How the Internet of Medical Things is shaping the future of the Healthcare Industry
From regular thermometers to expensive MRI machines, the Internet of Things has been a significant factor behind the evolution of medical technology. The healthcare industry is booming due to the introduction of efficient internet of medical things on a regular device. New designs and advanced features are rapidly gaining traction.
The Internet of Things and its interaction with the Medical Technology Industry is changing the entire outlook of healthcare organizations. Healthcare bodies are succeeding in improving patient outcomes, lowering rising healthcare costs, increasing efficiency, and activating new methods, all due to the evolution of the Internet of Medical Things.
In June 2019, TCS, in collaboration with SAP, unveiled an Intelligent Field Inventory Management (IFIM) solution. This solution can efficiently help medical device manufacturers facilitate surgical kit handling.
The Advent of Connected Devices
IoT Medical equipment and tools used in hospitals are transforming the entire healthcare segment in novel ways. Connected gadgets, like glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors, are placed close to a patient’s body and provide round-the-clock medical help and services, ensuring better customer satisfaction.
The scope of the connected technology is undoubtedly bright. Thus, companies are innovating solutions, entering into partnerships, intending to expand their services across the globe.
Cynerio, an IoMT startup, raised US$ 7 Million in January 2019 through funding from prominent investors, including Accelmed, RDC, and MTIP. Moreover, Medtronic launched its research and development center in India in April 2021. The center is recognized as the largest R&D center outside the United States.
On-Body or Wearable:
Wearable technology is gaining high traction all due to the convenience it offers. In addition, the advanced services of the technology have helped the healthcare industry grow at the fastest rate. Companies are smartly innovating cost-efficient solutions that can bring desirable outcomes.
Wearable medical technologies have wide applications in the healthcare sector. These devices check heart rate, temperature, count daily steps, and perform other functions. Innovations in the field are never-ending. Garmin International, Inc. introduced a pregnancy tracking feature in November 2020, which is integrated into various Garmin smartwatches and the Garmin Connect app. Through this, users can track baby movements, log pregnancy-related symptoms, set reminders, and get nutrition tips using this feature.
Wearable gadgets have also been a cost-effective solution, as the data collected by these devices can assist doctors in suggesting medications. Thus, the demand for these technologies is getting high traction after the COVID-19 outbreak.
Apart from fitness bands, healthcare wearables include smartwatches, smart glasses, smart footwear, smart clothes, posture monitors, movement sensors, wrist gadgets, heart straps, headbands, wearable patches, pain management devices, and medicine delivery pods, etc.
In-Home Monitoring Solution
The demand for monitoring solutions is expanding rapidly. Moreover, the innovations in wearable technology have strengthened the prospects of the industry. Patient monitoring equipment, such as blood pressure monitors and heart rate monitors, has become a basic necessity for the population after the COVID-19 outbreak. Thus, people adopt these techniques to perform regular checkups and avoid unnecessary visits to the hospitals.
Medtronic received the CE mark (MDI) for the better capability of the InPen smart insulin pen for numerous daily injections. It allows the sensor to work with either the MiniMed 780G insulin pump system or the InPen. Moreover, it can be used as a continuous glucose monitor (CGM).
Many patients suffer from diabetes and other mobility disorders. Thus, it is essential to take care of them on a regular basis and perform regular checkups. Thus, the Internet of Medical Things has significantly improved the entire situation for them. Invacare Corporation introduced a new brand of power wheelchairs in March 2020. It included Invacare AVIVA FX Power Wheelchair, which assists patients suffering from mobility disorders.
The Changing Outlook of the Healthcare Bodies
Healthcare bodies are getting major profits due to the innovations on the Internet of Medical Things Industry. Moreover, governments of various countries are primarily focusing on the healthcare infrastructure. Market players are also expanding research and development activities with the aim to stand out in this growing competition.
In May 2021, GE Healthcare introduced its new virtual precision health care solution named Xeleris V. This solution offers secure access to medical data from various locations. In addition, it eliminates the necessity for standalone nuclear medicine workstations. Moreover, the solution is equipped with AI applications that simplify the workflow and enhance productivity. Consumers can also obtain the data anytime and at any place.
Stanley Healthcare’s hand hygiene compliance system incorporates an occupancy sensor and a real-time location system receiver. It helps track the identity of employees using the dispenser and uses analytics to determine whether employees are following hygiene protocol.
Traditional health care is witnessing significant changes as digital transformation is changing the outlook of the global healthcare sector. Astute Analytica estimates that the global Internet of Medical Things (IoMT) market will grow at a compound annual growth rate (CAGR) of 26% during the forecast period from 2021 to 2027.
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