Healthcare Internet of Things
In these early days of IoT investment and implementation, the market has focused primarily on industrial / machine and “smart city” technologies. Due to this industrial focus, Human IoT has been overlooked but looms just as large. Healthcare IoT (HIoT) technology utilizes sensors to collect comprehensive patient-generated health data. HIoT has potential applications in short-term care planning, chronic disease management, homecare, population health, and precision medicine. According to McKinsey estimates, the potential cost savings from the adoption of HIoT under different scenarios ranges anywhere from $100B to as much as $470B annually by 2025, or 3-15% of present US healthcare spending. Currently the leading application of HIoT, Remote Patient Monitoring (“RPM”) uses HIoT devices and data analytics, and comprises 45% of the near-term digital health addressable market. This report takes a closer look into the market as well as companies in the ecosystem, M&A and private placement activity.