Internet of Things (IoT) in Healthcare Market Worth $861.3 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, March 21, 2023 /PRNewswire/ -- 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 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).
Key Industry Insights & Findings from the report:
Read 100-page market research report, "Internet of Things in Healthcare Market Size, Share & Trends Analysis Report By Component (Medical Devices, System & Software, Services), By Connectivity Technology, By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.
Internet of Things in Healthcare Market Growth & Trends
There is rising awareness among the 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 lifestyle among the young and adult population to adopt smart wearables to remotely monitor the 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 is 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 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 implementation of IoT solutions in healthcare sector. According t 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 helps in significant cost savings. Thus, the demand for the development of internet of things in healthcare is rising globally.
Internet of Things in Healthcare Market Segmentation
Grand view research has segmented the global internet of things in healthcare market based on component, connectivity technology, application, end-use, and region
IoT in Healthcare Market - Component Outlook (Revenue, USD Million, 2018 - 2030)
IoT in Healthcare Market - Connectivity Technology Outlook (Revenue, USD Million, 2018 - 2030)
IoT in Healthcare Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
IoT in Healthcare Market - End-use Outlook (Revenue, USD Million, 2018 - 2030)
IoT in Healthcare Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players in the IoT in Healthcare Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.