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Healthcare Analytics & IoT: IBM HorizonWatch 2016 Trend Brief

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The slides provide a quick overview of the IoT Analytics in Healthcare trend. The slides provide summary information, a list of trends to watch and links to additional resources

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Healthcare Analytics & IoT: IBM HorizonWatch 2016 Trend Brief

  1. 1. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Healthcare Analytics & IoT IBM HorizonWatch 2016 Trend Brief – External Version Bill Chamberlin, Principal Client Research Analyst / IBM HorizonWatch Community Leader May 10, 2016
  2. 2. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. About This HorizonWatch Emerging Trend Brief 2 Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016  Purpose: The slides provide a quick overview of the IoT Analytcis in Healthcare trend. The slides provide summary information, a list of trends to watch and links to additional resources  How To Use This Report: Use these slides as a learning document and a springboard to further research and reading on this trend. You may want to view the slides in slideshow mode so you can easily follow the links  Available on Slideshare: The latest version of this file (and other HorizonWatch Trend Reports for 2016) will be available publically on Slideshare at http://www.slideshare.net/horizonwatching  Please Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution.
  3. 3. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Defining the Healthcare Analytics & IoT market Health analytics encompasses the technologies and skills used to deliver business, clinical and programmatic insights into the complex interdependencies that drive medical outcomes, costs and oversight (Source: SAS). Healthcare analytics harnesses multiple data sources, including clinical patient data, to deliver patient-driven outcomes. The adoption of Internet of Things (IoT) networks, the data collected and the analytics of that data are accelerating the transformation of the healthcare industry. 3 Enabling Technologies: Healthcare analytics relies on multiple tools, technologies, and related assets, many of which can vary depending on the specifics of a given application and/or outcome. Foundation technologies involved in the application of analytics to the healthcare industry include the following: • Visualization and exploration tools (i.e. SPSS) • Enterprise data warehouse models and platforms • Big data development platforms (i.e. Cloudera) • Cloud-based healthcare analytics solutions • Point solutions for healthcare analytics • Healthcare EMR/EHR platforms Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016 Facts to consider • The global IoT healthcare market is expected to grow from $32.47 billion in 2015 to$163.24 billion by 2020. • IoT-enabled connectivity within hospital labs will increase total global laboratory test throughput by more than 3.02 billion diagnostic tests over the next 5 year. • The value of improved health of chronic disease patients through remote monitoring could be as much as $1.1 trillion per year in 2025. • Four million patients globally will remotely monitor their health conditions by 2020. • Consumers utilizing home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020.
  4. 4. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Analytics & IoT will drive digital health transformation  The transformation of the healthcare industry has begun. While it will take many years and perhaps will never be fully done, the shake-up in healthcare provider and payer departments, processes, and data management will leave the industry profoundly different.  The transformation will be enabled by big data and analytics. The amount of healthcare related data available within the industry is growing exponentially. Patients will have access to their healthcare data and will leverage that data to manage their own healthcare. Providers will increasingly look to analytics to provide predictive and prescriptive capabilities, dramatically improving the ability of healthcare providers to help patients.  On the horizon is truly personalized healthcare where providers and patients can leverage and understand not only history and real-time healthcare symptoms all the factors, including genetics, behavior and environmental factors. 4 “Factors such as the rise in pressure to curb healthcare costs, meaningful use incentives, availability of big data in healthcare, technological advancements, and increase in venture capital investments are propelling the growth of healthcare analytics market.” MarketsandMarkets “The global healthcare market is in a state of crisis, and IoT services and technology can help to reduce the rising costs while also increasing the amount of care patients can receive.” ABI Research Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016
  5. 5. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Healthcare Analytics – 5 trends to watch in 2016 1. IoT drives digitalization and demand for analytics. Leading hospitals and providers leverage data from sensors, employee wearables and patient monitoring devices in order to build a real-time sense and respond network that cuts healthcare costs and improves patient experience/outcomes. 2. Ever-increasing volumes of patient data. Digitization of healthcare and IoT generates data for patient records, population health data, and other databases. Providers will seek out-of-the-box cognitive platforms that can extract insights from many data sources. 3. Shift to personalized healthcare. Providers gradually turn to IoT-enabled in-home care strategies. Pairing in-home wearables with cognitive coaching systems will emerge as a key driver of effective patient care. 4. Providers restructure to support patient-centered care. Teams of providers leverage data and analytics to treat patients who have similar symptoms or diagnoses. IoT emerges as a key data capture point to establish a common baseline of data for care teams to utilize. 5. Integration of research & operational analytics. Researchers and providers collaborate to provide better overall care to patients. Vendors focus on integrating platforms, applications and data. 5 “By 2025, AI systems are expected to be implemented in 90% of the US and 60% of the global hospitals and insurance companies. In turn, AI systems will deliver easily accessible, cheaper and quality care to 70% of patients..” Frost & Sullivan Five Technologies That Will Disrupt Healthcare By 2020 Forbes: Five Technologies That Will Disrupt Healthcare By 2020 “The global healthcare analytics market is expected to reach $18.7 Billion by 2020 from $5.8 Billion in 2015, at a CAGR of 26.5% during the forecast period.” MarketsandMarkets Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016
  6. 6. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Healthcare IoT – 5 trends to watch in 2016 1. Digital healthcare transformation. Data from IoT devices, including hospital room sensors, lab equipment, employee wearables and patient monitoring devices will enable the industry to accelerate the transformation to digital. This transformation will cut healthcare costs and improve patient experiences and outcomes. 2. Key solution areas. Look for improvements in IoT solutions related to remote patient monitoring services, mobile health technologies, telemedicine, medication management, clinical operations, employee workflow management and inpatient monitoring. 3. Extracting insights from all the data. The IoT will result in an increased flow of data for patient records, population health data and other databases, bringing a new complexity to provider and physician operations. 4. Security and privacy issues. IoT and wearable sensors are increasingly collecting patient specific data. The healthcare industry, vendors and governments need to figure out how to ensure all this private and personal data is secured appropriately. 5. IoT for the hospital. Leading hospitals will develop long-term strategies to leverage sensors and wearables throughout their operations in order to build a real-time sense-and-respond intelligent operation that cuts costs and improves patient experiences and outcomes. 6 IBM: Healthcare Internet of Things: 18 trends to watch in 2016 Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016 “From clinicians that need to identify patients, collect specimens, administer medication and monitor vital signs to pharmacists that need an accurate inventory count, with the Internet of Things, healthcare organizations can benefit from next level Intelligence..” HIMSS 3 Ways the Internet of Things Is Improving Healthcare
  7. 7. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Healthcare IoT – Adoption Challenges  Staffing and retention of trained IT professionals. Competition within and outside the healthcare industry for top- tier data scientists and related talent will remain a pervasive industry pain point for healthcare providers and payer. Attracting and retaining top talent will require a continued focus on employee growth opportunities, as well as competitive salary and benefits packages.  Sharing of patient data between and within institutions. With many individuals treating a single patient, the transfer and sharing of information is key to proper diagnosis, treatment and ongoing effective decision making; however, this creates multiple issues due to the sensitivity of patient healthcare records and related data.  Leadership challenges and lack of healthcare analytics vision. According to a survey conducting by Health Data Management at its Healthcare Analytics Symposium in July 2015, leadership was identified by participants as the top overall challenge to healthcare analytics, pointing to a need for data- driven leadership in the industry.  Lack of IT standardization of IT across healthcare platforms. Analytics adoption in healthcare is closely tied to the ease with which disparate structured and unstructured data sources can be integrated and leveraged for data-driven decision making. 7 HealthData Management: Top Challenges to Analytics in Healthcare? Not Technology Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016 Healthcare Informatics: CIOs Convene: Healthcare Leaders Discuss the Biggest IT Challenges Facing their Organizations in the Year Ahead
  8. 8. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Healthcare IoT: Additional resources found on the Internet  Accenture: How did the digital healthcare landscape change in 2015?  Accenture: How does the Industrial Internet of Things benefit healthcare?  Aria: Healthcare: A $117B opportunity for the Internet of Things  BCG: China’s Digital Health-Care Revolution  CIO.com: How the Internet of Things is changing healthcare and transportation  CIO.com: 6 Big Data Analytics Use Cases for Healthcare IT  Deloitte: How digital technology is transforming health and social care / Digital Health in the UK / Health system analytics  Deloitte University Press: The Internet of Things in health care  eMarketer: The Internet of Medical Things: What Healthcare Marketers Need to Know Now  Financial Times: How the internet of things can speed up health delivery  Forbes: Driving Healthcare Transformation With Connected Tech At CES  Forbes: Why Doctors Are Frustrated With Digital Healthcare  Goldman Sachs: The Digital Revolution comes to US Healthcare  Harman: "Live Long and Prosper" With Internet of Things in Healthcare  HealthDataManagement.com: Top Challenges to Analytics in Healthcare? Not Technology 8 IBM ThinkAcademy: How It Works: IBM Watson Health IBM: Six ways to make healthcare smarter Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016
  9. 9. © 2016 IBM Corporation IBM Market Development & Insights Note: This report is based on internal IBM analysis and is not meant to be a statement of direction by IBM nor is IBM committing to any particular technology or solution. Healthcare IoT: Additional resources found on the Internet (cont.)  Hospitals & Health Networks: How The Internet of Things Will Affect Health Care  HIMSS: 3 Ways the Internet of Things Is Improving Healthcare Huffington Post: Digital Healthcare: What Are the Opportunities?  IBM: Healthcare Industry / Analytics for Healthcare / Watson Health  IBM: Healthcare Internet of Things: 18 trends to watch in 2016  IBM: Six ways to make healthcare smarter  Information Age: How to plan a hospital environment for the Internet of Things  Mainspring: The Internet of Things (IoT) is transforming hospital operations  Marketwired.com: Global Market for Healthcare Analytics to Triple in Value Through 2020, According To BCC Research  Oracle: The Role of Analytics in Transforming Healthcare  PubNub: Realtime Technology and the Healthcare Internet of Things  SAS: Health Analytics: What it is and why it matters  TechCrunch: How The Digital Health Revolution Will Become A Reality  TechRadar: How the Internet of Things will revolutionise medicine  TechTarget: A guide to healthcare IoT possibilities and obstacles  Validic: Is Your Digital Health Strategy Thriving, Surviving or Non-Existent? 9 IBM Webinar: Connecting the Data Integration for Today's Healthcare Environment Healthcare Analytics: HorizonWatch Emerging Trend Brief (External version)10May2016 “Internet of Things (IoT) enables centralized monitoring and control of all the operations taking place in healthcare organizations. The adoption of IoT may bring exceptional operational efficiency to hospitals and surgical centers in managing day-to-day clinical operations, and tracking hospitalized patients.” MarketsandMarkets

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