How IoT in Healthcare Brings Business Opportunities in 2023? 
7 mins read

How IoT in Healthcare Brings Business Opportunities in 2023? 

As technology is evolving, the Internet of Things is one of the prominent innovations boosting the landscape of healthcare. However, there are certain challenges to integrating IoT in healthcare for businesses of all sizes. But, with the challenges, there are always some opportunities attached. So, what are these challenges and opportunities? Let us explore in this blog post. However, before that, it is important to study the benefits and applications of IoT for the healthcare industry in detail. 

What advantages does IoT in healthcare bring? 

IoT is redefining healthcare by bringing multiple advantages. Although there is a lot to arrive at and implement, we do have identified benefits of IoT in healthcare. Here are some of them. 

  • Efficiency in treatment: Physicians performing treatments can apply evidence-based decisions and deliver transparency to the patients and medical institutions. 
  • Time-saving: With the busy schedules of doctors, intelligent IoT devices can apply faster disease diagnosis at an early stage automatically and save overall time and & effort. 
  • Cost reduction: Doctors can monitor patients in real time through the integration of IoT devices bringing the overall cost down for healthcare institutions. 
  • Reduced errors: IoT devices continuously monitor data and can help the healthcare industry to make better decisions letting them reduce possible waste and errors. 

IoT Applications in Healthcare 

Internet of Things managed services have reached the market revenue of $34.8 Billion by 2030. It is a vast number which is why before moving to the challenges and opportunities we need to understand the applications of IoT in healthcare. Here are some of the examples of how IoT is used in healthcare. 

  • Activity trackers: The treatment of patients with diseases like cancer requires proper measurement of weight, age, lifestyle, fatigue level, and more. IoT devices can collect accurate information and deliver it to healthcare institutions. 
  • Heart monitoring and reporting: Wearable devices generate full heart rate monitoring reports. In some cases, it even shows alerts if the heartbeats alter significantly. 
  • Swallow devices: Patients can now swallow IoT devices which will give alerts to the patients about their body if they need medications or not at a specific time. 

And there are so many other uses of the Internet of devices for the healthcare industry. How these devices bring advantages to healthcare, let’s find out in the later section of the blog.  

What are the challenges associated with IoT in healthcare? 

IoT in healthcare lets patients and institutions transmit information across the devices without any need for human interference. Although there are a bunch of benefits of IoT in healthcare, there are some challenges that healthcare institutions are facing. Here are the top challenges faced by the healthcare industry in implementing IoT.  

  1. Absence of global standards 

While deploying IoT devices to any domain, perfect synchronization is possible through a standardization process. However, there are no global standards prescribed for medical devices.  

With IoT, the aim is to connect several devices in healthcare including heart monitors, drug delivery systems, and other tracking equipment. But, completing the infrastructure becomes tough when all of them have their standard. Be it in terms of languages, standards, and protocols, there are no accurate regulations. 

Hence, standardization remains one of the biggest challenges in implementing IoT in healthcare. 

  1. Lack of Security and Privacy 

Healthcare institutions store massive information from patients. However, securing personal and health information becomes challenging while implementing the Internet of Things. Why? Because IoT devices exchange information which is prone to cyber attacks. 

According to the HIPPA journal, 82% of healthcare organizations face cyber attacks on IoT devices. And the biggest threat has always been the patient data. Whenever a cyber attack takes place, the reputation of healthcare institutions is highly damaged. Sometimes they do have hefty fines. 

  1. Integration Complexities 

We have talked about the lack of standardization in the first pointer, and it leads to integration complexities. Due to the lack of standardization, devices face issues in integrating and communicating with each other. Building an ecosystem remains a key challenge. 

Poor communication also delivers a slow exchange of information. And, while integrating devices, developers have to consider the chances of data loss. Further, the cost of integration is high as there are limited experts for ensuring the flexible integration of IoT devices in healthcare. 

  1. Continuity Challenge 

IoT devices in the healthcare industry need active connections for long sessions. And, it is a critical aspect because it might be a matter of life and death. Taking the steps to ensure that the battery runs for maximum time stays a challenge. Healthcare institutions shall focus on building uninterrupted solutions for patients where IoT devices work for longer hours. 

IoT Business Opportunities in Healthcare  

Despite the mentioned challenges in the blog, IoT brings various opportunities for the entrepreneurs. Let us take a look at them. 

  1. Mobile healthcare systems 

IoT brings ample opportunities with the mobile response system. People, in the era of digitization have forgot to take care of their health and they want intelligent devices that takes care of their health for them. Whether it is about mobile phones or smartwatches, IoT brings ample opportunities. 

Smartwatches are letting users analyze their heart rates, sleep cycles and whatnot. Robust solutions are integrated in the IoT devices bringing innovations in the Healthcare industry. Cellular based technologies are leading the tele-healthcare systems connecting both doctors and patients any time remotely. Mobile applications are changing the way patients used to share, organize and manage their healthcare data. And everything is well implemented after keeping the security factor as priority. 

  1. Remote Monitoring of Patients 

Another huge opportunity  in the healthcare sector is remote monitoring of patients. This is very helpful for the doctors. If you can build a solution that lets doctors accurately monitor the health conditions of patients, then you can contribute a great innovation to the healthcare industry. Further, it will also ease the boarding process for the patients into the healthcare institutions. 

  1. Ecosystem with Standardization 

One of the key challenges in the healthcare system is standardization and ecosystem challenge. But, it also brings strong opportunities for entrepreneurs who are looking forward to contributing in the industry on a large scale. Building an ecosystem of devices will deliver a complete experience to the healthcare institutions. They do not have to worry about introducing third party devices.  Physicians will be able to deliver a synchronized treatment to the patients without worrying about any of the systems failing to connect. 

Wrapping Up 

The future scope of IoT in healthcare is robust bringing multiple opportunities for businesses. 57% of the workforce productivity will improve with significant reduction in costing. The collaboration of patients and doctors will increase in the whole healthcare industry. However, there are a bunch of challenges associated with the IoT in healthcare. But, consulting with IoT development company can bring ample opportunities for businesses to address these challenges. The future of IoT in healthcare is bright, sustainable and revolutionary. 

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