Healthcare IoT Market to Quintuple in Size by 2020

According to a recent report by research firm Markets and Markets, “IoT Healthcare Market by Components (Medical Device, System and Software, Service, and Connectivity Technology), Application (Telemedicine, Workflow Management, Connected Imaging, Medication Management), End-User – Global Forecast to 2020”, the global Internet of Things Healthcare market is estimated to grow from $32.4 Billion in 2015 to $163.2 Billion by 2020, which is 403 percent in 5 years.

This kind of exponential growth is of course only a prediction, and therefore should be taken with the proverbial grains of salt, but in this case, might not be far off. The Healthcare industry has to be right on the verge of mass adoption, because it has so many potential uses for improving business outcomes and patient heath, but is hampered and slowed because of concerns about security and privacy. Now those questions are front of mind for some of the best thinkers and innovators in the IoT, so as the privacy questions get answered and Healthcare companies can be assured of regulatory compliance, the explosion of implementations should be extremely transformative.

Here is the list of top areas where IoT applications in healthcare are implemented, according to the M&M report:

• Medical devices like wearables, implanted medical devices, stationary devices.
• Monitor health with remote device management, including data analytics, application and network security.
• Application management tools for Telemedicine, Clinical Operations, Workflow Management, Inpatient Monitoring, and Medication Management.
• Customized connected technologies, Wi-Fi, BLE, NFC, ZigBee, Cellular, and Satellite.
• Hospitals, Surgical Centers, Clinics, Government and Defense Institutions, and Research and Diagnostics Labratories.
• Managed services for system integration, maintenance, and support.

Moschip, a company focused on development in semiconductors, systems and IoT engineering from SoC (Systems on Chip), Embedded Systems Design, Cloud and Mobile Software, has published a lovely infographic on the topic. Click here to take a look.