IoT healthcare market to hit $10b by 2024

The global IoT healthcare market is will grow to exceed $10 billion by 2024, Global Market Insights predicts.

Market growth is primarily driven by the implementation of advanced digital solutions across the sector. The integration of such technology in the healthcare infrastructure is expected to streamline the operations, improvise the patient interactions and enhance the efficiency of processes.

Increasing penetration of smartphones coupled with the improved internet connectivity worldwide is expected to fuel the growth. IoT has potential to reshape the industry due to the benefits such as remote monitoring of patients and management of facility assets.

Increasing aging populations in Japan and several other European countries such as Italy and Germany, coupled with the rising number of chronic diseases, will drive the IoT healthcare market growth over the forecast timeline.

Technological advancements in the sector to provide accessible and inexpensive patient care solutions widens the scope for adoption of such solutions. It is gradually transforming the sector by focusing on the way devices, application as well as people interact with each other.

However, the lack of interoperability may hamper the IoT healthcare market growth. Interoperable systems enable share and retention of data automatically, eliminating the possibility of re-entering data each time.

Issues such as difficulty in integration of devices made by different manufacturers, their inability to operate on other operating systems, poses challenge to mass consumerization of IoT solutions.

In order to reach mass adoption, overcoming such risks restricting boundless connections of a connected world is a primary concern to the technology providers. Other factors such as high cost of infrastructure development followed by data privacy and security issues are predicted to curb the demand.

Rising deployment of smart sensor technology in various systems enhances the capability of IoT healthcare market devices to collect more data associated with patient’s health. The gathered data is used to enhance the patient monitoring process and analyze it to discover new treatments for various other diseases. These technological solutions therefore help bridge the gap between the physical and the digital world.