Internet of Things (IoT) in Healthcare Market Worth $861.3 Billion by 2030

Grand View Research, Inc. - Seite 2

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 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 helps in significant cost savings. Thus, the demand for the development of internet of things in healthcare is rising globally.