The global internet of things (IoT) market in healthcare sector to grow at a CAGR of 36.5% during the period 2016-2020.
Global Internet of Things (IoT) Market in Healthcare Sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The report covers the present scenario and the growth prospects of the global internet of things (IoT) market in healthcare sector for 2016-2020. To calculate the market size, we consider revenue generated from segments, such as medical devices, software and system applications, and connecting technologies.
One trend that will continue to boost market growth is continuing development in sensor technologies and communication devices. Advances in sensor technologies and innovations in material sciences have led to proliferation of different types of sensors.
The expansion in sensor types has increased the availability and affordability of sensors for all industries to consume. These sensors are in high demand due to their advantages such as low power consumption and affordable prices. As a result of the automation of several processes in industries, IT is becoming an integral part of industrial automation and thus as industries embrace IoT, there are many opportunities for IT players.
According to the report, a key growth driver is the highly competitive IoT market. With the rise in digital transformation, many companies are entering into the healthcare IoT space. Honeywell, Stanley, Philips Healthcare, and IBM have introduced application program interface (API) support for their IoT-programmed products.
These products have become one of the advanced technological widgets that bring together application, devices, data, and the cloud. They help establish communications between different sensors deployed over multiple medical devices to analyze data on the cloud. API-enabled IoT services are a critical part of the hospital ecosystem and help hospitals to take preventive action for patients.
Further, the report states that one challenge that could hamper market growth is the high cost of implementation.
- Cisco Systems - GE Healthcare - Philips Healthcare - IBM - Qualcomm
Other prominent vendors
- Ericsson - Honeywell Life Care Solutions - Intel - Medtronic - Microsoft - NXP - SAP - Stanley Healthcare - Temboo - Cognizant - Zebra Technologies