Widespread integration of Web-connected devices into the global health care industry will have a profound impact on the day-to-day operations of hospitals, care clinics and other such facilities.
However, many medical organizations are wondering whether procuring such sensors is going to be worth the cost. Having a market research analyst to scrutinize the following factors is advisable:
- When the average price for wearables and other Internet-connected devices is low
- Which manufacturers will provide the highest quality sensors for the best markup
- How other hospitals are using the Internet of Things to improve or transform their operations
- Best practices for leveraging IoT technology and what additional infrastructure is required to support it
Adding a few Web-connected machines to a hospital's supply list isn't as simple as some would think. Pre-existing IT assets need to be prepared for the introduction of these devices, as disorganized implementation can result in grievous security flaws.
How great of an impact will IoT have on hospitals?
As far as how much of an effect IoT technology will have on care centers depends on what kind of sensors facilities employ and how personnel intend to use them. To provide readers with a specific example, Forbes contributor Charlie Isaacs detailed three examples of how an Internet-connected magnetic resonance imaging machine can affect logistics, maintenance and patient care:
- The machine can be diagnosed and assessed by technicians remotely. Whenever an MRI experiences a disruption or fails, a specialist can troubleshoot issues without having to go on-site. From there, an order of needed components can be sent to administrators.
- As MRIs require helium to operate, whenever levels start to get low, a report will be sent to materials acquisition officers to order new canisters.
- Multiple MRIs can communicate with one another to balance patient scheduling. This ensures wait lists don't accrue and allows hospital visitors to receive scans as quickly as possible.
The need for marketing analysis
As far as wearables are concerned, pricing typically depends on how expensive certain raw materials are. Hanover Research noted that rising demand for such devices will incite a greater need for silicone, stainless steel and glass. The cost of these materials will also be influenced by surpluses and shortages.
Overall, the industry shows no signs of slowing down. The source noted the wearable sector is anticipated to increase at a compound annual growth rate of 18 percent, reaching $8.3 billion in 2018. As investment grows over the next four years, it's likely innovators will find ways to make such devices cheaper and more powerful.