IoT healthcare market to be worth $163.24 billion by 2020

The IoT healthcare market is being driven by the rising demand for improved healthcare, reduced cost of care, and evolution of high speed networking technologies and is expected to grow from $32.47 billion in 2015 to $163.24 billion by 2020, according to Research and Markets. “IoT, in conjunction with cloud computing and big data, is creating lucrative opportunities in the healthcare sector. The increasing number of connected medical devices and the proliferation of smartphones has contributed significantly to the rise of IoT. The reduced cost of care, improved healthcare outcomes, and development of high speed networking technologies are likely to drive the growth of IoT in healthcare,” Research and Markets added. [caption id=“attachment_1194481” align=“alignleft” width=“380”]  Representational image. AFP[/caption] The global IoT healthcare market has been segmented on the basis of medical devices, systems and software, connectivity technologies, services, applications, end users, and regions. The systems and software segment is expected to witness the highest growth, owing to the increasing number of applications and the widespread adoption of cloud computing across healthcare organizations. The research firm expects North America to lead the IoT in healthcare market in terms of market size during the forecast period. However, APAC is expected to grow at the highest CAGR during the forecast period.