The global market for Internet of Things (IoT) devices in healthcare is expected to soar over the next few years, according to a new research report.
ResearchAndMarkets.com this week predicted the healthcare IoT global market will see a compound annual growth rate (CAGR) of 31.1 percent through 2024.
“The rising demand of chronic disease management, better connectivity between doctors and patients, and enhanced drug delivery systems in Healthcare sectors have created the demand for IoT in the Healthcare sector,” ResearchAndMarkets.com said in a press release. “In addition, the IoT allows devices to be interconnected with each other to improve patient monitoring, patient outcomes, decrease in errors and other benefits, which is likely to boost the market growth.”
ResearchAndMarkets.com cited artificial intelligence (AI) technology as “the major factor driving the growth of this market.” But it also credits other factors, including other technological advancements in healthcare, increasing demand for cost-effective management systems for treatment, and collaboration of IT vendors with healthcare companies.
Among the most common uses of IoT in healthcare, the report said, are for closed-loop insulin delivery, continuous glucose monitoring (CGM) systems, activity trackers for cancer patients, and connected inhalers. Other uses of IoT in healthcare include ingestible sensors, connected contact lenses, coagulation testing, and even a depression-fighting Apple watch app.
“Due to the introduction of IoT in Healthcare, the efficiency, effectiveness and quality of the service in Healthcare has improved,” the report said.
Concerns about data privacy and security could act as a potential drag on healthcare IoT market growth during the forecast period, ResearchAndMarkets.com said.