Health expenditure will outpace GDP growth over the next 15 years in almost every OECD country, according to new OECD forecasts. Health spending per capita will grow at an average annual rate of 2.7% across the OECD and will reach 10.2% of GDP by 2030, up from 8.8% in 2018, according to a new OECD report.
Global spending on health is expected to increase to $18.28 trillion worldwide by 2040. More resources are expected to be spent on health in the future with a projected 9% of GDP globally allocated to health spending by 2040.
The percentage of people aged 65 and over is expected to double by 2050.
The IoT is already here
- It is expected that there will be 75 billion IoT devices in the world by 2025.
- 127 new devices are connected to the internet every second.
- 29.66 billion IoT devices were active in 2019.
- The IoMT will save $300 billion in the near term.
- 30.3% of IoT devices are used in the healthcare industry.
What is the Internet of Medical Things?
From pregnancy testing kits to surgical instruments, artificial joints and MRI scanners, the medical technology (medtech) industry designs and manufactures a wide range of products. Technology is allowing these devices to generate, collect, analyse and transmit data, creating the Internet of Medical Things (IoMT) – a connected infrastructure of health systems and services.
The IoMT and its relationship to medtech is instrumental in helping health care organisations achieve better patient outcomes, lower climbing health care costs, improve efficiency and activate new ways of engaging and empowering patients. The pace and scale of health care transformation will be exponential if medtech can harness the IoMT.