One of the major technologies that has emerged in the past few years is the internet of things (IoT). This technology allows physical devices to be connected in order to exchange data with each other. Today, IoT is a part of number of industries, including the healthcare industries. By making use of IoT, the healthcare sector is bale to enhance patient outcomes and also takes away some of the pressure off healthcare professions. Due to this technology, healthcare professionals are able to provide remote healthcare facilities to patients, which allows them to focus more on patients that need more care.

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This further allows people to get proper medical advice without having to frequently visit the hospital. Remote patient monitoring is particularly helpful when it comes to the geriatric population, people suffering from chronic diseases, and people suffering from disability. Ascribed to these factors, the global IoT in healthcare market is projected to generate a revenue of $267.6 billion by 2023, increasing from $56.1 billion, exhibiting a 30.2% CAGR during the forecast period (2018–2023). Services, medical devices, and systems & software are the IoT components in the healthcare industry, among which, the demand for medical devices was the highest in the past.

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This is because different IoT-enabled medical devices, including stationary, wearable external, and implanted, analyze and monitor patients’ medical conditions and give caregivers timely notifications regarding the condition of patients for further treatment. Other than this, the demand for different IoT-based systems and services, such as network security, remote device monitoring, application security, network bandwidth management, and data analytics, is also predicted to increase significantly in the coming years. IoT in healthcare has a number of applications, such as medication management, telemedicine, inpatient monitoring, clinical operations and workflow management, and connected imaging.

Geographically, North America has been the largest IoT in healthcare market in the past, which can be primarily ascribed to the rising initiatives by government and non-government organizations for increasing awareness and encouraging the adoption of IoT solutions in the healthcare industry. In addition to this, the rising prevalence of chronic diseases, technological innovations, and increasing research & development activities in the healthcare information technology sector in the region are also resulting in the growing adoption of IoT solutions.