Opportunities for solution providers in the healthcare sector are enormous – and expanding with market growth. According to research from MarketResearch.com, as reported in Forbes, the healthcare Internet of Things (IoT) market segment is projected to hit $117 billion by 2020.
“The healthcare industry is poised for big changes, largely propelled by various high tech innovations surrounding connected health and dependent upon certain IoT technologies, applications, services and solutions,” says Marketresearch.com. “The Internet of Healthcare Technology (IoHT) will include many facets including tracking (medical and non-medical assets and people) and the collection and integration of real-time healthcare data with electronic healthcare records (EHR).”
Intel notes that within the next 10 years, half of all care will be delivered virtually, with providers paid based on their teamwork and quality. “We expect 24/7 diagnostics monitoring from phones, wearables and even implantables with dramatic growth in sensing technologies from the hospital to the home,” the report says. “The integration of device data (inpatient, outpatient and home- or mobile-based) into medical records will be a major push for the foreseeable future.”
McKinsey Global Institute research estimated the potential impact of IoT technologies to be $1.1 trillion to $2.5 trillion per year by 2025 in the healthcare sector – more than any other sector. Mobile healthcare devices will be used to track everything from fitness goals to surgical rehab faster, more convenient and at reduced cost.
Says Intel, three categories are currently emerging for IoT healthcare: person to person, person to computer and person as a computer. Examples include:
· Person to person. Technology includes an infant monitor capable of sending parents real-time information on their child’s breathing, skin temperature and sleeping position, and transmitting the data to the parents’ smartphones
· Person to computer. One example is a smart insulin injection tracker that helps diabetic patients monitor their health and transmits data to a smartphone app.
· Person as a computer. This type of technology can use the electrical activity in your muscles monitored via a wearable to wirelessly control a computer, phone and other digital technologies.
Photo credit: Vigihealth
Business Insider predicts that by 2020, 646 million IoT devices will be used for healthcare. And with this kind of growth, there are clear opportunities for solution providers that are looking to increase sales in IoT technologies within the healthcare sector.
IoT technology can help healthcare organizations improve health management, provide personalized and individualized care and improve patient engagement and outcomes – all of which can make a healthcare organization more competitive. And solution providers can take an active role in facilitating these improvements, while boosting business and profits.
Opportunities abound in healthcare IoT, in the areas of patient monitoring, connected imaging, clinical operations, medication management, clinical operation and workflow optimization and telemedicine, for instance, and for end-users like healthcare providers, patients, healthcare payers and research labs. There will be a growing demand for a variety of medical devices (wearable, implanted and stationary), software and systems (remote device and network bandwidth management, analytics and applications, and network security), and a variety of services.