IoT Healthcare Market and its Key Opportunities and Challenges

IoT Healthcare Market and its Key Opportunities and Challenges

“Medtronic Plc (U.S.), Royal Philips (The Netherlands), Cisco Systems Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qualcomm Life, Inc. (U.S.), Honeywell Life Care Solutions (U.S.), and Stanley Healthcare (U.S.)”
IoT Healthcare Market by Component (Medical Device, Systems & Software, Service, Connectivity Technology), Application (Telemedicine, Work Flow Management, Connected Imaging, Medication Management), End User, and Region – Global Forecast to 2022

The IoT Healthcare Market is estimated to grow from USD 41.22 billion in 2017 to USD 158.07 billion by 2022, at a CAGR of 30.8% between 2017 and 2022, as per a report by MarketsandMarkets. 

How rising adoption of telepresence technology presents an opportunity in IoT Healthcare?

The telepresence technology connects people and devices that helps healthcare organizations improve business and clinical workflows that rely on people, expertise, and information. A majority of money spent in the healthcare industry is spent on the treatment of chronic diseases. According to a survey by National Health Council, approximately 133 million Americans suffered from a chronic disease in year 2009, and the number continues to increase year-by-year. Telepresence provides physicians an easier way to monitor and engage with chronic care patients while reducing the cost of care. Remote patient monitoring is expected to save up to USD 36 billion globally over the next five years.

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For patients, the use of telepresence technology means that minor health concerns can be addressed faster even in home care set-ups. In some instances, remote care programs can provide patients with instant access to a doctor or physician. Key factors driving advancements in the telepresence technology include rising healthcare costs, aging populations, and a rise in the number of people living with chronic diseases.

Why increased interoperability risking hospital security is a challenge?

Healthcare organizations have different devices connected on the same network. The increasing interconnectivity of IoT-enabled devices collecting and sharing patient data significantly increases the number of potential vulnerabilities within a system, thus creating a potential bottleneck at sensors and network. IoT is an extra layer of complicated network, as organizations deal with networks which are outside the secure organization networks. For instance, a medical device can be connected to home networks, public Wi-Fi, or cellular networks, and transmit information back to the hospital’s network. This information becomes prone to hacking. This might compromise the privacy of the concerned individual. Hospitals need to implement security measures to keep an audit trail on each device connected internally and externally to a hospital’s network. Failure to do so can result in personal information being access by unauthorized person, which might get misused and cause security breach.

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Major players in this market include Medtronic Plc (U.S.), Royal Philips (The Netherlands), Cisco Systems Inc. (U.S.), IBM Corporation (U.S.), GE Healthcare (U.S.), Microsoft Corporation (U.S.), SAP SE (Germany), Qualcomm Life, Inc.  (U.S.), Honeywell Life Care Solutions (U.S.), and Stanley Healthcare (U.S.), among others.

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