The Internet of Things (IoT) has emerged as something of a phenomenon in the last few years. The concept has become so popular that its impact is being felt across many industries.
The healthcare industry is no exception. It is playing a leading role in this transformative process. Five years ago, the medical connectivity market was largely insignificant but has caught up rapidly. The market is expected to grow an astounding CAGR of 38% until 2020 by adopting the capabilities of the IoT.
This intense growth is due to the increasing connectivity of medical devices and personal health tracking devices on the market, leading to an explosion in healthcare big data. Medical equipment, personal health and fitness trackers collect terabytes of data each day, most of which goes unutilized. In the future, the application of advanced analytics to healthcare ‘big data’ will have far-reaching implications on the industry overall, with the global healthcare analytics market expected to reach $20.8 billion by 2020.
5 Ways Healthcare Organizations Can Create Value, Ahead of the Competition
The growing bank of data derived from patients, devices, and healthcare operations is opening up new avenues for building silent intelligence. Most companies that have achieved success thus far have followed common strategies which are becoming more pervasive in the industry today. However, the healthcare sector seems to be reluctant to adopt them at the outset.
With this in mind, here are Cyient’s 5 recommendations for healthcare organizations to ensure they fully embrace the power of the IoT:
- Look beyond your IT department
- Democratize your product with the power of IoT
- Remote monitoring is by no means done yet
- Embrace unholy alliances
- Look for secondary and tertiary value from data
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