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As a heavily regulated market where risk control is key, the life sciences sector apprehends innovation with a processed and careful pace.
IoT (internet of things) is no exception.
Since the concept raised to create a real hype, IoT has often been associated to consumer wearables, but has significantly transformed over the years into a major lever for corporate transformation. It now taps into large enterprise markets as it enables the development of solutions combining sensors, data, networks, and services. Hence, it is no wonder that the IoT market in healthcare is expected to grow at a 30% Compound Annual Growth Rate (CAGR) and reach $188B by 2024(1).
That said, there are many opportunities that IoT solutions can bring to the life sciences sector. But what are the key drivers that will impact this market?
We see four core macro-environmental factors that are influencing the sector and shaping the requirements for different IoT solutions.
IoT can provide substantial value across the entire life sciences value chain, from research and development digitalization to enhancement of the patient experience.
It enables accessing new, live, and comprehensive data thanks to smart sensors, direct connectivity, and digital platforms. These three axes can be used to develop innovative use cases on the four life sciences verticals and boost operational efficiency across different processes as well as the patient experience.
Based on our existing experience in the life sciences domain and IoT technology solutions available, we believe that companies should address five key challenges in order to successfully scale their IoT related initiatives.
To find out more about each of these steps, please feel free to connect with Cédric Bourrely, Maxime Wyka or Damien Vossion.
In upcoming blog posts, we will examine the life sciences verticals more closely to suggest how specific industry pain points across the entire value chain can be addressed with promising technology and solutions based on IoT.
This blog is co-authored by Maxime Wyka – IoT Specialist, Capgemini Invent and Damien Vossion – Life Sciences Industry Lead, Capgemini Invent.
https://www.marketsandmarkets.com/PressReleases/iot-healthcare.aspCancer Research UK: Worldwide cancer incidence statistics and American Cancer Society – Cancer Prevention & Early Detection Facts & Figures 2017-2018)World Bankhttps://www.iata.org/contentassets/494bc14afd934b0193735e9a47091d72/ceiv-pharma-infographic.pdf
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