Top Emerging Trends in Medical Devices

1. Internet-of-things: According to MarketResearch.com, the healthcare IoT market is slated to be at $117 billion by 2020. As a disruptive technology, IoT facilitates real time capture of data through smart sensors and wearable devices, exchanges the captured information on Cloud and with BI/Analytical tools, analyzes the information streams much rapidly than conventional means. The massive use of embedded systems is ushering in a “connect everywhere – every time” culture along with parallel trends of home and industrial automation, and smart cities where GPS functionalities are weaved into every movement. The consequences are numerous: from remote monitoring to ATM-like machines which can dispense drugs after a check-up from providers thousands of miles away.
2. Increasing Use of BI and Analytics: Healthcare BI and analytics, a market projected to cross US$18.7 Billion by 2020, is undergoing a silent transformation as there is greater demand for tools and solutions which can plug the missing gap in visualizing real business challenges and solutions through existing healthcare data. According to a PwC survey, it was found that over 95% of CEOs in healthcare companies are looking for ways to harness data in a better way. Medical devices of tomorrow will be rendered incomplete if they cannot use historical data for predictive analysis and other data for solving existing challenges faced by providers. Tableau has risen to the fore as a very intuitive tool to visualize randomized data to see for patterns and anomalies.