IoT: A SWOT analysis
Rohini Choudhary from Transparency Market Research conducts a SWOT analysis of the Internet of Things (IoT) medical devices within the healthcare sector.
Technology has transformed almost every sector around the universe. Bill Gates once rightly said, “the advance of technology is based on making it fit in so that you don't really even notice it, so it's part of everyday life.” Technology is, undoubtedly, an important component of every individual’s life. The waves of technology have reached the shore of every sector efficiently and are serving the prospective sectors in the best possible way.
The healthcare sector is no exception. Technology has taken quantum leaps in the healthcare industry. A Deloitte report highlights the availability of more than 50,000 medical technologies. These statistics represent the thriving technology arm of the healthcare sector. The IoT is a prominent type of technology that has blossomed well in the healthcare industry. The proliferating use of the IoTs in the medical industry has raised the bar of the quality provided in every medical application.
Strengths
The strengths of IoT medical devices are associated advantages such as decline in operational costs, improved drug management, and minimal errors. These strokes paint a positive picture of growth across the canvas of the IoT medical devices market. Increased funding from various sources is helping the IoT medical devices market to thrive largely and are adding strength to the growth.
Easy data collection, remote patient monitoring, and maintenance of assets are serving as glowing stars of growth for the IoT medical device market. Additionally, partnerships for developing cutting-edge IoT medical devices are serving as a gold standard for growth, and evolving technologies such as hearables, wearables, ingestible sensors, moodables, and computer vision technology are bringing exponential growth for the IoT medical devices market.
Weaknesses
Devices produced by different manufacturers do not work together in a great way. This factor limits the potential and effectiveness of IoT medical devices, thus dampening the growth prospects. The high cost is also a negative aspect that hinders the growth of IoT medical devices. The implementation and staff training costs are also very high. Furthermore, bugs in the hardware can be perilous for the growth of the IoT medical devices market.
Opportunities
The Covid-19 outbreak has crippled the world with high transmission rates and fatalities. In these unprecedented times, the IoT medical devices are advancing rapidly due to their growing usage. This outbreak can serve as a good opportunity for IoT medical devices to grow. The use of connected thermometers, wearables, and mobile applications to track the Covid-19 outbreak is proving to be a boon for the IoT in the healthcare sector. The setting up of smart hospitals may also bring great opportunities for implementing IoT medical devices.
Threats
Numerous threats are associated with IoT, with hacking and data-stealing being the prime ones. These threats can largely impact the growth of IoT in the healthcare sector. For instance, several IoT medical devices were negatively impacted by Ripple20 vulnerabilities recently. These vulnerabilities can allow an attacker to steal data and also impact the functioning of connected medical devices.
Conclusion
Nevertheless, IoT in the healthcare sector displays a bright picture of growth despite several downsides and will continue to transform the healthcare industry greatly in the near future.
References
https://www.transparencymarketresearch.com/iot-medical-devices-market.html