- Medical IoT is expected grow a market of $158 billion by 2022
- The current healthcare IoT market in India is $161 million
- The devices will help curate improved and predictive decisions
The Internet of Medical Things (IoMT) market is expected to grow to $158 billion in the year 2022, according to a report published by Business Insider. This represents a massive leap from the $41 billion valuation reported in 2017.
The 2019 report suggests that the the install base of IoT devices in healthcare will reach more than $161 million units by the end of 2020, supporting a widespread belief that the trend towards increased IoT adoption is unlikely to go up with time.
Enabling professionals and service providers
IoT devices are catering to the needs of both in and out hospitals. Hence, the devices have become permanent fixtures of the healthcare industry, enabling stakeholders ranging from medical professionals and to insurance providers to collect more critical data that improve their ability of smart decision making. However, there is a demand in the industry for software solutions that can analyze and visualize the collected data and will help in taking actionable steps.
IoT impacting healthcare market
The high-speed connectivity and the ability to place smarter sensors on smaller, inexpensive devices have helped to bringing the benefits of IoT to the masses. The devices like Fitbits that help to provide a wealth of data indicators about our health. Due to this an industry of approved medical devices has gone up in recent years, capturing the largest segment of the IoT healthcare market.
The types of devices in use are growing, from wearable to specific solutions — like monitoring patients with diabetes, cardiac complications, and other health concerns — provides medical professionals with a significantly larger data set upon which the health outcomes of a person can be tracked and predicted.
