5 Ways the Internet of Things Will Revolutionize Healthcare

More than just hype

The Internet of Things (IoT) might receive a lot of hype – but it’s much more than just hype.

This idea of everyday objects connected to the Internet is already becoming a reality.

Here are five ways that the Internet of Things will transform healthcare.

Source: Pixabay

1. Medication management

Almost 100 million Americans don’t take their medications as prescribed.

What’s the result? Unnecessary hospital and nursing home admissions – and even deaths.

This problem will likely worsen as the number of elderly Americans increases over the coming years.

Source: Pixabay

How IoT can help with medication management

Pills equipped with sensors that communicate when they’ve been taken (and not taken) has the potential to greatly improve patient adherence to prescription regimens.

Medical professionals and family members could be alerted when medications aren’t being taken as they should – lowering healthcare costs and saving lives.

Source: Proteus Digital Health

2. Vitals monitoring

Around 80% of older adults have at least one chronic condition. Over 36% of Medicare beneficiaries have four or more chronic conditions.

For many of these patients, particularly those with diabetes, hypertension, and lung disease, monitoring vital signs is important for managing their health.

Source: Wikimedia Commons

How IoT can help with vitals monitoring

Enter the world of wearables. Watches, wristbands, patches, and other wearable devices can monitor vital signs and send real-time alerts via the Internet.

As costs are driven lower for wearables, the technology will enable medical professionals to keep tabs on patients’ health more effectively than ever before.

Source: Apple

3. Fall detection for elderly

Source: Pixabay

Falls are the leading of both fatal and non-fatal injuries in elderly Americans.

One out of three older adults fall each year.

What’s the medical cost related to falls? $34 billion in 2013.

How IoT can help with fall detection

Sensors with build-in gyroscopes can automatically detect when a person falls.

This automatic detection is key, since less than half of elderly Americans who fall actually tell their healthcare providers about it.

Wearables can let healthcare professionals know when a patient falls – and ensure the proper care is given.

Source: David Lofink on Flickr

4. Early detection of childhood diseases

Source: Pixabay

According to the World Health Organization, one disease caused 15% of all deaths of children under the age of five -- pneumonia.

The most troubling aspect of this statistic is that pneumonia is both treatable and preventable – but only if detected early enough.

How IoT can help detect childhood disease

A Spanish company, Libelium, developed an IoT device called INSPIRE to meet the challenge of early detection of pneumonia.

Non-skilled workers can easily analyze breathing in children using the device, allowing for early identification of potential respiratory problems.

Expect more devices to support early detection of childhood diseases.

Source: Libelium

5. Inpatient care

Source: Pixabay

Even with technological advances, the sickest individuals will still require care in inpatient settings such as hospitals.

New medical problems can arise in these settings, though.

Up to 1 million people fall in hospitals each year, often leading to further health issues.

One in every 5,500 operations results in a surgical instrument left inside the patient.

How IoT can improve inpatient care

Sensors in “smart beds” can alert medical professionals when a patient at risk of falling tries to get out of the bed.

Surgical instruments, especially medical sponges, can have RFID tags embedded. Sensors can track each item used in the surgery to ensure that nothing is inadvertently misplaced.

Source: Wikipedia

Investing impact

Source: Wikipedia

While many devices will be developed by private entities, plenty of publicly-traded companies stand to benefit from widespread adoption of the Internet of Things in healthcare.

Here are three companies that could emerge as big winners.

Qualcomm (NASDAQ:QCOM)

This technology giant is heavily involved with what it calls the “Internet of Everything”.

Qualcomm’s Snapdragon processors play a key role in the company’s IoT strategy. Its 2net platform connects a large number of medical devices and applications to help improve healthcare.

Intel (NASDAQ:INTC)

Is Intel inside the Internet of Things? Definitely.

The company’s strategy includes a platform that allows data from billions of devices, sensors, and databases to be connected. And Intel already has a major presence in healthcare with its Health and Life Sciences group.

UnitedHealth Group (NYSE:UNH)

While UnitedHealth might not be a developer of Internet of Things technology, the nation’s largest health insurer could be a big beneficiary.

All five potential healthcare applications of IoT ultimately should lead to lower healthcare costs, which would translate to higher profits for UnitedHealth.

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