According to The Insight Partners’ research, the global IoT in healthcare market accounted for US$ 20.15 billion in 2015 and is expected to hit US$ 135.87 billion by 2025 to expand at a CAGR of 21.2% from 2016 to 2025. Increasing adoption of smart devices and wearables, need for workforce optimization, and decreasing cost of sensors are the critical factors attributed to the market expansion.

Smart devices such as smartphones, tablets, phablets, wearables, smart bands, smart shoes, sleep headphones help in collecting, transferring, and analyzing the data between devices and remote sensors. Most of the smart wearables have push buttons that immediately send alerts for help. The fitbit devices record essential data of the wearer throughout the day and transfer wirelessly to user’s devices such as tablets, smartphones, and computers. Besides, smartphones with mobile applications that retrieve health information with the help of inbuilt sensors are widely adopted for tracking health statistics.

The need to optimize the productivity of healthcare workers is another critical element fueling the IoT healthcare market. By aligning the network of connected devices, the communication between hospital departments, patients, and medical practitioners can be improved. Internet of Things (IoT) network makes use of the available data to allocate suitable staff to the right patient at the right time. In this way, IoT assists in optimizing workforce in the medical domain.

The falling prices of sensors and their increasing deployment enabled the IoT in healthcare to form a comprehensive network. The decrease in the cost of sensors also lowers the overall pricing of IoT healthcare devices because sensors are the key components of the IoT network. Medical IoT network consists of billions of devices and applications that utilize sensors to collect and analyze clinical data. All these aforementioned parameters catalyze the global IoT healthcare market.

However, the higher costs of smart devices and IoT infrastructure, security and privacy concerns, and varying standards with lack of interoperability are the hindering parameters posed in the growth of global IoT in healthcare market.