IoT can be crucial in providing a substantial value across the entire life sciences value chain, starting from research and development digitalization to improving the patient experience.
Fremont, CA: The life sciences industry is a heavily regulated market where risk control is essential, apprehends innovation with a processed and careful pace. As the concept steered a lot of hype, IoT has been associated with consumer wearables but has substantially evolved into becoming a significant lever for corporate transformation. It now seeps into large enterprise markets as it allows the development of the solutions pairing sensors, networks, services, and data. Therefore it is no brainer that the IoT market in healthcare is expected to expand at a 30 percent Compound Annual Growth Rate (CAGR) and touch $188B by 2024.
Here are the four core macro-environmental factors that influence the sector and are shaping the needs of various IoT solutions.
1. People are aging and need innovative healthcare solutions. For instance, according to the OECD, the elderly population in Europe increased by 22 percent from 2000 to 2017, leading to a rise in demand and higher prices in the health industry.
In this situation, IoT could be a key to unlocking customized journeys for patients.
2. Disease prevention is yet another critical priority in the life sciences industry. Current efforts in this area are mostly around the standardization in the early detection of diseases and medical conditions, like cancer. Various kinds of IoT wearable and embeddable IoT devices can potentially revolutionize the space.
3. Home monitoring is also an important aspect of the life sciences value chain where IoT can have a disruptive impact. IoT helps remote monitoring and diagnostics of patients without any doctor’s visits, but still allows a personalized experience for patients and physicians. IoT can therefore reduce the on-site administrative workload, and at the same time, improve the clinical investigator’s job.
4. Investing in healthcare and the life sciences sectors is booming exponentially. Consumer habits are changing, and the willingness to spend on healthcare is increasing. It’s not a surprise that more than 10 percent of GDP in North America, Japan, and Western Europe is derived from the life sciences sector. This is a transparent opportunity for pharma players to provide innovative healthcare solutions, and IoT could be one of the enabling technologies.
See also: Top IoT Solution Companies