According to GlobalData, the market for IoT healthcare systems is expected to increase to $13.3 billion by 2025 from $10.6 billion in 2020.
Internet of Things has transformed not only how businesses and industries operate, but also the way we live as individuals. Digitalization has changed the way medical equipment is created and used. It also altered the way patient data and information are collected and handled.
Internet of Things is a network of electronic devices which gather, transmit and store data. It can be applied to the healthcare industry and includes things like RFID tags, medical gadgets and devices that monitor vital signs such as heart rate and blood glucose levels. Mobile health (mHealth), electronic health records (EHRs), connected medical devices, and remote monitoring of patients have been increasing for some time. But the COVID-19 outbreak has brought them to the forefront.
Digital twins, real-time data, and remote monitoring revolutionize how patients are treated and diagnosed, making digitalization a future for healthcare.
GlobalData’s Thematic Research Report, Internet of Things In Healthcare: Devices Connectivity Data Apps and Services, divides the value chain of IoT into five tiers. The device layer includes cameras, microprocessors and sensors. As an example, a continuous glucose monitoring (CGM) will have a sensor wire that measures the enzymatic reactions and hydrogen peroxide to determine glucose levels using glucose oxidase.
The connection layer includes networking hardware and cloud infrastructure. It is vital for a CGM that the electrical signals generated when hydrogen peroxide interacts with the sensor, are sent to the transmitter.
GlobalData’s Thematic Research Report, Internet of Things for Healthcare: Devices and Connectivity, Apps and Services, divides the value chain into five tiers.
The data layer describes the way in which this information is collected, stored, cleaned, integrated into other systems and analysed. Smart data analysis is essential for continuous and remote monitoring devices such as CGMs, since it allows automatic alerts when a patient needs medical attention or is in danger. Smart data analysis allows for safe storage of information so that patients and healthcare professionals can check it.
Apps and services are composed of mobile platforms that allow patients to monitor their blood sugar level and service providers who help create and maintain IoT ecosystems.
