As many studies across the globe have predicted, the IoT related Healthcare Market globally will reach ~$ 300 Billion by 2025. The growth is expected to be around ~ +30% Compounded annual growth rate (CAGR).
The future of Health care delivery is going to be heavily dependent on Medical IoT. So the related automation needs to start at the hospital level, connected hospitals with the relevant devices which communicate seamlessly will be the order of the day in the near short term.
As a mention in the past, it was the large and sophisticated equipment’s that had the technology edge in terms of digital data storage and transmission like the CT Scanners, MRI machines, etc. Now, this percolates to almost every medical device so as to record and store the respective data about a patient.
When we start maintaining the records of patient’s vital signs on a regular basis, we do end up building the history of the patient and this data will certainly help in suggesting some preventive and proactive advice before a medical situation actually happens by using predictive modelling techniques that are so prevalent and helpful.
Medical / Healthcare IoT involves a mix of Hardware ( smart medical devices & Information technology related ) & Software ( diagnosis, database, imaging, clinical management , etc) which need to be integrated so as to perform the intended purpose.
With the current pandemic ( covid-19) and its resultant disruptions in terms of hospital visits and lockdown’s the importance of remote diagnostics gets more prominent. This for sure puts more emphasis on speeding up IoT in this space.
Telemedicine is touted to be one of the fastest-growing segments in the healthcare industry, due to the fact that it offers ease, convenience and brings in cost-effectiveness in terms of dealing with patients remotely which is going to be backed and based on patient health-related historical data.
Software is going to play a very significant part as a medical tool as it will integrate:
- sensory readings
- machine inputs
- user interfaces.
The insurance industry benefits from IoT in healthcare as it provides people with personalized policies. The short term customized insurance policies will soon replace long term traditional health policies.
The historical data from IoT will help in knowing the wellness and behaviour of the patient.
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IoT involves the collection and transfer of sensitive data across the value chain, which raises issues about privacy, security and also compliance. As IoT is heavily integrated into hospital systems and various medical devices, networking and cybersecurity demands will increase.
We at Tricon Infotech have developed wide-ranging expertise in creating and implementing reliable tech solutions which can be customized towards the health-related industries. Our expertise range from cloud services, mobile applications, IoT and other related solutions. Get in touch with us so that we can help you in creating IoT based end-to-end solutions that will take your business to the next technological level.