We use the word “evolution” to describe technology’s progression from something smaller to something vastly more significant. However, when mapping the timeline of the Internet of Things (IoT), evolution simply doesn’t seem adequate. Merriam Webster defines evolution as a “process of gradual and relatively peaceful social, political, and economic advance.” The fact of the matter is, IoT’s journey from an interesting technological possibility to a ubiquitous part of our everyday lives resembles more closely a passing Formula 1 car than “The March of Progress.”
One of the fastest moving IoT sectors is healthcare, where, according to a Grandview Research report released this week/last week/recently, more than $400 billion will be invested in IoT technology by 2022. To place that number in proper perspective, consider that healthcare organizations invested nearly $59 billion in 2014.
According to the research report, patient adherence has improved as a result, “The proliferation of Internet of Things in healthcare has been beneficial in chronic disease management, remote clinical monitoring and assisted living, wellness and preventive care. Introduction of technologically advanced smart phones, mobile apps, assistive medial and personal fitness devices are playing a significant role in the market expansion.”
One of the main drivers of healthcare IoT is the concept of connected health, which harnesses technology to provide services remotely. Wearables, for example, currently own a 60 percent share of the healthcare IT market, with no signs of slowing. From wristbands to outerwear, IoT wearables continue to push the boundaries to drive greater patient outcomes. We now have the ability to easily monitor glucose levels, check vital signs, calculate steps taken, turn hearing aids up and down and so much more. The possibilities, it seems, are endless.
With future investments in healthcare IoT technology expected to multiply several times over in the next six years, the ability to transfer proactive and preventative health practices into the hands (or around the wrists) of patients will only continue to grow. It will be exciting to see what inspired advances unfold. Don’t blink, you might miss it.