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Satnews Daily
October 28th, 2015

By 2020, IoT Healthcare To Garner $163.24 Billion

[Satnews] According to a new market research report "IoT Healthcare Market by Components (Medical Device, System and Software, Service, and Connectivity Technology), Application (Telemedicine, Workflow Management, Connected Imaging, Medication Management), End-User - Global Forecast to 2020," define and segments, the global market is expected to grow from USD 32.47 Billion in 2015 to USD 163.24 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 38.1 percent during the forecast period.

In the current scenario, North America is expected to be the largest market on the basis of market size and technological advancements. 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.

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 facto driving the IoT in healthcare market. However, insufficient IoT technology skills and lack of governance standards act as restraining growth factors of the market.

Furthermore, the IoT Healthcare Market is still in the growing phase. Major vendors in the IoT in healthcare market are Medtronic, Inc. (U.S.), Philips (the Netherlands), IBM Corporation (U.S.), Cisco Systems (U.S.), and GE Healthcare (U.K.). The global IoT in Healthcare Market has been segmented on the basis of types of medical devices, systems and software, connectivity technologies, services, applications, end users, and regions. The report includes various types of medical devices, namely, wearable external medical devices, implanted medical devices, and stationary medical devices. Systems and software include remote device management, network bandwidth management, data analytics, application security, and network security. Connectivity technologies have been segmented into Wi-Fi, BLE, NFC, ZigBee, cellular, and satellite technologies. The services have been segmented into system integration, professional services, and support and maintenance. In addition, the report classifies the market into the regions such as North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America.