Usage of Healthcare Internet of Things Increasing during COVID-19 Pandemic
One of the biggest trends in the technology landscape is the internet of things (IoT), which refers to any electronic device embedded with sensors and internet connection, allowing it to not only gather data about the purpose it is achieving, but also sending it through the internet to the relevant person or authority. Now, the IoT concept has penetrated the healthcare industry, especially with the increasing usage of connected medical devices, the most common and easily available of which is a smartwatch or fitness tracker.
Market research firm P&S Intelligence expects the IoT in healthcare market revenue to display a massive 30.2% CAGR between 2018 and 2023, to reach $267.6 billion by 2023 from $56.1 billion in 2017. One of the biggest factors cited for this is the regulatory and financial support being offered for the integration of IoT in the healthcare industry in numerous parts of the world. For instance, the European Union (EU) invested $18.2 million in the Connecting Europe Facility (CEF) program in 2015 to deploy the digital service infrastructure (DSI) in the region.
Under this initiative, governments of member countries were tasked with offering eProcurement, eHealth, online dispute resolution (ODR), and eIdentification (eID) services. Moreover, the British government invested $52.8 million in the three-year IoTUK program to advance the country’s IoT infrastructure. Similarly, as part of its Smart City Mission, Government of India is planning to provide IT solutions to connect doctors and patients, remotely. As all such smart healthcare initiatives will be implemented around connected devices, government efforts will continue to boost the adoption of IoT in healthcare.
Get Deep Analysis With Revenue Estimation: IoT in Healthcare Market
In the past, North America contributed the most significantly to the IoT in healthcare market, on account of its developed healthcare and IT infrastructure and strong government support for bringing the two fields closer. In addition, the prevalence of cardiovascular diseases, cancer, and diabetes is rather high in the region, which is leading to the rising demand for remote patient monitoring and consulting solutions. During the forecast period, Asia-Pacific (APAC) would witness the fastest growth in the market, due to the rising public and private spending on healthcare information technology (HIT) solutions and increasing geriatric population.
Hence, with governments and private companies investing heavily in advancing their healthcare infrastructure, the demand for IoT solutions for medical purposes will increase.