The Internet of Things in the healthcare industry will fuel a revolution that could result in nearly $305 billion in savings for the industry in the near future, according to Business Insider, which cited a new report from Goldman Sachs.
This "first wave" of healthcare IoT is still early on in its development, states the Business Insider article on the report. However, the article says Goldman sees increasing opportunities for use of telemedicine, behavior modification and remote patient monitoring.
In addition, the number of consumers using home health technologies globally will grow from 14.3 million in 2014 to 78.5 million by 2020, according to market intelligence firm Tractica.
Goldman says these tools will be especially useful for patients suffering from chronic conditions, which account for a big chunk of healthcare spending, especially when it comes to heart disease, asthma and diabetes.
In addition to the savings that will come from connected devices, the digital health market could also see revenues close to $32.4 billion, the article says.
"What has surprised us through conversations with physicians, major hospital networks, payers, and the start-up community has been the general willingness to explore digital health as a viable component in daily healthcare practice," the report says, according to Business Insider.
The IoT is creating new care models, but as it expands, there must be a balance between the promise of new tools and devices and the need for robust security and data privacy.
Hospital chief information officers must also be aware of legal issues and complexities of the technology, FierceHealthIT previously reported.
To learn more:
- here's the Business Insider article