On the other hand, a growing demand for cost-effective treatment boosts its growth.
A lack of governance standards and inability in deploying Internet of Things (IoT) solutions may hold back the growth of its use in the healthcare market, where it is projected to grow at a CAGR of 30.05% in 2020-2027, a report from Data Bridge Market Research revealed.
At the same time, the market is facing the challenge of lack of skilled professionals and expertise on the development of the technology.
Still, continuous product commercialization, rise in investment for healthcare IoT solutions, better accessibility of high-speed internet, implementation of IoT solutions for reduced cost of care, and growing demand for cost-effective treatment and disease management will help accelerate the growth of the market.
Successful implementation of IoT in remote monitoring of diabetes and asthma patients will further boost various opportunities that will lead to the growth of the market.
IoT in healthcare can take the form of medical devices, systems and software, and services. Such medical devices include wearable external medical devices, implanted medical devices, and stationary medical devices.
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