According to Philips, “Healthcare today is very reactive. We get sick, we go to the doctor, the doctor treats you, you go home, and you don’t really talk to the doctor until you get sick again, when you go back into the hospital system. This is why costs for healthcare are so high. It’s not the most finely tuned machine.”
The crossover between lifestyle and medicine is the crucial combination for the success of connected healthcare. Connected Healthcare in today’s world is just the tip of the iceberg. The key technologies enabling Smart Healthcare are:
- Internet of Things.
- Mobile Technologies and Bandwidths.
- Interoperability Standards and Technologies.
- Embedded Systems and Miniaturization.
- Cloud Adoption.
- Big Data and Analytics.
Advanced technology open up opportunities in healthcare sector by impacting life expectancy. However, with technology come issues around data security, and personal responsibility.
E-Health is the enterprise of the healthcare sector which is on acceleration mode. Changes are driven by the digitization of health data, new government regulations and more demanding customers. Remote monitoring also called as telemedicine, tends to save USD 700 Billion in healthcare costs over the years.
With hi-tech technology comes challenges, for instance, exchanging data can be complicated as different providers use different systems, some open source and some proprietary. One of the biggest risks to connected healthcare is ensuring that information transmitted between patients and caregivers is secure, and this is especially true for the volumes of data sent from patient monitors to cloud based data storage systems over cellular networks. Big data means even bigger Health Insurance Portability and Accountability Act (HIPAA) compliance issues as all the patient data must meet the standards which mandate data privacy and security.
Major players in the connected healthcare market concentrates on investing substantial amount on research and development activities to introduce technologically, advanced and cost-effective solutions to differentiate themselves from competitor players. Also, strategic partnerships and acquisitions are other major strategies followed by key players to enter emerging market and enhance geographical presence. Major players operating in the global connected healthcare market are IBM Corporation, CGI, Accenture plc, SAP SE, Oracle Corporation, GE Healthcare, and Microsoft Corporation. To know more, kindly visit: Global Connected Healthcare Market Outlook 2024, Global Opportunity and Demand Analysis, Market Forecast, 2016-2024