The Internet of Things (IoT) in healthcare market will cost $861.3 billion by 2030. Grand View Research, Inc.
SAN FRANCISCO, March 21, 2023 /PRNewswire/ — Worldwide Internet of Things in the healthcare market size is expected to reach 861.3 billion USD by 2030 and is expected to expand at a CAGR of 16.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. High smartphone penetration is one of the significant factors driving the growth of the market. According to statistics published in The Mobile Economy 2018 report by the GSM Association, the number of people connected to mobile services exceeded 5 billion in 2017, and the number of unique mobile subscribers is expected to reach 5.9 billion in 2030 (71% of the global population). )
Key industry insights and findings from the report:
- The medical devices segment accounted for the largest share in 2022, driven by increasing demand for self-monitoring devices and the launch of new instruments. For example, in March 2022Amrita University has introduced Amrita Spandanam, a wearable health monitoring device that can monitor blood pressure and measure blood glucose without pressure cuffs.
- According to connectivity technology, the mobile network segment accounted for the largest share in 2022. This can be attributed to the advantages of the cellular network, including increased capacity, lower power consumption, and reduced interference.
- By application, the telemedicine segment dominated the market in 2022 due to the increasing number of patients suffering from conditions requiring long-term care (LTC), including Alzheimer’s disease, cancer, diabetes, and cardiovascular diseases.
- Based on end-use, hospitals and clinics dominated the market in 2022. Increasing investment by hospitals to accelerate the adoption of IoT solutions is a key factor driving the growth of the segment.
- Due to increased adoption of electronic health records, increased government support for the Internet of Things in healthcare, and increased use of e-prescribing, telehealth, and other HC IT technologies. North Americaregion had the largest market share.
Read the 100-page market research report,Internet of Things in Healthcare Market Share and Trend Analysis Report by Component (Medical Devices, System and Software, Services), by Communication Technology, by Application, by End Use, by Region and Segment Forecasts, 2023 – 2030“, Grand View Research published.
Internet of Things in Healthcare Market Growth and Trends
There is a growing awareness among people about self-health monitoring and diagnosis due to the increasing burden of various health problems in the early life component. Increasing awareness of healthy lifestyle among the young and adult population to adopt smart wearables to remotely monitor and track health activities and monitor health issues is driving the market growth. Furthermore, many companies and healthcare facilities are launching mHealth applications for remote patient monitoring, leading to increased adoption of IoT solutions for remote patient monitoring services.
Technological advancements in healthcare IT infrastructure, including the use of IoT, AI, and big data, are among the major factors driving the growth of the market. Moreover, increasing demand for effective and efficient treatment and increasing awareness among patients about upgraded technologies are also some of the factors that are expected to boost the Internet of Things in healthcare market during the forecast period. Advanced technologies such as smart sensors, robotic tablets, microcontrollers, digital networks, automotive microcontrollers, radio frequency and sensors are playing an important role in driving the market.
Rising healthcare spending across the globe is driving the demand for implementing IoT solutions in the healthcare sector. According to estimates published by the WHO in 2020, global health spending has grown significantly, accounting for 11% of global GDP or 9 trillion US dollars. Healthcare is shifting from a fee-for-service model to a value-based model where treatment outcomes are reimbursed. Pressure to cut health care costs is mounting around the world as the cost of health care grows faster than economies grow.
Furthermore, IoT solutions that enable clinical trials also provide an opportunity to reduce costs as IoT streamlines the overall process and captures complex endpoints. Remote patient monitoring solutions help treat non-critical patients at home, ultimately reducing hospital readmissions and improving workflow efficiency. In addition, IoT solutions also enhance clinical operations by improving asset tracking and data collection, which helps in significant cost savings. Thus, the demand for the development of the Internet of Things in the healthcare sector is growing globally.
The Internet of Things in the Healthcare Market Sector
Grand view research has segmented the global IoT in healthcare market based on component, communication technology, application, end-use, and region.
IoT in Healthcare Market – Component Outlook (Revenue, USD Million, 2018 – 2030)
- Medical equipment
- Wearable external devices
- Implanted medical devices
- Stationary medical devices
- System and software
- Remote device management
- Network bandwidth management
- Data analysis
- Application security
- Network security
- System integration services
- Consulting, training and education
- Support and maintenance
IoT in Healthcare Market – Outlook for Connectivity Technologies (Revenue, Million USD, 2018 – 2030)
IoT in Healthcare Market – Application Outlook (Revenue, Million USD, 2018 – 2030)
- Patient monitoring
- Related insight
- Clinical operations
- Medical management
- The others
IoT in Healthcare Market – End-Use Outlook (Revenue, Million USD, 2018 – 2030)
- Hospitals and clinics
- Clinical research organizations
- Research and diagnostic laboratories
- The others
IoT in Healthcare Market – Regional Outlook (Revenue, Million USD, 2018 – 2030)
- North America
- Great Britain
- Asia Pacific
- South Korea
- Latin America
- South Africa
- Saudi Arabia
List of Key Players in IoT in Healthcare Market
- Cisco Systems, Inc.
- IBM Corporation
- GE Healthcare
- Microsoft Corporation
- SAP SE:
- Infosys Limited
- Cerner Corporation
- QUALCOMM Included
- Intel Corporation
- Wipro Ltd
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