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IoT in Healthcare Market Size

Report ID: GMI2103
Published Date: Sep 2017
Report Format: PDF

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IoT in Healthcare Market Size

IoT in Healthcare Market size surpassed USD 2 billion in 2016 and is poised to grow at over 15% CAGR between 2017 and 2024. Increasing demand for remote monitoring of patients will propel the market growth.

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The deployment of IoT based solutions across the healthcare industry is anticipated to bring in high degree of automation, reduce operating costs and enhance the decision-making process. Rising penetration of smart wearables for monitoring bodily activities & analyze the data from these devices to optimize efficiency will boost the market growth.

IoT in Healthcare Market Report Attributes
Report Attribute	Details
Base Year:	2016
IoT in Healthcare Market Size in 2016:	2 Billion (USD)
Forecast Period:	2017 to 2024
Forecast Period 2017 to 2024 CAGR:	15%
2024 Value Projection:	10 Billion (USD)
Historical Data for:	2013 to 2016
No. of Pages:	130
Tables, Charts & Figures:	167
Segments covered:	Platform, Technology, Component, Application and Region
Growth Drivers:	Rising investments for implementation of IoT solutions in the U.S. Advanced healthcare infrastructure in the U.S. and Europe Technological advancements in the U.S. Accessibility of high speed internet in the Europe Increasing penetration of smartphones in China & India Increasing adoption of wireless patient monitoring systems in China & Japan Aging population in Japan
Pitfalls & Challenges:	Data security & privacy concerns Reluctance in deploying IoT solutions Lack of awareness High implementation cost

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Additionally, implementation of these IoT solutions in the healthcare sector will enhance the patient interactions, streamline workflows and improvise the operational efficiency. For instance, the use of such technology allows monitoring of patients and provide ongoing care from a clinic or from an ambulance. IoT has capabilities of minimizing the risk with location services where patient’s movements and reachability to other objects and individuals are tracked.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of IoT in healthcare was surpassed USD 2 billion in 2016.

The industry share of IoT in healthcare is poised to grow at over 15% CAGR till 2024.

According to the analyst at GMI, adoption of IoT in the healthcare sector could streamline clinical operations and could further help improve patient interaction and enhance the overall efficiency of a healthcare infrastructure.

North America dominates the global market with significant revenue share. This can be credited to presence of large number of advanced infrastructures in the region.

Major players operating in the market include IBM Corporation, Cisco Systems Inc., General Electric, Microsoft Corporation and Honeywell International Inc, SAP SE, Qualcomm Inc., Medtronic Inc. and Stanley Healthcare.