IoT: Changing the Dynamics of Healthcare for Good
Jun 21, 2022 | Technology |
The Internet of Things (IoT) is transforming the entire treatment experience for both patients and healthcare practitioners. This is due to the Internet of Things' improved connection, which allows it to assess, manage, and provide real-time data.
The pandemic has altered the way the healthcare industry operates and has compelled healthcare practitioners to rethink how they treat patients. As the pandemic spread, things got more distant, and so did healthcare systems' usage of digital technologies to speed up the treatment process. IoT not only aided in the easy connection of diverse entities, but it also aided in the provision of immediate results to healthcare specialists.
According to Future Market Insights, IoT in the healthcare market is predicted to grow at a spectacular double-digit CAGR of 18%, reaching a market value of US$ 952.3 billion by 2032.
The successful implementation of 5G networks and enhanced wireless connection has paved the way for new healthcare innovations. As a result, contemporary machines will be digital and capable of operating without human involvement. This, in turn, is intended to speed up the diagnostic, treatment, and medication processes.
Major Drivers that will Lead to the Growth of IoT in Healthcare
Disruption of IoT in the healthcare industry is taking place with innovative and cost-saving solutions. Therefore, the demand for IoT-based solutions is hugely dependent on two major growth drivers
Rapid Reduction in the Cost of Care
IoT solutions help lower healthcare costs by the reduction in hospital readmissions, lowering medication non-adherence, and raising wellness management while using internet-connected smart devices and wearables that will help to collect and analyze medical data. It is also anticipated that the deployment of IoT in health care can also lead to potential savings of US$ 63 billion across the globe.
IoT technologies help hospitals and clinics by reducing operational costs by cutting down the cost of adding full-time employees and assisting them in specific departments. In addition, the providers of the healthcare solution are taking advantage of cloud computing and virtual infrastructure, which will give caregivers real-time information and offer them treatment that will be based on the shreds of evidence.
Increase in penetration of Connected Devices
Usage of IoT tools and devices in healthcare organizations will revolutionize medical care in unique ways. Connecting devices such as glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors, that are positioned close to a patient’s body, has taken the healthcare industry to a new level.
Reports of Future Market Insights have mentioned that Cisco will be connected to the Internet worldwide in more than 50 billion devices in the coming six years. Among these connected devices, around 30% of IoT devices are said to be deployed in the healthcare sector.
Potentiality of IoT in the health sector
The healthcare sector is not an area where we want to do or see any kind of grand technological experiments, but even so, IoT is making expeditious progress in this field.
IoT is thus considered to never replace healthcare professionals and their human hands, but it can serve as a kind of ‘big mother’ that will support and assist the healthcare sector. In the future, we can see IoT is using to optimize logistics and operations at hospitals, and monitoring critical equipment as well as monitoring patients remotely.
The healthcare industry's dynamics have resulted in the emergence of the reliance on contactless therapies, health monitoring systems, and medical sensors. All of these variables are altering the way health care is delivered online.
Read our recent detailed analysis report on how the recent trends and opportunities the healthcare industry can maximize through the help of IoT.