In a recent conversation with an IoT innovator, she mentioned her belief in the explosive growth coming with the IoT in the Healthcare market. Referred to by some as the “Internet of Medical Things” (IoMT), recent research by Allied Market Research predicts that it will reach $136.8 billion worldwide by 2021. This is roughly 20% of the total, estimated IoT market size.
Healthcare’s market dynamics positioned it well for the IoT to provide innovative solutions. An aging population, increasing healthcare costs, lower sensor technology costs, greater effectiveness through automation, AI, and machine learning and other factors enable IoT solutions to either deliver new revenue models. better service and greater cost savings. Certainly, issues surrounding HIPPA and other privacy concerns as well as healthcare data management challenges across disparate legacy systems could slow the rate of the IoT adoption. Overall though, this is an important market to watch in 2018.
