Internet of Things (IoT) in Healthcare - Thematic Research

IoT is a key to digitalization in the healthcare industry The Internet of Things (IoT) describes the use of connected sensors and actuators to control and monitor the environment, the things that move within it, and the people that act within it. The IoT is a system of wireless, interrelated, and connected digital devices that can collect, send, and store data over a network without requiring human-to-human or human-to-computer interaction. For example, in the healthcare industry, IoT allows a range of medical devices to be connected to a server, allowing patients to monitor their health and connect to their healthcare providers remotely. IoT can also be used in R&D, clinical trials, supply chains, and manufacturing. The publisher forecasts that the market for IoT platforms for healthcare providers will reach $13.3 billion in 2025, up from $10.6 billion in 2020, representing a compound annual growth rate (CAGR) over the period of 4.6%.

The pharma IoT market will reach $0.7 billion by 2025, up from $0.5 billion in 2020, at a CAGR of 6.1%. Spending on IoT in the medical devices market will reach $0.8 billion by 2025, up from $0.6 billion in 2020, having grown at a CAGR of 6.6% over the period. COVID-19 has led to an increased interest in IoT While digital transformation has been suggested for years as a way to streamline operational models and enhance productivity in healthcare, the COVID-19 pandemic made the need more pressing. In an industry witnessing accelerated innovation, technology developed or adapted for the COVID-19 pandemic, such as robotics and mobile health (mHealth), will continue to be used after the pandemic ends. By integrating new and existing digital technologies such as connected medical devices, remote patient monitoring (RPM), mHealth, and electronic health records (EHRs), healthcare systems can expand their services whenever and however is most convenient to each individual patient.

Despite initial usage patterns indicating that the demand for virtual care has peaked, the publisher's polls suggest that the demand for these services will remain after the end of pandemic. However, it may take a different form than simply replacing in-person visits. The COVID-19 pandemic has also accelerated the use of IoT technologies in the pharma industry, such as virtual trials. Companies that had not considered virtual trials before the pandemic had no option but to rapidly implement new technologies and procedures to maintain business continuity. Robotics are also now widely used in the pharma and medical device industries. Smart robots are used in drug development for high throughput screening of drug candidates and have significant potential in manufacturing, supply chain, and distribution.