The global healthcare Internet of Things (IoT) market is expected to grow from $32 billion in 2015 to $163. billion by 2020, at a Compound Annual Growth Rate (CAGR) of 38.1%, according to a new market report by MarketandMarkets. North America is expected to be the largest market on the basis of market size and digital health advancements.
Defining Healthcare Internet of Things (IoT)
The IoT in Healthcare terminology is used to define the implementation of the IoT-based technology solutions and associated services into the various applications healthcare sector. The solutions are primarily aimed at achieving the integration of connected medical devices and intelligent data analysis to enhance the operational efficiency of healthcare organizations. It also improvises the healthcare outcomes with reduced cost of care, using efficient tools and techniques. It imparts benefits to the various end-to-end needs, such as real-time patient engagement, remote monitoring, chronic disease management, inpatient monitoring, medication management, efficient clinical operations, and workflow management.
Deployment of IoT-based solutions across the entire healthcare industry value chain would result in real-time communication between patients and caregivers, improved access to care, increase in the quality of patient care, lower healthcare costs, and increased lifespan. Therefore, IoT has become an essential future strategic focus for all types of healthcare organizations and is gaining huge traction in day-to-day technological deployment. Other key benefits include:
-operational efficiency to hospitals and surgical centers in managing day-to-day clinical operations, and tracking hospitalized patients
-provide more visibility in the challenging operational environment, where the automation and M2M communication plays a crucial role
– companies are building such solutions around IoT that can have better control over the operational process and reduce the time to provide better care.
Driving Market Forces
The evolution of high speed networking technologies in healthcare organizations and the rise in demand for remote patient monitoring across the world are expected to drive the IoT in Healthcare market in the coming years. Patient data security and privacy is one of the challenges currently faced by healthcare organizations.
As a result, solution providers are shifting focus towards IoT security solutions to safeguard the connected devices and patient data generated using those devices. IoT-based solutions are further enabling companies to increase operational efficiency. Innovation in next generation sensors is another major factor driving the IoT in healthcare market. However, insufficient IoT technology skills and lack of governance standards act as restraining growth factors of the market.
Emerging Healthcare IoT Market Leaders
Furthermore, the IoT Healthcare Market is still in its infant stages as the market starts to mature. Early emerging vendors gaining market share in the IoT in healthcare market include:
– Medtronic, Inc. (U.S.)
-Philips (the Netherlands)
-IBM Corporation (U.S.)
-Cisco Systems (U.S.)
-GE Healthcare (U.K.)
For more information about this report, visit http://www.marketsandmarkets.com/Market-Reports/iot-healthcare-market-160082804.html