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.
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.