The healthcare industry is undergoing a significant transformation with the emergence of new business models where providers also become payers, known as Payviders. Traditional hospitals, predominantly physical, now offer digital services, leading to the rise of phygital hospitals. These changes are making the healthcare industry more technology-dependent. Payviders focus more on preventive care, while phygital hospitals enable care at the Point of Need instead of the Point of Care.
One of the key technologies driving this transformation is the Internet of Things (IoT), or more specifically, the Internet of Medical Things (IoMT). This network of interconnected devices capable of communicating and exchanging data is revolutionising various industries, including manufacturing, agriculture, transportation, and healthcare. By leveraging IoT technology, healthcare providers are enhancing patient care, improving operational efficiency, and reducing costs, thus benefiting both Payviders and phygital hospitals. The global IoMT market is projected to reach between $250 billion to $500 billion by 2028-2030, with an estimated market size of approximately $80 billion in 2021 and a CAGR of around 25-30 per cent from 2021 to 2030.
Technologies aiding transformation of care aligning to new business models
IoMT-enabled care supports new business models, focuses on preventive care, and brings the necessary efficiency. According to the World Health Organization, medication errors are among the leading causes of avoidable harm in healthcare. However, IoT solutions have been shown to reduce these errors by up to 50 per cent, helping minimise errors and providing more accurate results. For instance, IoT-powered surgical robots can assist surgeons in performing complex procedures with greater precision and accuracy.
One of the several ways IoMT is impacting healthcare is through wearable devices. Smartwatches, fitness trackers, and Continuous Glucose Monitors (CGMs) collect vital health data, enabling patients to track their health metrics and make informed decisions. Another significant area is Remote Patient Monitoring (RPM). By using IoMT-enabled devices, healthcare providers can monitor patients’ vital signs from their homes, reducing the need for frequent hospital visits and supporting new business models like phygital hospitals. This is particularly beneficial for patients with chronic conditions or those living in remote areas.
IoMT is also being used to improve the efficiency of healthcare facilities and develop innovative healthcare solutions. Smart facilities can optimise energy consumption, regulate temperature, and track inventory levels, reducing operational costs. IoT-enabled medical devices can also automate tasks such as drug dispensing and patient tracking, freeing healthcare professionals to focus on patient care. Additionally, connected medical devices can enable real-time data sharing and collaboration among healthcare professionals.
Benefits of IoMT
- Enhanced patient care: IoMT devices enable real-time monitoring of patient vital signs, allowing healthcare providers to intervene promptly if necessary. This can lead to earlier detection of health issues, improved patient outcomes, and reduced hospital stays.
- Improved efficiency: IoMT can automate tasks, streamline workflows, and optimise resource allocation, leading to increased efficiency in healthcare delivery.
- Reduced costs: IoMT can lower healthcare costs by enabling preventive care, reducing hospital stays, and improving outcomes.
Applications of IoMT
- Remote patient monitoring: IoMT devices enable patients to monitor their health metrics from their homes, reducing the need for frequent hospital visits.
- Medication management: IoMT-powered systems can help prevent medication errors and improve adherence.
- Surgical assistance: Robotic surgery systems can assist surgeons in performing complex procedures with greater precision and accuracy.
- Inventory management: IoMT sensors can track medical supplies and equipment, ensuring availability and reducing waste.
- Environmental monitoring: IoMT devices can monitor environmental factors such as temperature and humidity in healthcare facilities.
Challenges and opportunities
While IoMT offers immense potential, it also faces several challenges:
- Data security and privacy: Protecting sensitive patient data is a top priority.
- Interoperability: Ensuring compatibility between different devices and systems can be complex.
- Data overload and accuracy: The sheer volume of data generated can be overwhelming, and ensuring data accuracy is crucial.
- Cost: The initial investment in IoMT technology can be significant.
In conclusion, IoMT is transforming healthcare by enabling more personalised, efficient, and effective care. By leveraging connected devices and sensors, healthcare providers can improve patient outcomes, reduce costs, and enhance the overall quality of care. As IoMT technology continues to evolve, solutions combining edge computing, AI, big data, and advanced connectivity will lead to even more groundbreaking applications, paving the way for a future where healthcare is more proactive, accessible, and patient-centered.