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IoT Healthcare Market Altering the Healthcare Industry
IoT is gaining momentum in the global healthcare landscape due to advanced technologies such as nanobots & robotic flight stimulator surgeries, big data analytics, growing investments in the domain, increasing demand for cost-effective treatment, and awareness for new healthcare solutions alongside the growing prevalence of chronic ailments.
The internet of things (IoT) Healthcare market is projected to reach $336.8 Bn by 2021 as per Allied Market Research report. AI technology and disease management tools comprising telemedicine, health management information systems (HMIS) and remote patient monitoring are predicted to gain momentum globally as well.
Patient care is being enhanced using digitization, scalable therapeutics, and interoperability of healthcare devices. The software launched for the purpose include UroSense App (by Future Path Medical) and Niox Mino App (by Aerocrine). Other advanced technologies aiding and altering healthcare are Continuous Glucose Monitoring (CGM) system, OpenAPS (Open Artificial Pancreas System), ingestible sensors, and connected inhalers.
The growing awareness about telehealth technology promises to escalate the revenue of remote device management. With IoT implementation in healthcare institutes rendering promising results, the hope and expectation from the technology is growing.
Furthering the revolutionary technology, the R&D centers are reducing diagnostic cost and machine downtime while enhancing patient care and connectivity. The rising demand for continuous patient care, effective treatment outcomes, and real-time disease management hint at Inpatient monitoring being the largest application segments.
A few key players in the IoT healthcare market include Medtronic Inc., General Electric Company, IBM, Microsoft, Cerner, Google, and Cisco Systems.