Internet of Things in Healthcare Market Worth $861.3 Billion By 2030

Internet of Things in Healthcare Market Growth & Trends

The global internet of things in healthcare market size is expected to reach USD 861.3 billion by 2030 and is expected to expand at 16.8% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. High penetration of smartphones is one of the significant factors boosting the growth of the market. As per the statistics published in GSM Association’s report, The Mobile Economy 2018, the number of people connected to mobile services surpassed 5 billion in 2017 and the number of unique mobile subscribers is expected to reach 5.9 billion by 2030 (71% of the global population).

There is rising awareness among people for self-health monitoring and diagnosis due to the increase in the burden of various health issues at the early component of life. Rising awareness regarding healthy lifestyles among the young and adult population to adopt smart wearables to remotely monitor health activities and track them and monitor health issues is driving the market growth. Furthermore, many companies and healthcare institutions are launching mHealth programs for remote patient monitoring, which is leading to an increase in the 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 one of the key factors boosting the market growth. Moreover, the growing demand for efficient & effective treatment and increasing awareness among patients about upgraded technology are also some of the factors expected to boost the internet of things in the healthcare market over the forecast period. Advanced technologies, such as smart sensors, robotic pills, microcontroller, digital networking, automotive microcontrollers, radiofrequency, and sensors, play a significant role in driving the market.

Rise in healthcare spending across the globe is driving the demand for the implementation of IoT solutions in the healthcare sector. According to estimates published by WHO in 2020, global spending on healthcare witnessed a significant surge, accounting for 11% of the global GDP or USD 9 trillion. The healthcare industry is evolving from fee-for-service model to value-based model, wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is escalating globally as its cost is increasing faster than the growth of economies.

Furthermore, IoT solutions-enabled clinical trials also offer an opportunity for cost reduction as IoT simplifies the overall process and captures sophisticated endpoints. Remote patient monitoring solutions help in handling of noncritical patients at home, which eventually reduces hospital admissions and improves workflow efficiency. In addition, IoT solutions also enhance clinical operations through asset tracking and improvement in data capturing helping in significant cost savings. Thus, the demand for the development of the internet of things in healthcare is rising globally.

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Internet of Things in Healthcare Market Report Highlights

• Medical devices segment held the largest share of 2022 owing to the growing demand for self-monitoring devices and the launch of novel instruments. For instance, in March 2022, Amrita University introduced Amrita Spandanam, a wearable non-prick health monitoring device that can monitor blood pressure and measure blood glucose without pressure cuffs

• By connectivity technology, the cellular network segment accounted for the largest share in 2022. This can be attributed to the benefits of cellular network including increased capacity, less power consumption, and reduced interference

• By application, telemedicine segment dominated the market in 2022 owing 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 segment dominated the market in 2022. Rising investments by hospitals for accelerating the adoption of IoT solutions is a key factor propelling the segment growth

• Due to the rising adoption of electronic health records, increasing government support for internet of things in healthcare and growing usage of e-prescribing, telehealth, and other HC IT technologies in North America, the region had the largest market share

Internet of Things in Healthcare Market Segmentation

Grand view research has segmented the global internet of things in the healthcare market based on component, connectivity technology, application, end-use, and region:

IoT in Healthcare Component Outlook (Revenue, USD Million, 2018 - 2030)

• Medical Devices

  • Wearable External Devices

  • Implanted Medical Devices

  • Stationary Medical Devices

• System and Software

  • Remote Device Management

  • Network Bandwidth Management

  • Data Analytics

  • Application Security

  • Network Security

• Services

  • System Integration Services

  • Consulting, Training, and Education

  • Support and Maintenance Services

IoT in Healthcare Connectivity Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Cellular

• Wi-Fi

• Bluetooth

• LPWANs

• Zigbee

• RFID

IoT in Healthcare Application Outlook (Revenue, USD Million, 2018 - 2030)

• Telemedicine

• Patient Monitoring

• Connected Imaging

• Clinical Operations

• Medical Management

• Others

IoT in Healthcare End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals and Clinics

• Clinical Research Organizations

• Research and Diagnostic Laboratories

• Others

IoT in Healthcare Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Sweden

  • Norway

  • Denmark

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• MEA

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the IoT in Healthcare Market

• Medtronic

• Cisco Systems, Inc.

• IBM Corporation

• GE Healthcare

• Microsoft Corporation

• SAP SE

• Infosys Limited

• Cerner Corporation

• QUALCOMM Incorporated

• Amazon

• Intel Corporation

• Wipro ltd