New York, NY – The Internet of Things (IoT) is not a new concept. In fact, it exists in many of the technological devices that we use every day without us even acknowledging its presence. But when it comes to IoT, healthcare has the most to gain by actively adopting it to improve various facets of care management. Here are the facts about the market for IoT:
- While the Global IoT Healthcare Market hit just over $40 billion USD in 2017, the market is expected to increase by over $200 billion USD by 2023. (Healthcare IT News)
- The market for healthcare sensors utilizing IoT is increasing by over 25% per year. (PRNewswire)
- By some accounts, an exponential increase on spending for healthcare IoT solutions will go beyond a trillion dollars by providing access to personalized and timely healthcare to the global population. (The Analyst Financial)
This is an important consideration. When it comes to healthcare, data and information is key. Thusly, it makes even more sense that IoT for Healthcare is a growing market. When systems are put in place to connect multiple data points, the revenue loss and inefficiencies associated with errors, medical facilitation, and segmented patient care will go down.Early adopters in the healthcare sector will be primed to offer more effective patient care, real-time monitoring beyond the doctor’s office, and holistic data application.
Why This Matters -
The Internet of Things stands to drastically transform healthcare from what we know today. While IoT has been integrated in many facets of life, including some aspects of patient care and monitoring, there is much more to come. In the future, IoT will be used for such things as robotics, smart pills, chronic condition management, elder care, pharmaceutical treatment considerations, and diagnostic measures. Moreover, three critical areas of improvement will focus on things like accelerating drug development, improving patient outcomes, and supporting patient adherence. And this will be because IoT will provide the following:
- HCPs will have a 360-degree understanding of their patient’s health through aggregated and connected data points
- Real-time data of patients and their experiences will help to inform research and development as well as drug trials
- Analysis of patient behavior patterns and data will help us build systems that chronicle, reward and improve adherence to enhance outcomes.
And while we consider all of the applications of IoT, it should be noted that security will play a part here: We already know that for every business, security will need to be a better best practice, but for healthcare in 2018 and onwards, it may not be a choice, but a mandate. As much as the industry will continue to adopt IoT throughout aspects of care, adopters and providers will also need to consider how to ward off cyberattacks, breaches of information, access to patient records and much more. This may seem like a scary notion, but this focus on digital security is already a high value topic for consumer and health brands alike (as seen in our Digital Trends book). So regardless, the key takeaway here is that those that embrace IoT early will be able to set the tone, build the foundation, and influence the future of the healthcare industry. We know that IoT is a necessity and the future of care, globally.
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