Market Trends of IoT In Healthcare Industry
Increased Digital Adoption in the Healthcare Sector
- Growth in digital health adoption improves engagement with the healthcare system. The survey conducted by Accenture Health and Life Sciences Experience in the United States in 2021 reveals that 26 percent of people said healthcare system access had improved than during the pandemic. Digital adoption spiked overnight as providers had to pivot to virtual care quickly.
- The public and private healthcare industries have adopted digital technology at a considerably higher rate due to the pandemic. A few of the cohort's start-ups have also proved crucial to pandemic management. Blackfrog Technologies has created solutions for temperature-regulated vaccine carriers, allowing them to deploy in specific areas of Rajasthan. ThermaiScan, a Swedish solution, has developed a solution to screen for breast cancer through mobile phones, which showcases the increased demand for digital technologies in the healthcare sector.
- Several regional governments are taking the initiative and making investments to support digital adoption in the healthcare industry. For instance, in June 2022, the European government announced investing EUR 150 million to enable digital healthcare transformation, ranging from virtual wards to phone vaccine records. The plan includes supporting the introduction of electronic medical records in all NHS trusts and helping more than half a million people manage their long-term health problems from the comfort of their homes using digital tools.
- Similarly, in India, the government has taken initiatives like National Digital Health Mission, Ayushman Bharat Digital Mission, and Make in India to accelerate innovation and digitization in the country's healthcare sector.
- The medication management segment is also expected to show significant growth due to the growing adoption of healthcare information systems, the rising need to reduce medication errors and improve patient safety, and the increasing adoption of mHealth solutions for medication management. A rising focus of market players on developing innovative solutions in the field of medication management is also boosting the segment's growth.
- With the development of digital technologies, such as artificial intelligence and machine learning, which have massive potential in the market for healthcare, hospitals and other medical institutions can treat more patients at once while significantly lowering their workload.
- AI can assist medical professionals in giving more precise diagnoses and treatment plans using patient data and other information. AI can also help make healthcare more proactive and predictive by analyzing extensive data to create better patient preventative care suggestions.
- Devices supporting the Internet of Things (IoT) have enabled remote medical monitoring, keeping patients safe and healthy and expanding the possibilities for doctors to deliver world-class care. It also improved patient engagement and satisfaction by making interactions with doctors easier and more efficient. In addition, remote patient health monitoring can help reduce hospital stays and prevent readmissions. IoT will also have a major impact on dramatically reducing healthcare costs and improving patient outcomes.
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North America Holds the Largest Market Share of IoT in Healthcare Market
- The Internet of Things (IoT) in the healthcare market in North America dominates the overall market and is expected to show similar trends during the forecast period. This growth is due to the increasing adoption of healthcare IT solutions, major players' presence, and sophisticated infrastructure availability.
- Remote monitoring is now possible due to IoT-enabled devices across the region. It keeps patients healthy and safe and expands the possibilities for doctors to deliver superior care. Improved doctor-patient communications have also resulted in improved patient involvement and satisfaction rates. The hospital stay is shortened, and readmission is avoided because of remote patient monitoring.
- The use of EHRs (Electronic Health Records) has reached its full potential throughout North America, particularly in the United States. Numerous companies are out front in the IoT and healthcare sectors, aiming to capture a significant market share by creating solutions for particular medical applications, expanding collaborative R&D, and acquiring new startups. Particularly in the United States, healthcare IT firms are experiencing successful, revolutionary, and innovative advantages by providing services.
- By incorporating intelligence into medical devices, monitoring has become a primary focus in this region. For instance, the FDA approved using Epitel's initial product, a wireless and wearable EEG sensor for monitoring brain waves, in hospital emergency rooms and critical care units in 2021. This gadget provides real-time data insights about patients.
- Leading players operating in the market are focusing on strategic collaborations to support the adoption of digitalization in the healthcare sector. For instance, in September 2022, Honeywell International Inc. announced collaborations with two leading healthcare companies to follow in the United States and worldwide. The company will provide advanced digital technology and sensors to improve patient outcomes and increase connectivity for more efficient monitoring in homes and hospitals.
- Rising initiatives to reduce medical costs, security of data transfer on health IoT devices, and a transition from fee-for-service to a value-based approach have all significantly boosted the market. In February 2022, the government introduced bipartisan legislation, S.3620, the Health Data Use and Privacy Commission Act, to establish a commission and analyze the potential healthcare-related privacy threats.
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