The IoT and smart home platforms are combining to propel the digital health industry, according to new digital health research from Navigant Research.
The net impact is lower costs and improved patient care, the report says. “The nexus of IoT and health ultimately puts power in the hands of consumers and enables self-care,” said Paige Leuschner, a research analyst with Navigant Research, in a press release. “This has the potential to revolutionize the healthcare industry and contribute to the emergence of healthcare as a value proposition for the smart home, creating opportunities for a range of stakeholders to capitalize on.”
The ecosystem includes service providers, startups and established companies. The opportunities now are to innovate, develop business models and create new revenue streams.
Digital Health Research
Remote medicine is a longtime goal of many diverse groups, including consumers, healthcare providers, policy makers – especially those representing rural areas — and the vendor ecosystem. It’s a win all around: Patients have to make fewer trips to sometimes distant health care facilities and are less likely to require hospitalization. Hospitals free up beds and avoid ancillary costs such as meals. Meanwhile, vendors and service providers benefit financially.
The emergence of the IoT and in-home medical sensors makes far deeper interactions with patients possible. It is possible to perform such important tasks as blood pressure measurements and even set alarms and other readings to be sent to doctors’ offices.
Another driver of digital home health care is that such care can be part of a broader smart home platform that can include elements such as entertainment and security. Previously, telemedicine and remote healthcare were based on specialized and therefore expensive equipment.
The Navigant report, “Capitalizing on the Nexus of IoT and Home Healthcare,” offers recommendations on how players in the two segments – smart home and health – can take advantage of opportunities while the momentum exists.