MedTech - Thematic Research
Global Healthcare industry is worth $8 trillion. At over $10,000 per capita, US healthcare spending is 30% higher than the world’s second highest spender - Switzerland - and approximately 6.5 times higher than levels in China. Because of this higher spending, the implication is that the US healthcare sector is wasteful.
There has been a surge of interest in whether or not better technology might extract greater efficiency gains. Thus far, the global healthcare industry -especially the US healthcare industry - has been slow to modernize due to the fact that the industry is complex, risk averse, and highly regulated.
For hundreds of years, the key drivers of progress in healthcare were biology and chemistry. Now, they are data science and software. Organizations are utilizing Internet of Things (IoT) technologies to access real-time data and gain visibility into their operations throughout the manufacturing value chain.
The global IoT devices market in the healthcare sector is expected to grow at a Compound Annual Growth Rate (CAGR) of 47.3% from 2016 to 2020, to over $500M. Big Healthcare is being gradually undermined by swelling networks of connected biosensors, ubiquitous mobile devices, and cloud-based healthcare apps. Collectively, these phenomena are grouped under the umbrella term, “The Internet of Medical Things”.
The six enabling technologies that are set to transform the healthcare industry over the next two years are -
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