Internet of Things Healthcare Market Faces Explosive Growth

Among the benefits provided are real-time patient engagement, remote monitoring, chronic disease management, inpatient monitoring, medication management, efficient clinical operations, and workflow management.

IoT-based solutions are further enabling companies to increase operational efficiency by improving remote device management, network bandwidth management, data analytics, and application security. However, insufficient technology skills and lack of governance standards act as restraining growth factors of the market. One of the bigger challenges facing implementation is data security and privacy, which is causing solution providers and healthcare organizations to shift focus towards security solutions to safeguard the connected devices and the patient data generated using those devices.

Major vendors in the IoT in healthcare market are Medtronic (Dublin, Ireland), Royal Philips (Amsterdam, The Netherlands), IBM (Armonk, NY, USA), Cisco Systems, and GE Healthcare (GE; Little Chalfont, United Kingdom). The global market is expected to grow from USD 32.47 Billion in 2015 to USD 163.24 Billion by 2020, representing a compound annual growth rate (CAGR) of 38.1%. North America is expected to be the largest market on the basis of market segment and technological advancements.

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