The Internet of Things (IoT) has broadened the life sciences and connected health industry. According to a report published by Grand View Research, the global life sciences tools market was valued at roughly $144 billion in 2022 and estimated to expand at a compound annual growth rate of 10.8 percent from now until 2030. The rapid growth is largely due to the advancements in technology within the healthcare space. Likewise, the funding and continuous demand for advanced healthcare solutions, such as therapeutics and novel medicine, accelerate the growth and trajectory of the IoT life sciences market.
Decentralized clinical trial (DCT) practice began prior to the COVID-19 pandemic, but the connected health industry began to see a majority shift to clinical trials in 2020. In April 2020, telehealth usage spiked to a record high of 78 times higher than in February 2020 due to the initial surge of COVID-19. Hospitals and clinics are leveraging connected devices more and more, and market research is indicating that there is accelerated adoption and growth opportunities for clinical trials. In 2000, there were only a total of 2,119 clinical studies registered; since then, that number has grown to 453,803 registrations (as of May 2023).
The purpose of DCTs is to eliminate unnecessary site visits for patients, resulting in more efficient and cost-effective operations for the provider. There are two types: hybrid and full. Hybrid clinical trials include elements of both traditional and fully decentralized clinical trials and use connected medical devices such as blood pressure cuffs, blood glucose meters, pulse oximeters, and more. Fully decentralized clinical trials are 100 percent remote with no in-person clinician-to-patient interaction. Conducting DCTs can yield more accurate monitoring, improved patient retention, and enhanced patient experience.
Are you ready for decentralized clinical trials? How do you know which model is right for you? Take our brief Decentralized Clinical Trials Readiness Assessment to learn more.
Decentralized clinical trials are just one example of a connected health solution that powers the IoT in healthcare and life sciences industry. Other solutions include mobile personal emergency response system (mPERS), medical equipment diagnostics, and remote patient monitoring (RPM).
KORE offers FDA-compliant solutions and managed services to help complete IoT device lifecycles in healthcare and life sciences:
Download our datasheet, “IoT Solutions for Healthcare and Life Sciences” to learn more about connected health solutions.
DIA is a global association that helps connect life science patients, peers, and thought leaders to explore the issues of today and opportunities for the future. KORE is traveling to Boston, MA for the DIA 2023 Global Annual Conference from June 25-29. Visit our IoT experts at booth #718. Or want 1:1 insight? Schedule a meeting today!
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