Global IoT in healthcare market expected to reach USD 163.24 Billion by 2020
The global internet of things (IoT) in healthcare market is expected to reach USD 163.24 Billion by 2020 from USD 32.47 Billion in 2015. It is expected to grow at a Compound Annual Growth Rate (CAGR) of 38.1% over the forecast period. Currently, North America is 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. 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. IoT in healthcare market is in the growing phase. Major players in the IoT in healthcare market are Medtronic, Philips, IBM, Cisco and GE Healthcare.