The Internet of Things (IoT) has its sights set on changing the health care industry as we know it.
Figures from PricewaterhouseCoopers estimate that the connected health care market could grow to $61 billion by 2020 — that’s a growth rate of 33 percent annually from current levels. The market for IoT health devices is also expected to see a surge to $14 billion by 2020. PwC’s data reveals that, in the same timeframe, connected services will also expand to $45 billion, representing annual growth rates of 37 percent and 31 percent, respectively.
With growing costs and increasing needs for innovation, health care companies are now turning to cloud computing and connected devices, Forbes reported today (Sept. 15). Recent Medicare data estimates that nearly $17 billion is spent annually on readmission costs that are actually avoidable.
These costs tend to hit patients suffering from the complications of chronic diseases the hardest.
Qualcomm and Philips recently announced they are partnering to create an IoT health care ecosystem. Qualcomm Life’s 2Net open device network and suite of connected medical devices will be brought together with the cloud-based Philip Healthcare Suite platform to create a massive ecosystem and new niche medical business.
“As the home is fast becoming a viable care setting, care providers, home health agencies and other institutions are increasingly using connected care to reduce emergency care, readmissions of patients with chronic diseases,” Jeroen Tas, CEO of connected care and health informatics at Philips, said in a press release.
“By collaborating with Qualcomm Life and leveraging its connectivity and wireless expertise, we aim to help care providers to engage better with their patients and contribute to the goal of improving outcomes. Patient self-management combined with 24/7 connectivity to a care network is an emerging model that enables scalable chronic disease management for patients and providers.”