What is the Internet of Things (IoT) you may be asking? Well, it’s anything designed to process a unique task that can transmit and receive real time data over the cloud, or simply an intelligent device that is connected to human interaction. Read on for details and how IoT is taking the healthcare industry by storm.
In the healthcare industry, IoT devices are helping to connect patients and health providers in order to monitor, track, diagnose, and store vital statistics and medical information. This not only allows for an improved customer experience, but many cost-saving benefits too through the fluid facilitation of real time data.
What you need to know:
- It is estimated that there will be a $117 billion market for IoT in the healthcare industry by 2020.1
- 40% of IoT technology will be healthcare-related by 2020.1
- Remote patient monitoring will have an estimated 48.9% compounded annual growth rate, from 5 million in 2015 to 36.1 million patients in 2020.2
- There will be an estimated $300 billion savings in annual healthcare expenditures by decreasing cost through IoT technology. 3
Exampls of healthcare IoT devices:
- Smart Cabinet
- Allows real-time tracking of hospital inventory. This cuts cost by minimizing excess inventory and expired supplies.
- Cellscope – Smartphone-enabled otoscope
- Allows physicians to remotely diagnose ear infections, potentially saving 30 million visits to the hospital per year in the U.S. alone.
- Adhere Tech – Smart pill bottle
- Collects all adherence data in real-time and sends you text alerts if you miss a dosage.
- Collects all adherence data in real-time and sends you text alerts if you miss a dosage.
Since the healthcare system values efficiency and outcomes, IoT applications are becoming increasingly more relied upon and are steadily transforming the healthcare industry to the point that hopefully, soon we will look at our phones to check on our health instead of checking our Facebook feed.
Additional Reads:
- Medicare Marketing and You: Working With CMS 101 + New Guidelines
- 5 Easy Steps to Determine Marketing Testing Priorities
- 3 Questions to ask Before Starting Your Medicare Marketing Campaign
Sources:
1) https://www.forbes.com/sites/tjmccue/2015/04/22/117-billion-market-for-internet-of-things-in-healthcare-by-2020/#3e81cf1b69d9beckershospitalreview.com/healthcare-information-technology/4-key-statistics-on-remote-patient-monitoring-growth.html
2) https://sysgen.ca/how-iot-profits-global-industries/
3) http://www.engagemobile.com/goldman-sachs-report-how-the-internet-of-things-can-save-the- american-healthcare-system-305-billion-annually/
