In this current age of the internet, the rate at which IoT products are burgeoning markets is massive. Gone are the days, when IoT was just an abstract concept, now the pace at which IoT products are penetrating today’s households is alarmingly surprising. As the world keeps on getting increasingly connected, IoT is expected to pave way for new opportunities and revenue streams.
The Health Care industry is not behind in this IoT trend. As per the 2017 Deloitte article titled, “The Internet of Things: A technical primer”, the estimated market value of IoT products is expected to reach $1.1 trillion by 2020. Further, as per the MarketWatch report, the IoT healthcare market is estimated to be worth $158.07 billion by 2022 due to advancements in telemedicine, connected imaging, and tech optimized medication management. These projected growth figures, tells tales about IoT disruption in the market. The IoT is poised to transform the modern healthcare industry, the technology has already penetrated deep into the industry, with applications such as remote healthcare monitoring, and has promising future technological, economic and social prospects.
Organizations like AARP and VRHealth, are working on a remote medical diagnostic tool pilot for seniors. Healthcare Wearables such as Apple Watch, Fitbit, are gaining much appreciation owing to their capabilities to track heart rhythm irregularities, and burnt calories, to help individuals plan their diet and exercise regime.
Today, IoT can help healthcare companies drive growth, by implementing patient loyalty and satisfaction strategies, which include training of the staff on the latest IoT solutions.