How IoT and AI will revolutionize the healthcare industry in the years to come

Investments in healthtech are expected to be unprecedented in the years to come. Although the healthcare industry was not among the so-called «digital native» sectors, it is now catching up and filling the technological gap. Opportunities offered by healthcare data are just being explored while COVID-19 is playing an accelerating role in this digital transformation. Here are 3 trends that will count in shaping the future of the global healthcare market.

The Internet of things (IoT), most commonly known in the consumer goods industry, has recently made a significant step into the healthcare sector. From patients’ wearable devices to ECG monitors, including smart medical beds, the need and use of Internet of Medical Things (IoMT) devices have recently skyrocketed. In the hospital, IoMT helps, among other things, improve staff and inventories management and monitor patient’s health condition.
According to experts, the IoMT market is expected to cross $136 billion by 2021 and will represent 30% of the whole IoT industry by 2025.

It is undisputed that Artificial Intelligence (AI) will play a major role in our daily life. The healthcare sector is no exception as AI holds the potential to improve treatments and reduce costs. For example, during the COVID-19 pandemic, AI has been tested to help patients check their symptoms before consulting a healthcare professional. And this is just the beginning. According to Accenture, AI in healthcare will reach $6.6 billion in 2021 (with a 40% CAGR), placing the healthcare industry among the top 5 industries investing in AI.

A major challenge has emerged with the significant amount of data generated by connected IoT devices and AI applications: the processing and analysis of healthcare data. Innovative digital solutions have to provide reliable, secure and quickly accessible data. Edge computing could be part of the solution. This technology constitutes an alternative to the more traditional cloud storage allowing the users to collect, analyze and make use of data closer to the source, “on the edge”. The opportunities offered by Edge computing are not only numerous but also vital to a secure and connected healthcare ecosystem. Accordingly, healthcare is expected to be amongst the leading industries adopting Edge computing.

The healthcare market is picking up speed again, analysts say, as it enters the digital era. Data privacy, reliability and security will however be key to maintain this momentum.