That’s the proposed size that one report predicts the IoT healthcare market will reach worldwide by 2021.
And with 3.7 million medical devices already monitoring patient data across the globe, the potential use cases for IoT in healthcare and life sciences are limitless.
IoT: A Foundation in Healthcare
Did you know that, according to data published in the American Journal of Preventive Medicine, 86% of healthcare expenditures are for people with chronic conditions, including cardiovascular disease, diabetes, obesity, and dementia? As an industry, healthcare and life science professionals must find innovative ways to treat, manage, and track these conditions.
One way that patients have managed to take control is by using technology, such as wearables, to capture a complete health profile, helping them set, work toward, and achieve their health goals.
Take for example Fitbit which, over the course of five years, experienced extreme revenue growth, from $5 million dollars in 2010, to $1.8 billion dollars in 2015. As demand for tools to help people take control of their health evolves, so too must the industry.
IoT 2.0: The Role of Medical Devices & Wearables in Clinical Trials
IoT in healthcare is used primarily to manage existing conditions, which already have a plan prepared by the patient’s primary care provider and care team(s). But, how can technology impact the development of new drugs and treatments?
Clinical trials are hard. In the United States alone, it takes an average of 12 years for an experimental drug to travel from the laboratory to your medicine cabinet. That is, if it even makes it that far.
Only 5 in 5,000 drugs that enter preclinical testing advance to the human testing phase. One of these 5 drugs that are tested in people is approved. And the chance for a new drug to actually make it to market is only 1 in 5,000.
With so many factors at play, and a staggering 30% dropout rate across all clinical trials, we have to find a better way to engage patients and clinical trial staff, making clinical trials easier for everyone.
Benefits of IoT in Clinical Trials
There are many ways that IoT can remove friction from clinical trials. Here are some key benefits that technology presents for this growing market:
As technology continues to evolve, the time to invest is now. If you’re wondering how IoT could benefit your business or fit into a more comprehensive digital strategy, let’s talk. Contact us now to talk about your digital transformation goals.
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