ability of storing it as well for a quick review. These wearable devices can help you track anything, from your heart rate to your reproductive cycle, blood pressure, oxygen level etc.
Monitoring is the most common application of IoT devices in Healthcare. With the help of IoT you can remotely monitor the patient’s health as they automatically collect various metrics such as heart rate, temperature, blood pressure and forwards it to a software application for healthcare professional to review it anywhere, anytime.
Apart from common health metrics monitoring, IoT devices can also enables you to keep a track on the level of glucose by providing continuous and automatic glucose monitoring and other health metrics.