Internet of Things in Healthcare Sector to be Worth $163.24bn by 2020

 

Mechanical ventilation equipment

 

Research and Markets – the world’s largest market research firm – have announced their latest report, “IoT Healthcare Market – Global Forecast to 2020”, which provides insights into the predicted uptake and application of the Internet of Things (IoT) in the healthcare sector.

 

 

The healthcare industry is currently undergoing a huge transformation in a move towards more affordable, accessible, and quality care. This new model of healthcare, which relies on patient participation, data analysis by microprocessors and microcontrollers, and connectivity between sensors and devices, is changing the way health services have been typically delivered.

To achieve this new model IoT technologies are being used by various types of healthcare organisations, such as hospitals, surgical centres, clinical research organisations and government defence institutions, to enable centralised monitoring and control of all business operations.

The key findings from the research include the following:

  • The global healthcare IoT market today is worth $32.47bn
  • This is forecast to grow at 38.1% CAGR, reaching a market value of $163.24bn by 2020

 

Deploying solutions empowered by the Internet of Things essentially improves information sharing between man and machine, enabling healthcare professionals to access real-time information and make evidenced-based decisions. For instance, it could enable an at-home patient’s wellbeing to be remotely monitored by caregivers in any location. This not only improves the quality of patient care by increasing the frequency and ease with which the patient’s status can be reviewed, but it also lowers healthcare costs by reducing the number of necessary patient visits. Visits which do go ahead can also be more efficient and effective as information about the patient’s wellbeing is known beforehand, enabling caregivers to focus on delivering the right treatment.

The Internet of Things is becoming a strategic focus for all types of healthcare organisations, and it is evident that the era of the ‘connected service’ is here. Key to the success of this is a networking solution that can provide ubiquitous, high performance connectivity, to facilitate data transfer between sensors and devices in any location. Delivering this, whilst remaining cost-effective, 4G LTE connectivity provides a clear answer. The high bandwidth, low latency characteristics of 4G LTE communications allows healthcare organisations to deploy an anywhere, anytime connectivity solution which can power advanced applications. By using an enterprise-grade 4G LTE networking solution, the Internet of Things in healthcare can also be delivered securely, keeping sensitive information protected.

 

To learn more about how 4G LTE cellular connectivity solutions can enable applications in the healthcare sector, please take a look at our industry solutions page.