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, 2024 - 2030

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, 2024 - 2030

Internet Of Things In Healthcare Market Growth & Trends

The global internet of things in healthcare market size is expected to reach USD 169.99 billion by 2030 and is expected to grow at 21.2% CAGR from 2023 to 2030, according to a new report by Grand View Research, Inc. The rise in healthcare spending across the globe is driving the demand for the implementation of IoT solutions in the healthcare sector. According to data published by The Lancet, global expenditure on health is anticipated to increase to USD 18.3 trillion by 2040 across the globe. The healthcare industry is evolving from a fee-for-service model to a value-based model wherein treatment outcomes are reimbursed. The pressure of reducing healthcare costs is rising globally as the cost of healthcare is increasing faster compared to the pace of growth of economies.

Rise in prevalence of chronic diseases, such as diabetes, cancer, and congestive heart failure, is significantly contributing to adoption of Remote Patient Monitoring (RPM) services, which, in turn, is expected to boost the demand for IoT solutions in healthcare. For instance, according to the International Diabetes Federation, in 2022, about 540 million patients were estimated to have diabetes across the globe. In addition, according to CDC, around 695,000 people in the U.S. died due to heart disease in 2021. Growing demand for home healthcare services, rising cost of advanced hospital equipment and increasing geriatric & pediatric population are some of the factors driving the demand for RPM, which is expected to boost IoT in healthcare market.

Technological advancements in healthcare IT infrastructure, including use of IoT, AI, and big data are factors boosting the market growth. Moreover, 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, microcontrollers, digital networking, automotive microcontrollers, radiofrequency, and sensors, play a significant role in driving the market.

Key players in the market are increasingly focusing on various strategies to maintain a competitive edge in the market. For instance, in August 2023, Wipro ltd launched a new product, Vscan Air. It is a wireless, portable, ultrasound technology-based product that offers whole-body scanning at the point of care and aids medical practitioners in making quicker, more informed decisions. In March 2022, SAP SE announced the acquisition of Taulia, a renowned supplier of working capital management systems. The acquisition boosted SAP's offerings for the CFO office and broadened its business network. Taulia's products continued to be offered separately, being fully integrated into SAP software. Within the SAP Group, Taulia operated as an independent organization with a distinct brand.

Internet Of Things In Healthcare Market Report Highlights

• Medical devices segment held the largest share of 2023 owing to the growing demand for self-monitoring devices and 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 2023. This can be attributed to benefits of cellular network including increased capacity, less power consumption, and reduced interference.
• By application, telemedicine segment dominated the market in 2023 owing to the increasing number of patients suffering from conditions requiring Long-Term Care (LTC), including Alzheimer’s disease, cancer, diabetes, and cardiovascular diseases.
• By end-use, hospitals and clinics segment dominated the market with revenue share in 2023. Rising investments by hospitals for accelerating the adoption of IoT solutions is a key factor propelling the segment growth.
• In 2023, North America dominated the internet of things in healthcare market with a share of 34.5%. Increased usage of telehealth, e-prescribing, mHealth, and other HC IT technologies as a response to COVID-19, as well as increased government requirements & support for IoT solutions in healthcare, are primary growth factors driving the market.
• Asia Pacific region is anticipated to witness fastest growth over the forecast period, owing to the improvement in healthcare infrastructure & increase in healthcare expenditure in developing Asian countries, owing to growth in adoption of advanced technology to cut down medical costs & streamline hospital workflow, are key drivers of demand for IoT in healthcare in the region.

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