In the healthcare industry, the Internet of Things (IoT) is deployed to make hospitals smart to provide improved patient care. For example, industrial monitoring devices are employed to control operations within the hospital premises and access real-time status information. Devices such as sensors, medical objects, diagnostic and advanced imaging devices, and others are connected over wireless networks. These connected devices play a central role in IoT implementation in healthcare.
Owing to COVID-19, the healthcare, pharma, and medical device industries have experienced a massive growth in digital transformation, which led to improved efficiencies and enhanced patient outcomes. COVID-19 has increased the utilization of IoT technologies in the pharma industry, such as virtual trials. Virtual trials have reduced participants' inconvenience and burden for physical site visits. The market size for IoT platforms for the healthcare industry increased from $10.5 billion in 2019 to $12.4 billion in 2021, a CAGR of 8.7%.
Importance of IoT in healthcare, pharma, and medical devices are as follows:
Healthcare: With the help of IoT technology, doctors have improved connectivity with their patients through remote monitoring and virtual visits. Telemedicine, and telehealth are two important applications of IoT that enable healthcare professionals to remotely manage healthcare using telecommunication technology such as including computers and mobile devices, like tablets and smartphones. The market size of IoT in healthcare grew at 9.1% CAGR between 2019 and 2021.
Pharma: Pharmaceutical organizations are embracing IoT innovations in their drug manufacturing plants to enhance and improve the efficiency of their machines and procedures. Pharmaceutical organizations utilize IoT technologies to access real-time data and gain visibility into their operations throughout the manufacturing value chain. The market for pharma increased from $0.46 billion to $0.55 billion between 2019 and 2021, a CAGR of 9.3%
Medical Device: With the help of Internet of things, connected devices generate health data which is then transmitted to either a cloud repository or internal servers. The healthcare professionals and patients can access, analyze, and act upon such data. The market for medical device industry registered a growth of CAGR of 9.4% by increasing from $0.51 billion in 2019 to $0.61 billion in 2021.
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