Proving the Business Case for the Internet of Things

IoT in healthcare to hit $200bn by 2024

Steve Rogerson
October 29, 2019
 
The continued adoption of IoT-related equipment, devices and services in the health industry is expected to drive the market to reach nearly $200bn by 2024, according to a report by Research & Markets.
 
By 2020, it is estimated that there will be 21 billion connected devices in the world. That will be five times as many as just four years ago. This affects healthcare as much as any industry. The report tracks the trends around IoT in healthcare and makes specific market estimates and forecasts.
 
The industry adoption of technology in healthcare is driven by an increase in government mandates, staffing shortages, improving clinical outcomes and increasing pressures on healthcare functions. The growing availability of services and vendors is expected to increase access to complex systems and provide more options directly focused on meeting the demands of the health industry.
 
“The rise of the IoT is producing some exciting advancements and demand is expected to grow exponentially in the next five years,” said the report.
 
The IoT can be used to increase diagnostic rates and improve accuracy, allowing for caretakers to make fast, more informed decisions for patients. There is a large physician shortage across the world and misdiagnosis rates are skyrocketing. With medical professionals under more pressure than ever before, the report says the IoT can have a meaningful impact on the healthcare industry.
 
Due to the rapidly growing elderly population, health issues are increasing, while there is a concerted effort to control costs. IoT healthcare devices provide a lower cost and less intrusive way to manage health. Wearables, medication reminders and portable diagnostic devices can reduce the number of visits to a doctor and increase the level of care.
 
The report provides an overview of the IoT market and highlights some of the technological advancements in IoT in healthcare.
 
The base year is 2019, with forecasts provided through 2024. The market was evaluated via a combination of disease prevalence trends, population trends, device innovations, federal and industry standards and regulations, global penetration, economic influences, and other macro and micro indicators. Both primary and secondary sources were consulted in developing market estimates.