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The Internet of Things is Growing by Leaps and Bounds

The term Internet of Things (or IoT) represents the connection of everyday objects to the Internet.

This includes devices like smart ovens and smart watches. It expands the functionality of these devices considerably. It can, for example, enhance a device’s ability to learn. It can also allow consumers to access their devices from anywhere in the world.

How the IoT Will Impact Healthcare

The ability to connect devices to the Internet extends beyond watches and ovens. It is expected to have an increasing impact on the healthcare industry. Tractica estimates that shipments of healthcare wearables will increase from 2.5 million units in 2016 to 97.6 million units by 2021.

There are three primary ways that the Internet of Things is expected to impact the field of healthcare:

#1 – Pharmaceutical companies will be able to extend clinical trials

According to Andrew Morawoski, IoT connected devices will allow more patients and clinical sites to report critical data regularly and reliably. Currently, Vodaphone’s Machine-to-Machine technology is being used by PHT Corporation to manage worldwide clinical trials.

As more companies utilize IoT technologies in clinical trials, they give researchers a better overall view of their trials. They also help them develop safe and effective treatments more quickly.

#2 – Insurance companies will be able to incentivize healthier living

According to Business Insider, IoT connected devices are beginning to allow a new type of insurance. Usage based insurance (UBI) uses IoT devices to track clients’ activity. Devices can track whether they are engaging in healthier behaviors, like exercising. When clients lead a healthier lifestyle it can lead to lower insurance rates.

Over time, these types of insurance programs may become more popular.

#3 – Patients will have more convenient access to healthcare

We know that pharmaceutical and insurance companies will have more access to health data. But patients will have more access to data as well.

According to Shelly Kramer, patients may be empowered by the Internet of Things. They might be able to get quality medical advice without going to the doctor. Doctors could access patients without them actually being on site.

How Will Your Company Change Healthcare?

Through the development of medical technology you can improve patient lifespans and quality of life.

Consider the direction you are heading in and how the Internet of Things can be leveraged to make improvements in your offerings.

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