Healthcare costs are increasing, making quality care less affordable and less accessible. Research estimates physician burnout at approximately 42 percent, and the healthcare industry is drowning in data. This can be solved with the help of healthcare business intelligence, remote monitoring solutions, telemedicine, and interactive dashboards that are all a part of the Internet of Medical Things (IoMT).
IoT in the healthcare industry is increasing the accessibility and affordability of diagnostics, treatment, and preventive care while dramatically reducing the costs. Studies show that the IoT healthcare market may grow from 41.22 billion USD in 2017 to 265 billion USD by 2025.
There are two reasons the IoT healthcare market may grow so drastically. First, IoT can save US healthcare $300 billion, with two-thirds going to chronic disease management. Remote monitoring and treatment cut the need for expensive hospital stays and physician visits. Second, IoT sensors can significantly improve patient care and streamline operations.