Internet of Things (IoT) has emerged as a massively popular technology all over the world in recent years as automation picks up pace. Growing penetration of digital health technologies, rise of telemedicine, and high demand for remote patient monitoring are all key factors driving the global IoT in healthcare market development.
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Home healthcare, telemedicine, and remote patient monitoring are the top trends that are promoting the use of IoT technology in the healthcare vertical. Rising acceptance of IoT in healthcare and increasing investments in digitization of healthcare will also create an opportune setting for IoT in healthcare providers in the future. High incidence of chronic diseases has led to increasing rates of hospitalization and deployment of digital health solutions is essential to effectively treat all patients. Use of IoT medical devices will also help resolve the issue of dearth of skilled medical professionals by streamlining operations and saving more time for healthcare professionals. Utilization of cloud healthcare offerings and integration of artificial intelligence to promote automation are also expected to bolster the demand for IoT in healthcare across the forecast period and beyond.
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Improving Healthcare Experience through IoT Technology Prime Focus of Companies
IoT in healthcare providers are continually focusing on improving patient outcomes and streamlining healthcare operations through their solutions. Some companies are targeting the security of healthcare IoT solutions whereas some are leveraging their solutions to improve the quality of healthcare. IoT in healthcare market players are all taking a different approach as to how IoT can be used in healthcare, and this is what makes the market highly opportune for every company. Advancements in IoT technology will be highly vital for new and established IoT in healthcare companies. Medical device manufacturers are projected to integrate IoT technology to improve the connectivity of the.
- In November 2022, Oxy Aid, a leading name in the medical industry of India, announced the launch of an IoT-enabled medical oxygen plant on wheels, which is a first for India. The solution provides mobile oxygen generation and improves the availability of oxygen in all healthcare facilities.
- In December 2022, Palo Alto Networks, a renowned company operating in the cybersecurity business, announced the launch of a new zero trust security solution specifically for digital health technologies. Machine learning algorithms majorly power this Medical IoT Security solution for safe connectivity of connected healthcare devices and systems.
- Schneider Electric, a French multinational conglomerate, announced the launch of a new IoT-powered solution for the Indian healthcare ecosystem back in August 2023. EcoStruxure for Healthcare aimed to revolutionize the healthcare landscape in India by providing an uninterrupted power supply to healthcare establishments.
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To conclude, the global IoT in the healthcare market is a highly opportune space with multiple opportunities. IoT in healthcare companies can easily gain a substantial market share by adopting the right strategies and constant investments in innovation. The growing penetration of digital health technologies and services will act as a catalyst for IoT in healthcare adoption in the long term. High investments in digitization of the healthcare space will foster market growth in the future.
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Global Internet Of Things (IoT) Market
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