The Internet of Things (IoT) — smart devices communicating with one another — is a growing technological phenomenon that portends major changes in virtually every business imaginable, particularly health care.
A new report suggests the value of IoT in health care will grow to roughly $137 billion by 2021, up from $60.4 billion in 2014.
The growing popularity of wearable devices and similar smart technologies will be driving the growth, according to the report published by Research and Markets.
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The rising population of the elderly and those suffering from chronic conditions is increasing the demand for tools that monitor people's health. In addition, calls for health care solutions that get people out of hospital beds — for the sake of the patient and the payer — will likely make monitoring devices that allow people to be at home, and yet, in constant communication with their health care system.
Essentially, IoT accelerates the trend of reducing visits to the hospital and doctor's office that begun with common telemedicine technologies, such as video conferences. The more sophisticated that technological monitoring of patients becomes, the less necessary that any type of doctor visits — either in person or by video — will become.
IoT devices that gather and analyze data also offers heightened accountability for health care providers, an alluring prospect for policymakers, insurers and health care advocates seeking to improve outcomes and reduce ballooning costs.
There will of course be challenges in implementing some of the innovative technologies that companies are bound to develop. In an industry as sensitive to privacy and the potential for infiltration as health care, adding more internet will no doubt have some providers nervous.
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