IoT In Healthcare Market to Hit Sales of $332.52 Billion by 2028 | IoT Market to Surpass Valuation of $2412.49 Billion
IoT in healthcare market was valued at USD 87.06 Billion in 2021, and it is expected to reach a value of USD 332.52 Billion by 2028, at a CAGR of 21.10% over the forecast period (2022-2028).
November 10, 2022 08:15 ET | Source: SkyQuest Technology Consulting Pvt. Ltd.
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Westford, USA, Nov. 10, 2022 (GLOBE NEWSWIRE) -- By 2025, the number of internet-connected devices is expected to reach 27 billion. of these, 2.3 billion will be used in healthcare, according to a report from SkyQuest Technology. IoT in healthcare market is one of the most promising and rapidly growing areas in healthcare technology. Hospitals and other care providers are starting to see the potential of IoT to transform the way they provide care, improve patient outcomes, and lower costs. There are a number of factors driving the demand for IoT in healthcare. One is the increasing prevalence of chronic conditions, which require ongoing management and monitoring. IoT can play a role in helping patients manage their conditions by providing real-time data on their health status and providing alerts when something is wrong.
In addition to this, rising cost of healthcare to add fuel to the growth of the IoT in healthcare market. With costs continuing to rise, hospitals and other care providers are looking for ways to improve efficiency and lower costs. IoT can help by reducing the need for manual tasks, such as charting and data entry, and by automating tasks that can be done more efficiently by machines.
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IoT can play a transformative role in healthcare, from improving patient care and reducing costs to enabling new business models and revenue streams. For example, hospitals can use IoT sensors to track patients’ vital signs and send alerts to caregivers if something is wrong. This can help prevent potential complications and save lives in the global IoT in healthcare market. In addition, IoT can be used to monitor health at a population level and collect data that can be used for research purposes. For instance, data from fitness trackers and other wearable devices can be anonymized and aggregated to identify trends in health and wellness. This information can then be used by healthcare organizations to develop targeted interventions and improve population health.
IoT Security to Remain Key Challenge in IoT in Healthcare Market
Despite the potential benefits of the Internet of Things (IoT) in healthcare market, security remains a key challenge. A recent study by the SkyQuest found that 27% of healthcare organizations have experienced an IoT-related data breach, and that IoT devices are a leading cause of data breaches in healthcare. One of the biggest challenges with IoT security is the sheer number of devices and sensors that are being used. Healthcare organizations are collecting more data than ever before, and this data is often sensitive in nature. With so many devices and so much data, it can be difficult to keep track of everything and ensure that all devices are properly secured.
In addition, many IoT devices are not designed with security in mind across global IoT in healthcare market. They may have weak passwords, outdated software, or no encryption at all. This makes it easy for hackers to gain access to these devices and the data they contain. Finally, healthcare organizations must also contend with the fact that their patients’ lives could be at risk if an IoT device is compromised. This is particularly true for medical devices such as pacemakers or insulin pumps, which could be remotely controlled by a hacker if they gain access to the device. As such, it is crucial for healthcare organizations to ensure that their IoT devices are properly secured to protect their patients’ safety.
In order to mitigate these risks, healthcare organizations need to put in place robust security measures for their IoT devices. This includes ensuring that devices are properly configured and secured, and that staff are aware of the risks associated with their use. Additionally, organizations should consider investing in secure communication protocols and data encryption technologies.
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Telemedicine is Offering Prominent Growth Opportunity for IoT in Healthcare Market
IoT in healthcare market is growing at a rapid pace and is expected to continue doing so in the coming years. Telemedicine is one of the most promising applications of IoT in healthcare, as it has the potential to greatly improve patient care and reduce costs.
There are a number of different telemedicine applications that are being developed and deployed today. These include remote patient monitoring, tele-diagnostics, teleradiology, and more. Remote patient monitoring is perhaps the most widely used telemedicine application at present in the IoT in healthcare market, as it allows patients to be monitored remotely using various sensors and devices. This helps to improve patient care by allowing doctors to keep track of their patients' health status and intervene if necessary.
Tele-diagnostics is another important application of telemedicine that is growing in popularity in the IoT in healthcare market. This involves using diagnostic tools and techniques remotely in order to make diagnosis easier and more accurate. Teleradiology is another key application, which uses radiologic imaging techniques remotely in order to diagnose patients.
The deployment of telemedicine applications is often limited by infrastructure limitations, but this is changing as more and more hospitals and clinics adopt IoT technologies. In addition, government initiatives such as the FDA's recently announced pilot program for medical devices connected to the internet are helping to drive adoption of these technologies.
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