Healthcare plays a prime role in improving the well-being of people around the globe and is an ever-growing industry. Every day, a massive volume of patients throng the healthcare centers, and the professionals strive to render a seamless experience for them.
Apart from this, healthcare is a significant revenue booster for any country as the industry accounts for 1/3rd of revenue.
Global healthcare market size
According to the latest report from Statista, Revenue in the Health Care segment is projected to reach US$59.70bn in 2022 and is expected to show an annual growth rate (CAGR 2022-2025) of 11.80%, resulting in a projected market volume of US$83.42bn by 2025.
Despite the massive revenue generation, the industry is still struggling to deliver unparalleled customer service – owing to traditional software and legacy systems insufficient to collect and manage patient data. With no room for improvement and technology upgrade, the industry is looking for solutions that can significantly transform the way it operates and handle patient data to deliver better service and experience.
Finally, realizing the potential benefits of implementing cutting-edge technology and advanced systems, the industry is now relying on the Internet of Things to harness customer data.
Growth of IoT in healthcare
According to the latest report by Markets and Markets, The global Internet of Things (IoT) in healthcare market size is expected to grow from USD 72.5 billion in 2020 to USD 188.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.0% during the forecast period.
(Source :Â Marchés et marchés)
From the above statistics, it is evident that the Internet of Things is taking the healthcare industry by storm, and the trend will continue.
Why IoT for healthcare
Most companies deploy IoT devices on their premises because smart devices help them collect data from anywhere and at any time. Amassing data from sensitive areas is absolutely seamless with IoT devices. Another massive advantage of using IoT for data collection is the data is 100% accurate, and you can access the data in real-time.
Below are some reasons why IoT is widely used in healthcare centers.
Key benefits of IoT in healthcare
- Reduced cost
- Improved patient care and experience
- Alerts patients and physicians during emergencies
- Remote medical assistance
- Effective drugs and medicine practice
- 100% Accurate data for faster decision making
- Real-time data for alerts and patient tracking
- Better treatments
- Incessant health monitoring
- Improved patient tracking
- Transparent claims processing
- Efficient medical research outputs
- Amplified business growth
Now, let’s discuss the applications of IoT in healthcare.
5 Exciting applications of IoT in healthcare
1. IoT devices for glucose monitoring
 Diabetes is the most common health condition that prevails all over the globe, and numerous patients visit healthcare centers for treatments daily. With IoT devices, the patients can heave a sigh of relief as the appliances can inform the patients about the increase and decrease in glucose well in advance.
The devices in form wearable help the patient assess glucose levels frequently and compare them with the historical data to ensure everything is under control. The devices can also alert the patients about the reasons contributing to the increase in glucose levels. This way, the devices can help the patients manage and control their glucose level from home.
2. IoT devices for Asthma conditions
 Asthma is another common respiratory condition that can lead to death if not treated or managed properly. The patients are mostly clueless when asthma attacks happen, leading to death in most cases.
 Having the IoT devices for Asthma in the form of Connected Inhalers, monitoring the attack frequency and reasons why the attacks happen can be obtained. The devices can also alert the patients about the attacks well in advance so they can quickly visit a healthcare center nearby and get treated.
 The devices will also alert patients whether they have the inhaler or it’s missing. Using IoT for Asthma has reduced the fatalities rate significantly.
3. IoT for claims processing
Insurance claim processing is one of the areas where professionals deal with a lots of patient data. Unfortunately, there are lots of false claims made by many that impact patients for genuine reasons.Â
To avoid this, leveraging IoT data for the patient claim can ensure authenticity and accelerate the overall claiming process. As the IoT devices bring visibility between customers and insurers, the entire process will become seamless and straightforward.
4. IoT for medical data research
With lots of new diseases emerging all over the globe, medical professionals are always on the lookout for medicines through deep medical research and experimentation. The hardest part of medical research is data collection, which requires a lot of effort and time.
However, IoT can simplify the process. The technology is used to collect a massive volume of research data quickly and affordably. The good thing about data collection using IoT is that the data is always 100% accurate, and using the data will help medical professionals to come up with better medicines to combat new diseases.
5. IoT for patient care
A common problem most healthcare professionals face when treating patients is whether they take medicine at the right time. Especially, patients with chronic health conditions must take pills on time. But with no system to track and manage, the professionals had no option but to rely on the patient’s response.
With IoT, physicians can easily monitor and track the time of pills taken. The IoT device monitors the fluid level in the body when the drugs are taken and notifies the physician immediately. This way, the professional knows the pills are taken and take necessary actions based on the patient’s condition. This can again save fatalities.
Conclusion
The shared above aren’t the only applications. IoT has a wide array of use cases and applications in healthcare. The role of IoT in healthcare is imminent, and almost all healthcare centers worldwide have realized the impact of IoT and have started to implement it.
What is your take on IoT in healthcare? Do you think your business can do better with it?
If your answer is NO, then it is high time you have to invest in IoT to improve your patient care.
Want to know more about IoT applications and their benefits? We are experts.
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