Posted by Sam Hill on 11 Jul, 2017
With a focus on IoT in the healthcare sector, our Lead Strategist, Olivier Legris, recently shared our insight on the exciting opportunities that the technology can create, while also highlighting some of the difficult challenges innovators are currently facing.
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There is no doubt that IoT represents a new frontier for the wider tech community. With excitement at an all-time high, companies need to be wary of running head first into innovation. Whilst many factors have driven the need for solutions across the sector, the nature of the industry consequently demands that IoT developers tread slowly and carefully to achieve the desired results; at the end of the day, their solutions could be the difference between life and death.
Commitment to change
There is a sense of obligation to change surrounding IoT in the healthcare industry. For one, the technology can bring potential benefits to hospitals and the way they conduct their day-to-day activities. Optimisation will be of paramount importance, allowing for a more efficient way of working and shifting the focus back to the quality of patient care.
In terms of budget, there are also significant savings to be made. Analysts at Goldman Sachs have said that a major spending reduction is not as far away as most people would think. According to a recent report, they predicted that there is an opportunity for $305 billion in savings from digital healthcare. Moreover, MarketResearch.com projected that the healthcare IoT market segment is set to hit $117 billion by 2020.
Scale up, but with caution
Companies investing in IoT within healthcare will need to remember that aside from innovation and investment, data and the way it is used in the IoT game plan will be critical to its success. There is no doubt that the amount of data being processed and the number of devices within this sector alone will continue to grow. Recent reports from Gartner forecast that the amount of connected devices will reach around 20.4 billion worldwide by 2020; healthcare being one of the key industries to do so.
However, innovators must also take into careful consideration the sensitivity of this data. Misusing this could cause ethical backlash amongst patients. Moreover, the security surrounding a patient’s data is another cause for concern. Poor security on embedded devices mean that hackers could take full advantage of the opportunity to infiltrate the technology. Imagine a hacked insulin pump that could potentially administer a fatal dose; the consequences could be deadly.
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You can read the full version of Olivier’s article for TechTarget’s IoT Agenda here.
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