About the Internet of Things (IoT) Market in Healthcare Sector
IoT is a web of physical devices connected to the Internet, enabled by sensors and software to collect and transmit data. Using IoT users can collect massive amount of data and convert into meaningful information by with the help of advance analytics techniques. The concept of IoT has evolved with the introduction of automated machines, such as automated teller machines (ATMs) and advanced interaction technologies like machine-to-machine (M2M) and human-to-machine (H2M). All these allow the users to establish seamless communications.
Technavio’s analysts forecast the global internet of things (IoT) market in healthcare sector to grow at a CAGR of 36.5% during the period 2016-2020.
Covered in this report
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.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Internet Of Things (IoT) Market in Healthcare Sector 2016-2020
Technavio recognizes the following companies as the key players in the global internet of things (IoT) market in healthcare sector: Cisco Systems, GE Healthcare, Philips Healthcare, IBM, and Qualcomm.
Other Prominent Vendors in the market are: Ericsson, Honeywell Life Care Solutions, Intel, Medtronic, Microsoft, NXP, SAP, Stanley Healthcare, Temboo, Cognizant, and Zebra Technologies.
Commenting on the report, an analyst from Technavio’s team said: “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, Ericsson, Honeywell Life Care Solutions, Intel, Medtronic, Microsoft, NXP, SAP, Stanley Healthcare, Temboo, Cognizant, Zebra Technologies.
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