Industries

Healthcare and Life Sciences

Healthcare and Life Sciences: Modest Investments Today, But Bigger Plans Tomorrow

Healthcare and life sciences companies are implementing IoT technologies and giving it a personal touch. These companies see an opportunity for personalization that goes far beyond fitness devices and into patient monitoring, home elder care among others.

IoT Spend

According to the study, an average $56.2 million was allocated to IoT technologies in 2015. This suggests that healthcare and life sciences companies aren’t among the big spenders in IoT. In 2014, 29% of the IoT spend was towards customer monitoring, while 27% was on product monitoring.

Exhibit-III-31

Exhibit III-31: Monitoring Patients Gets the Biggest Share of the IoT Dollar

What Are They Spending On

Nearly half of the companies in this sector (48.5%) use IoT technology to monitor the supply chain. Around 40% of them use IoT technologies to monitor customers who use mobile apps and 27% use sensors to monitor their customers at business locations.

Exhibit-III-32

Exhibit III-32: Tracking Product Flow is the Most Frequent IoT Strategy

Business Improvements

One of the biggest impacts that the IoT has had on companies in this sector is in allowing them to create more customized products and services. This shows both a revenue and customer focus. Another impact area that is high on their list is proactive medical service.

Exhibit-III-33

Exhibit III-33: Personalized Products and/or Services No. 1 Impact

Key Success Factors

The top two success factors are having skilled technologists who know how to integrate IoT technologies into products and processes, and knowing what data to capture.

Exhibit-III-34

Exhibit III-34: The Criticality of IoT Technologists