IoT In Healthcare Market Size, Share, Growth Analysis, By Component(Devices, System & Software, and Services), By Application(Patient Monitoring, Clinical Operation & Workflow Optimization, Connected Imaging, Fitness & Wellness Measurement), By End User(Healthcare Providers, Patients, Healthcare Payers, Research Laboratories), By Region - Industry Forecast 2024-2031

IOT In Healthcare Market Driver

Unstoppable Rise of IoMT and Connected Medical Devices 

• The healthcare sector has unavoidably been impacted by the Internet of Things. The number of health-connected devices and the connected medical device market are rising as connected technology permeates more aspects of daily life, according to the healthcare sector. With the use of linked medical equipment and medical mobile applications, IoMT connects people (patients, clinicians, and carers) and data (patient information or performance data). 

Leveraging IoT-Connected Devices for Enhanced Underwriting 

• Health insurers can benefit greatly from IoT-connected intelligent gadgets. Insurance companies can use health monitoring device data for underwriting and claims processing. They will be able to select candidates for underwriting and detect fraud claims thanks to this data. IoT devices facilitate openness in the underwriting, pricing, claims handling, and risk assessment procedures between insurance companies and their clients.

Restraints 

Internet Infrastructure Challenges 

• The largest obstacle to the adoption of IoT solutions in the healthcare sector is the underdeveloped internet infrastructure and limited internet usage among vulnerable groups, including the elderly, those with low levels of education, people living in rural regions, and people of color. The main disadvantage of IoT solutions is that technology is always evolving, making laborers responsible for handling it. 

Data Privacy Risks in IoT-Driven Healthcare 

• The increasing influence of technology in healthcare comes with a double-edged sword: there are innumerable advantages, but there are also innumerable chances for malicious actors to steal the most private data. The data security and privacy risks associated with the increasing adoption of IoT further heighten the healthcare sector's susceptibility to cyberattacks.