As per the findings of fresh business intelligence study from IndustryARC, major disruptions will be caused by the numerous possibilities with the Internet of Things (IoT) in the healthcare sector in the near future. The report is titled “IoT in healthcare Market: By Components (Medical Device, System and Software, Service, and Connectivity Technology), By Application (Telemedicine, Workflow Management, Connected Imaging and Medication Management) & By Geography – Forecast (2018 - 2023).”
IoT Market in Healthcare Sector: Demand Analysis
The Internet of Medical Things (IoMT), also known as Healthcare IoT, is a subdivision of the Internet of Things (IoT). IoMT refers to a completely connected infrastructure between medical devices and software applications that have the ability to communicate with the various healthcare IT systems. This digital healthcare technology is sought to modernize the face of medicare for patients.
In order to better understand IoMT, it can be thought of as something as simple as a person wearing a FitBit. FitBit tracks and tabulates the number of steps of the wearer on their iPhone via Bluetooth technology. This data is then available to be shared with their personal doctor through a Wi-Fi connection as automated reporting data. Other options to view data by family and close friends is also available.
One of the aims of healthcare is to collect patient data and develop records with the data collected. According to Dr. Gopal Chopra, MD, CEO of PINGMD, and Associate Professor at the Duke University’s Fuqua School of Business in Durham, wearable sensors and medical devices are simply an advanced way to collect this data. He mentions that sensors and wearable technologies including mobile applications could be as basic as an alert sent to the individual’s healthcare provider in case of an accident with the patient such as a fall. There are bandages available that can detect the pH levels of the skin and detect that the wound is getting affected. These bandages are also capable of sending alerts to the care providers. "Anything we are currently using where a smart sensor could be used is part of that solution,"(i) says Dr. Chopra. He also adds, "We're able to take a lot of these data points to see if something abnormal is happening."(ii)
A brief look at some current statistics of IoT & IoMT in Healthcare
- 30.3% of all IoT devices are used in healthcare, since the introduction of IoT.
- The financial impact of IoT in all industries will rise from about $3 trillion to $6 trillion by 2025.
- It is estimated that 31 billion devices and 4 billion people will be connected via IoT by 2020.
- The global worth of IoT in healthcare is predicted to reach $2.5 trillion by 2025.
- With about 60% of healthcare organizations having introduced IoT already into their patient care activities, the healthcare industry stands as the third most advanced industry to implement IoT.
- IoMT is going to be one of the most sought after technology platforms in the next two years with 87% of healthcare organizations around the world planning to implement IoT connected services by 2019.
- IoMT has helped to increase workforce productivity, and reduce Medicare costs considerably.
- According to studies, 73% of organizations utilize IoT primarily for patient monitoring. The main concern involves the security of sensitive medical data as it is estimated that 89% of the healthcare IoT users have experienced some kind of security breach.
The Advances in Internet of Medical Things
- Improving clinical efficiency with IoT
Hospitals and many dedicated clinics use connected devices to enhance the Medicare reach and delivery. These devices help keep track of the treatments and thereby make possible automated electronic charting. Doctors are able to track their scheduled patient visits as well as the history of visits. They are even able to access EMR from remote locations.
IoT sensors that can be used for tracking the location of patients and medical equipment in real-time are also available. Pill bottles have been developed using IoMT to track the patient’s adherence to medications.
- IoT Market in home monitoring
IoT technology has enabled direct-to-consumer marketing, which aids in self-monitoring and gathering all necessary biometric data that can be accessed in the required situations. An example of this is the Smart thermometer, which uses temperature sensors in smartphones and other devices to read the temperature and keep a record of all the readings.
There are devices currently in the market that can help take an ECG (electrocardiogram) at home. These devices help to track and collect patient information right from their homes without the need for the patient to travel all the way to their doctor, while the doctor can assist through telemedicine.
- Advances in Neurotechnology
Researchers are working on developing high-tech cranial wearable products as IoT devices are also capable of reading brainwaves, thereby helping track and transmit mood altering neuro signals, which would help cope with the growing mental health problems globally, and also enable real-time monitoring of mental health of patients.
Other advances in neurotechnology include non-evasive brain wave reading and recording to help analyze drug efficiency in individual patients. The research on this technology is currently ongoing.
Advantages such as round-the-clock patient monitoring and care deliverance has already saved or at least improved many lives. Apart from saving lives, IoMT has made Medicare facility very convenient, improved drug management, and contributed to visible improvements in disease management through real-time monitoring. Apart from the obvious advantages, the future necessities require increasing the security of all types of data being transferred and stored in the connected devices to maintain patient confidentiality.
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What can you expect from the report?
The IoT in healthcare market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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