Big Data and AI Promise Huge Potential for IoT Medical Devices Market
Recently, UK Biobank (UKB) opened its mass repository of medical data to researchers. It invited applications from the best researchers around the world. The end result were fascinating. A research team from the US uncovered over a 120,000 significant correlations between major illnesses like depression and their probable causalities. This is a major step forward for the medical field. Until this research came along, only 60,000 such major correlations were discovered. This research aided by AI discovered twice as many within two weeks. The research also provides major breakthroughs in areas where previous information was virtually non-existent. AI and big data analysis such as these hold major potential for the IoT medical devices market. Without the inclusion of technology which is interconnect and super-efficient in recording and organizing information, use of big data analytics and AI would be redundant. Hence, growth of AI and Big data promises enormous growth potential for the IoT medical devices market.
A new bill in the US congress requires IoT device makers to operate on “minimum standards” set by the US government. The bill titled, The Internet of Things Cybersecurity Improvement Act of 2019 currently only targets the IoT devices acquired by US government. However, in the near future such laws would be necessary for medical volunteers to ensure security and reliability for their data. However, increasing regulations in relation to security is a positive step for the IoT medical devices market.
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High Costs and Data Security Presents a Challenge to Market Growth
The high costs of IoT devices are expected to pose a challenge to the growth of the IoT medical devices market. Growing investments in research, constant advancements and inclusion of various technologies make these devices extremely expensive. This makes the penetration of the IoT medical devices market far more difficult in emerging regions, wherein revenues are much lower. It is also expected to create challenges in the US, where constant questions about healthcare costs are making public rounds recently. However, as the IoT medical devices market matures and economies of scale sets in, these costs are expected to reduce significantly.
Moreover, data security also presents a security concern for medical professionals. Increasing cyber threats, high costs of IOT devices, and personal nature of medical data makes data security a major concern for the IoT medical devices market. Increasingly robust cloud technology and lowering cloud costs do offer a glimpse of hope for the IoT medical devices market.
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Medical Research a Major Frontier for the IoT Medical Devices Market
The global IoT market is anticipated to grow at a notable CAGR during 2018-2026. Governments and private players around the world are actively supporting the growth of the market with a key role in initiatives such as smart city developments.
The interconnected nature of IoT devices results in widespread and organized availability of information, which provides greater access to patients, doctors, researchers and government entities as well. This widespread availability, organized access, and advent of Artificial Intelligence in IoT devices embeds enormous potential for innovation and clinical research. Additionally, it also provides convenience, cost savings, and often result in efficient medical operation. Hence, the global IoT medical devices market is expected to grow significantly in the near future.
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