The continued adoption of Internet-related equipment, devices, and services in the health industry is expected to drive the market to reach nearly $200 billion by 2024.
By 2020, it is estimated that there will be 21 billion connected devices in the world. That will be five times as many as just four years ago. This fact affects healthcare as much as any industry. The Internet of Things (IoT) in Healthcare report tracks the trends around IoT in healthcare and makes specific market estimates and forecasts.
The industry adoption of technology in healthcare is driven by an increase in government mandates, staffing shortages, improving clinical outcomes, and increasing pressures on healthcare functions. The growing availability of services and vendors will increase access to complex systems and provide more options directly focused on meeting the demands of the health industry. The rise of the IoT is producing some exciting advancements and demand is expected to grow exponentially in the next five years.
IoT can be used to increase diagnostic rates and improve accuracy, allowing for caretakers to make fast, more informed decisions for patients. There is a large physician shortage across the world and misdiagnosis rates are skyrocketing. With medical professionals under more pressure than ever before, IoT can have a meaningful impact on the healthcare industry.
Due to the rapidly growing elderly population, health issues are increasing, while there is a concerted effort to control costs. IoT healthcare devices provide a lower cost and less intrusive way to manage health. Wearables, medication reminders, and portable diagnostic devices reduce the number of visits to a doctor and increase the level of care.