Importance of Healthcare
What’s so special with IOT in Healthcare?
Global IoT in Healthcare market is expected to grow from US$ 20.15 billion in 2015 to US$ 135.87 billion by 2025 at a CAGR of 21.2% between 2015 and 2025 as reported by Insight Partners.
Leading the adopter of IoT in Healthcare is North America, followed by Europe and thirdly by APAC region that is growing at a faster rate.
In fact, healthcare is always a big part of our lives as we moved from infanthood to old age hood. There are four phases of our lives which have different health considerations:
- Baby
- Teenage
- Working adult
- Senior citizen
The first two phases of health conditions probably are the responsibility of their parents who might want to monitor their children health. When they are working adults, the responsibility lies on themselves. That’s why we see most consumer fitness wearable devices are meant for them. With the pressure of work, they need a way to monitor their own health and quality of life. But as people aged, the responsibility will revert back to the concerned children who wanted a way to monitor their aged parent’s safety and health due to their busy schedule and live in separate homes.
Healthcare expenditures are under increasing pressure, particularly in developed markets, because of increasing demands from an aging population, the growing incidence of chronic diseases, notably governments needing to lower their overall expenditure. Check out Malaysia’s concerns for 2017 healthcare budget and why we can no longer afford any further cut.
We are seeing healthcare moving away from critical centers of care (e.g., hospitals) to home care and other care environments, which not only lowers costs but also improve patient quality of life and their ability to remain independent.
That’s why technology like Internet of Things (IoT) is critically and urgently required to solve the emerging healthcare challenges.