The IoT in Healthcare helps in delivery of healthcare facilities through improved communication, between patients and healthcare providers, via connected medical devices. It enable the stakeholders particularly, providers and patients, to enhance patient care, reduce costs related to healthcare, reduction in errors, improved patient experience, and improved patient outcomes along with better disease management. IoT in Healthcare solutions and services are replacing the tradition diagnosis and treatment procedures with advanced technology. The market for IoT in Healthcare is constantly growing with medical devices and pharmaceutical companies either competing with each other or collaborating with tech companies to offer enhanced and advanced solutions. The global IoT in Healthcare market accounted for US$ 20.15 Bn in 2015 and is expected to grow at a CAGR of 21.2% during the forecast period 2016 – 2025, to account for US$ 135.87 Bn in 2025. Few of the player that are operating successfully in global IoT in Healthcare market are Koninklijke Philips N.V., GE Healthcare, IBM Corp., Microsoft Corporation and others. Few of the factors that might act as a hindrance in the growth of the IoT in Healthcare market are high costs associated to smart devices and IoT infrastructure, and security and privacy concerns related to theft of highly confidential and sensitive health data of the patients.
IoT in Healthcare adoption propelling the growth of China’s medical tourism
China healthcare spending is increasing significantly over last few years. Average rate at which healthcare spending of the country is expected to rise is 11.8% between 2014 and 2018. Some of the key factors influencing this growth are increasing per capita income and government initiations with respect to public health reforms. Apart from these, the country`s healthcare sector growth is highly influenced by medical tourism which is driven by decreasing medical service cost, liberal government policies, standard of expertise and advancing technologies such as IoT in healthcare. IoT in healthcare is expected to change the dimension of medical tourism, enabling patients across the globe to be connected with surgeons and treatment centers from different locations, “connected devices to connected hospitals” will balance the medication differences despite of patients changing the location.
Indeed, China is expected to be one of the prime countries to extend healthcare tourism services, the strong prospect of Chinese growth in medical tourism is expected to influence the global medical tourism market to reach $687.5 billion 2017 with an impressive growth of 54.7% since 2014.
Wearable healthcare devices to boost the market for IoT in Healthcare
IoT has a significant role to play in monitoring the health and safety of individual. Numerous pioneering wearable technologies have been developed in recent years that intent to revolutionize healthcare industry. Integration of IoT and wearable devices such as smart watch or health bands help to empower and educate patients to take control of their health. Some wearable devices also send data related to functioning of organs and disease markers to the physicians and helping in monitoring and diagnosing disease. Other wearable or portable health monitoring devices such as blood glucose level monitor helps diabetes patients in monitoring blood glucose levels, track food intake and deliver insulin and transmit the related data to their physicians. The number of health benefits of wearable devices and integration of IoT is further expected to result in reducing the overall treatment time and ease doctor patient interactions.
Adoption of connected medical devices helping in improving efficiency and reducing the costs
The adoption of IoT in Healthcare solution is witnessing a high growth. Increasing need for integration and connectivity tools in escalating operations of healthcare organizations are the factors driving the growth of connected medical devices. Constantly decreasing costs of sensors embedded in these devices have resulted in falling prices of connected devices and hence, the adoption of connected medical devices have further increased. These devices are connected to the internet and enable the healthcare professionals to get real-time information regarding patients’ health and helps in efficient monitoring. Furthermore, these devices send alerts to the nearby hospital in case of any emergency. Also, connected medical devices save lengthy communication process between patients and healthcare providers. The valuable data recorded in the cloud through these devices helps in better diagnosis and analysis thereby, improving patients’ care.
Patient monitoring delivering ease to working class population
Patient monitoring facilitates healthcare providers to real-time monitor patients from any location across the globe. This has helped the care givers and patient located in remote areas to a great extent. Also, it helps in decreasing the costs involved in hospital stay by staying at home and monitored through devices connected to the cloud. The growing old-age population in various countries of the world has led to increase in demand for remote patient monitoring solutions. The dependency on working population is constantly increasing with the rising working population dependency ratio. Furthermore, the busy schedule of people sometimes makes it difficult to visit clinics for routine visits. Thus, opting for remote patient monitoring can be beneficial as well as cost-effective solution.
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