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

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:

    Medical devices segment held the largest share of 2022 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 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.