Strategy Analytics: IoT in Healthcare shows promise, but business case justification needs work
May 16, 2017
Slow Adoption due to Funding, Inertia, Privacy and Technology Barriers
Boston, MA -** May 16, 2017 **– According to the latest research from Strategy Analytics, theInternet of Things in Healthcare(IoT) will remain experimental over the 2017-2020 periods.
According to the latest research from Strategy Analytics, The Role of the Internet of Things (IoT) in the Global Healthcare Market :
- IoT has the potential to provide significant benefits but must compete for a share of total technology spend.
- IoT will grow at 18% on a compound annual basis across 2016-2025, with annual global IoT in Healthcare revenues passing $27 billion in 2025.
- However, Healthcare will be dwarfed by Primary Processing, Security and Automotive segment spending in the broader IoT market over the forecast period.
- Security, Privacy, Training and business case justification for broad deployment remain elusive.
Matt Wilkins, Senior Analyst and author of the report, noted " The beneficiaries of IoT in healthcare will be the patients, for whom IoT has the ability to deliver an experience that is less intrusive, less stressful and faster; but also the medical profession which may be able to operate with higher efficiency, through better knowledge of what is happening at any point in time with patients, professionals, equipment, and processes.”
Chris Ambrosio, Executive Director, said that “ Healthcare providers are actively exploring IoT in how it can help them to improve patient quality of care, lower re-admissions, and shorten visit times; the advantages IoT offers in allowing them to use analytics for things like population health management to identify at-risk patients; and how using wearables to remotely and proactively diagnose symptoms. ” ** Ambrosio went on to add that “…for many, IoT has not demonstrated strategic value. Their larger strategic IT priorities (orbiting digital transformation,) combined with the myriad of regulatory requirements creates too much risk for HCPs to widely embrace IoT just yet .”
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