Today the medical industry is transforming at a very rapid pace. Digital healthcare applications instantly allow patients to schedule their appointments without the requirement to visit a doctor’s office and wait for a receptionist to attend to them. Healthcare information technology permits doctors to carry information with them everywhere they go with the help of apps on their smartphones.
Furthermore, this growing connectivity reveals no signs of slowing down as it is only accelerating. The global internet of medical things (IoMT) market is anticipated to expand to around $158 billion estimates in 2022, and that number continues from $41 billion in the year 2017. (Reference link: Healthcaredive.com)
The business model of this medical material industry has also shown explosive growth, and it has also experienced some great changes. This growth of the global healthcare IoT market is largely associated with the factors like the growing need for cost-containment in healthcare delivery, increasing penetration of smartphones plus the increasing adoption of high-speed networking technologies, rising focus toward patient-centric care delivery, and various other digital health initiatives over the globe.
But some factors like the high cost of IoT infrastructure deployment and cost of ownership, and shortage of IT professionals across healthcare companies are expected to limit the market growth. Moreover, a growing focus on telehealth technologies will serve as a growth opportunity for this market.
Around 80% of medical organizations understand that medical networking is the most significant growth opportunity in the future, and approximately 45% believe that cooperation with strategic partners is necessary. In fact, for medical IT solution merchants, the following decade would also be an opportunity for their growth.
The Potential of IoMT in the Healthcare Industry
The abilities of IoMT (Internet of Medical Things) are a more exact diagnoses, fewer mistakes, and more economical costs of care. This technology with the help of smartphone applications enables patients to send their health information to doctors for properly monitoring diseases, thereby tracking, and preventing any chronic illnesses.
A study carried out by different researchers shows the capacity of Fitbit activity trackers to assess patients more precisely with ischemic heart disease by recording their accelerometer data and heart rate together. This helps clarify why health intelligence states that around 88 percent of care providers are investing in remote patient monitoring solutions.
This kind of technology is not only serving to enhance the patient experience by reducing the need for in-person medical appointments but is also helping to decrease costs. It is estimated that by working this way the healthcare industry can save around $300 billion yearly in expenditures primarily through improved medication adherence and remote patient monitoring.
Another positive impact of IoMT is on drug management, with the initiation of “smart pills” that include tiny, microscopic sensors, which, when swallowed, convey data to linked devices. These smart pills have some great capabilities. They are used to monitor patients’ internal health, wirelessly sending data such as core temperature, and other measurements that can be significant in life-or-death situations.
Modern status and Expected Trends of Medical Networking
The medical industry is one of the prime industries that actively utilize the Internet of Things (IoT) technology. About 60% of medical institutions have embraced IoT technology. After adoption, around 72% of people are convinced of the cost-saving outcome. Internet of Medical Things has brought some huge changes in the way medical care runs. Earlier, patients were simply required to be treated in a hospital. But now and in the coming future, it does not matter where the patient is, they can be monitored, diagnosed, and treated remotely. The way of care and treatment and care is also changing rapidly as per the growing technology.
Health insurance organizations, suppliers, equipment manufacturers, surgeons, and physicians, all benefit from the Internet of Medical Things (IoMT). As health insurance businesses can decrease claims, suppliers can increase value by decreasing maintenance burdens, and the information produced with the help of IoMT is further helpful for doctors to diagnose and treat the patient. This Internet of Medical Things properly matches the requirements of the transformation of the modern medical industry and also satisfies the demands of health-conscious patients. Hence, IoT and the medical industry can be considered to be a success.
Top 6 Substantial Business Opportunities to Grow your Healthcare Business
Now, let us see the most prominent areas of opportunity that will shake up the industry and drive substantial change:
1) COVID-19 Monitoring and Quarantine Management, Vaccination Symptoms Tracking
The market was boosted by organizations like Verily, Salesforce, and several other digital health tracking tools that instantly transferred their existing products into COVID-19 tools. The primary target groups of these solutions have been hospitals or governance groups.
Other opportunities arise from the fact that providers must manage the most complicated vaccination initiative in history. Service offerings involve recognizing patients who are eligible for the appointment scheduling, vaccination, and reminders for the next dose, all while sharing data to the provider’s EHR to support them keep a record of their vaccinated patients.
2) Telehealth services
The second wave has repeatedly increased the level of telehealth adoption and practice throughout the world. With the second and probably third wave in large numbers of infections spreading far into 2021, the administrative framework for telehealth services will remain to be positive. Additionally, telehealth users have earned trust in these services and will continue to utilize them in the post-pandemic world.
Also, read: What is HIPAA Compliance?
3) Remote Patient Monitoring Service
Remote patient monitoring utilizes digital technologies to get medical and other sorts of health data from individuals in one location and electronically send that data securely to health care providers in a separate location for evaluation and recommendations. This kind of service enables a provider to continue to track healthcare data for a patient once discharged to home or a care facility, decreasing readmission rates. This service will be essentially driven by tech providers and hospitals.
The internet of medical things (IoMT) plays a key role in improving health and providing medical facilities to people throughout the globe. IoMT with its exponential growth is having a significant impact on our daily lifestyle. Rather than rushing to the hospital, patient clinical-related data can be now remotely observed and processed in a real-time data system, and then it is conveyed to a third party for future usage like the cloud.
Blockchain allows interaction between non-trusting members without any mediator. Innovators that provide blockchain solutions for the life sciences and healthcare industries not only grow their businesses but also empower the industry to provide life-changing services.
5) Predicting Patient Requirements
In several cases, forecasting what patient requires or what difficulties are become too taxing for physicians and other healthcare providers. But, with the usage of modern big data tools, care providers not just recognize which risk factors lead to patient problems but are also able to understand which patients to monitor more closely.
6) Artificial intelligence
AI has undergone a hype cycle, and new and improved machine learning technologies and AI are being rolled out for real-world applications each day. By leveraging these most advanced tools, healthcare administrators can access information quicker and produce better results.
In today’s time, healthcare is one of the important priorities. COVID-19 has uncovered consumer attitudes and behavior that can completely change healthcare. We assume established players to change their business innovations and developing entrepreneurs to propose innovative models that will not only improve preparedness for this pandemic but also improve the overall adaptability of healthcare systems.
Internet of Medical Things in healthcare can turn around the advancement of care by telemonitoring and remote monitoring. With the help of IoMT, monitoring, tracking, and maintenance of assets can be easily made possible within the healthcare industry. The earlier discussed research found that the huge majority of anticipated Internet of Medical Things benefits in healthcare today spins around enhanced innovation, clarity across the organization, and cost savings. On top of these, expected IoT advantages are expected to include greater workforce productivity, the formulation of modern ‘business models, and better collaboration.