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Growth Opportunities, Challenges, and Future Perspectives in Healthcare
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Healthcare is one of the industries facing disruption by technological advances in the Internet of Things (IoT) space, and yet it is only partially aware of the advances, potential, and benefits. Almost 60% of healthcare organizations have already adopted healthcare IoT or Internet of Medical Things (IoMT), and realized cost savings, improved their profitability, visibility and customer experience. Indeed, IoMT serves the financial interests of healthcare industry stakeholders including investors, manufacturers, providers and physicians. It is well-suited to meet the needs of the transforming healthcare industry, by supporting the transition from disjointed care to coordinated care and reactive to proactive care-delivery approaches, for example. An estimated 4.5 billion IoMT devices existed in 2015, accounting for 30.3% of all IoT devices globally; this number is expected to grow to 20-30 billion IoMT devices by 2020. Capitalizing on this trend with the right applications for the right customers with the right partners and relevant business models is crucial for healthcare stakeholders to survive the fierce competition, which is supported by start-up companies and technology giants alike.With IoMT, a connected ecosystem of sensors and devices on and around the individual serve to capture and measure, identify, stratify risks, inform, make decisions and take actions. With that underlying principle, the IoMT market has five application areas. The On Body area covers wearable devices such as smart devices, peripherals, and even implants. The In Home environment includes digital/virtual assistants, activity monitors, and home medical devices. Within the Community segment, automated kiosks, emergency response intelligence and mobility are application areas. In the Clinic segment, handheld medical devices and care-coordination technologies as well as administrative support tools are areas where IoMT is making its mark. The In Hospital area benefits from IoMT use for real-time location services, patient/personnel flow tools and smart, connected equipment for better inventory management and resource utilization.This study covers the landscape of the Internet of Medical Things by application areas—on body, in home, community, in clinic, and in hospital. For each application area, IoT use cases, vendor landscape of over 100 IoMT stakeholders, potential opportunities and challenges have been covered. Additionally, analysis on business model considerations for IoMT stakeholders, case studies, and future perspectives has also been provided.Key questions that this study will answer:• What does the current IoMT market landscape look like? Which areas are being served, and by whom?• What are the segment-specific challenges and opportunities for IoMT market incumbents and those considering entering the market?• What strategies for success can be employed by stakeholders?• What are the important business model considerations for IoMT stakeholders and new entrants?• What are the future perspectives that IoMT industry stakeholders and new entrants should be aware of?
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