Internet of Things in Healthcare set to dramatically increase
A recent report from Grand View Research has predicted the global Internet of Things (IoT) in healthcare market, valued at $58.4 billion in 2014, is set to be worth $410 billion by 2022.
The significant growth is being driven by a rise in chronic diseases such as heart failure, diabetes and obesity and increasing demand for new and increasingly innovative medical devices.
The internet of things refers to physical objects, such as medical devices, being embedded with electronics, software, sensors, and network connectivity that enables these objects to collect and exchange data. The continued prevalence of smartphones, growing adoption of software automation and more medical devices being interconnected are also being cited as factors for the market’s growth.
An increasingly aging population with people living longer is driving demand for connected medical devices capable of continuously monitoring and providing feedback in real-time, with people aged 65 years and above being the key target market.
Also healthcare professionals are increasingly using technology platforms to serve the growing hospital and patient needs. Moreover, various routine activities such as patient data recording, data storage and data analysis have been streamlined using software’s and cloud storage systems, leading to significant reduction in healthcare operational costs and errors.
The report says the market conditions are perfect for growth, with expansion being facilitated by collaboration between the high tech software industries and the medical device manufacturers, healthcare practitioners, and technology universities.
The market is also on the receiving end of substantial interest from venture capitalists and hedge fund managers on account of the vast potential for transformation in healthcare delivery models and improving patient outcomes.
To find out more about the full report and market insights, visit the website HERE