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Market Outlook for IoT in Healthcare and Business Recovery

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Internet of Things (IoT) is described as a network of physical devices that use internet connectivity to exchange digital information. The IoT in healthcare facilitates the connection of all medical devices and machinery to allow data transfer and storage using the internet. This has led to a significant transformation in the healthcare module. The market players have started to drop the legacy IT healthcare systems and have started to incorporate modern digital infrastructure. The market penetration rate for IoT in the healthcare module can be assessed through market research tools.

Advancements in this technology have opened new opportunities for the healthcare sector. The market outlook for the healthcare industry is expanding owing to the integration of ICT systems. According to the procured market database, IoT in healthcare offers significant advantages such as improved disease management, better patient experience, accurate treatment outcomes, and enhanced research methodologies. IoT in healthcare has allowed the ubiquitous use of digital reports to fast-track patient data. Management in inventory, billing, and medical are few other advantages offered by the technology. The impact of COVID-19 has accelerated the shift towards digital platforms and innovations thus providing quick business recovery solutions.

 

Connected Medical Devices:

According to market research tools, based on the components the IoT in the healthcare market is divided into three major types which include medical devices, systems & software, and services. Market database states that medical devices have contributed significantly towards an optimistic market outlook. This is due to the greater shift towards wearable digital gadgets which can track key user metrics in real-time. The medical devices vertical is further sub-divided into wearable external medical devices, implanted medical devices, and stationary medical devices. The segment-wise growth dynamics for this sector can be studied using Global Market Database. The cloud based market intelligence tool studies the shift in line with changing market trends.

According to the market database, wearable external medical devices have supported the growth of this market. The use of smartwatches, bracelets, and other gadgets can be linked with laptops and mobile phones. It helps to track the oxygen level, heart rate, blood pressure, and more. The user can get detailed descriptive reports hourly, daily, and weekly. This access to information has led to adopt a healthier lifestyle by individuals. This change in consumer lifestyle has led to an increased demand for the product across the value chain. Platforms like Global Market Database can be used to study the prominent growth segments within the value chain for this market. According to the market database, a patient can easily share detailed metrics with doctors to drive a faster decision-making process.

The implanted medical devices are the devices that are placed inside the body during surgery. This can include heart pacemakers, biosensors, smart micro-implants, prosthetics, and more. According to market research reports, these electronic implants can capture real-time data and information can be accessed via a remote location as well. Market database states that this has triggered a greater push towards virtual consulting and monitoring activities. The stationary medical devices are found in hospitals and clinics such as beds, chairs, medical equipment, operating machinery, and more. These items can be linked with the internet to track the patient behavior in the hospitals and predict the downtime for a piece of medical machinery.

 

Systems, Software, and Services (SSS):

Systems and software capabilities augmented the practices in the medical field according to data obtained from market research tools. These can be special-purpose software to provide a bouquet of solutions. According to the market database, the vertical is further sub-divided into remote device management, network bandwidth management, data analytics, application security. Data analytics has captured the greater attention of the healthcare industry. The data can be modeled into descriptive, predictive, and prescriptive analysis forms. This has allowed us to predict chronic diseases with more accuracy under the guidance of a medical expert.

The growth of data analytics applications in the healthcare module can be studied through Global Market Database. The competitive mapping for this sector as compared to other industries can also be studied through this market research platform. Market database states that the application security software is expected to be fast-growing due to digital vulnerabilities. The sensitive patient data is required to be safe and avoid any hacks. Security offerings help to forge better patient-doctor partnerships and enhance the patient experience.

According to the market database, IoT in healthcare has helped to disperse a variety of services in the medical field with more precision. This includes deployment & integration, consulting, maintenance, and staff training. Deployment and integration allow quick implementation of digital services and onboard patients smoothly. The data for the patients and staff can be authenticated easily and prevent any gaps in information. The IT systems and applications can be maintained and upgraded with quick access to the internet. This has allowed minimal downtime of the services. Training and education of the medical staff can be augmented with the help of IoT coupled with 3D animation. Market research tools state that interactive training modules and real-time performance tracking have led to a smarter and efficient workforce.

 

Supporting Technologies for IoT in healthcare:

The IoT technology has transformed and became more efficient with the integration of a plethora of new technologies. According to the market database, these technologies have supported the growth of IoT in healthcare and drive innovation in terms of medical practices. The cloud computing infrastructure has allowed sharing the large amounts of data generated by medical devices with ease. The increased data management facilities and the market penetration for this sector can be studied using Global Market Database. The cloud based market research tool provides free market data across 600+ markets.

The data can be accessed easily from any remote location and can be used for quick diagnosis. Artificial Intelligence (AI) and Machine Learning (ML) solutions have allowed for accurate clinical findings and detect chronic diseases. Market research tools state that the data generated by the IoT medical devices can be injected into the algorithms for prediction purposes and enhance the decision-making process.

According to the market database, blockchain with IoT has allowed capturing authentic medical records and other data related to the medical fields. The distributed principle of blockchain technology automatically verifies the information uploaded and avoids medical fraud. Robot Process Automation (RPA) is fed with historical data and performs the specific tasks for which the machine is trained for. The data generated by the stationary operating machinery can be utilized to monitor real-time performance and predict machine downtime. Market research tools suggest that the introduction of 5G is expected to support more IoT devices and enable faster communication between the devices.

 

IoT in Healthcare Market COVID-19 as Growth Factor:

 

The market database also states that the COVID-19 pandemic across the globe acted as a catalyst for this market. Worldwide healthcare institutes started to shift towards digital platforms to monitor patients and improve operations. Government initiatives aimed at promoting Electronic Health Reports (EHR) have contributed towards a positive market outlook. The growth trends and the overall market dynamics for this sector can be studied using Global Market Database. The cloud-based market research tool makes use of Dynamic Market Data (DMD) as its core technology.

Market research tools state that the vaccination drive in different countries has made use of modern IT infrastructure to track the vaccine supply and administration. The market database suggests that the widescale adoption of telemedicine has supported the growth of IoT-enabled devices. Virtual consulting and remote patient monitoring have increased the overall patient experience. These are newly developing trends in the healthcare industry and are expected to sustain with greater innovation.

 

North America Region:

 

According to the market database, this region has experienced a greater share in the market. A well-established healthcare module and research capacity are a few of the factors that have contributed to the growth in this region. A conducive technology ecosystem that includes the adoption of 5G, cloud computing, and IoT-enabled devices has supported the use cases for the digital healthcare environment. The region experienced a higher number of COVID infection outbreaks which led to migration to online platforms such as virtual consulting and remote patient monitoring. The growth potential for this market can be assessed through platforms like Global Market Database. The market research tool helps analyze the impact of IoT on the healthcare module.

For instance, a major company in the U.S.A in 2019, introduced a new application that is available for mobile devices. The app offered the patients a hypoglycemic event to monitor low glucose levels by predicting the occurrence 4 hours in advance. According to the market database, such innovations have boosted patient confidence and have granted access to actionable real-time data.

 

APAC Region Analysis:

APAC is expected to drive significant growth in this market according to data obtained from market research tools. Market database implies that this is due to the greater acceptance of information-intensive technologies. Constant government interventions to establish a robust digital healthcare module have supported the positive market outlook for this region. China and India are expected to spearhead the growth due to the high population density and a great number of internet users.

In 2017, the government of China revealed its five-year national science and technology innovation plan which was aimed to promote the digital healthcare system in the country. The government established a public database to gather the big data generated from all the IoT-enabled gadgets in the healthcare industry. This helped to drive consumer awareness and foster a conducive research environment.

To tackle the COVID-19 crisis, the Union Health Ministry of India launched a digital application in 2020. The application required the citizens to fill in their details and provide alerts related to nearby COVID-19 detected cases. This helped to improve access to information and the government was able to utilize the same data for contact tracing purposes.