IoT in Healthcare Market Size, Share, Forecast, & Trends Analysis by Offering (Monitoring Devices (Glucose, Cardiac, Respiratory, Blood Pressure, Neuro) Pacemaker, ICD, Insulin Pump) Application (Telehealth, In-Patient) End User - Global Forecast to 2031

IoT in Healthcare Market Size, Share, Forecast, & Trends Analysis by Offering (Monitoring Devices (Glucose, Cardiac, Respiratory, Blood Pressure, Neuro) Pacemaker, ICD, Insulin Pump) Application (Telehealth, In-Patient) End User - Global Forecast to 2031

IoT in Healthcare Market Size, Share, Forecast, & Trends Analysis by Offering (Monitoring Devices (Glucose, Cardiac, Respiratory, Blood Pressure, Neuro) Pacemaker, ICD, Insulin Pump) Application (Telehealth, In-Patient) End User — Global Forecast to 2031

The global IoT in healthcare market is projected to reach $121.45 billion by 2031, growing at a CAGR of 13.3% during the forecast period of 2024-2031.

After conducting thorough primary and secondary research and in-depth analysis of the market scenario, the report examines the key drivers, restraints, challenges, and opportunities in the market. The growth of the IoT in healthcare market is driven by the increasing adoption of digital solutions in the healthcare sector, a rising focus on patient-centered care delivery, and the rising demand for remote patient monitoring due to the growing geriatric population. However, the high investments required for the deployment & maintenance of IoT infrastructure and low awareness of IoT applications in healthcare in low-income countries restrain this growth.

Additionally, the rising utilization of telehealth technologies, the increasing adoption of IoT-enabled medical devices for early diagnosis & treatment, and the increasing preference for personalized & predictive healthcare are expected to create growth opportunities for market stakeholders. However, data security & privacy concerns, data management & interoperability issues, and technological barriers in developing countries are challenges impacting the market’s growth.

By offering, the IoT in healthcare market is segmented into IoT medical devices and services. The IoT medical devices segment is expected to register a higher CAGR of 13.8% during the forecast period of 2024 to 2031. This segment’s major share can be attributed to technological advancements in wearable IoT medical devices, which contribute to their increased adoption. The integration of artificial intelligence and data analytics allows for the analysis of vast amounts of patient-generated health data collected by these devices. This analysis helps identify patterns, anticipate health deterioration, and provide personalized preventive care recommendations. AI algorithms use data from wearable devices to detect early indicators of chronic diseases such as diabetes and heart disease, enabling healthcare providers to intervene proactively and potentially prevent complications.

By application, the IoT in healthcare market is segmented into remote patient treatment, inpatient treatment, telehealth, and other applications. In 2024, the remote patient treatment segment is anticipated to dominate the IoT in healthcare market with a share of 52.5%. This segment’s major share is attributed to the rising number of elderly patients with chronic conditions that require long-term care, advancements in remote monitoring technology, and the need to reduce the strain on healthcare systems through increased adoption of home-based care. Connected medical devices, such as cardiovascular monitors, neurological devices, and ventilators, enable remote monitoring and treatment without the need for a physician to be physically present. Integrated into hospital IoT infrastructures, these devices provide real-time data access, facilitating effective remote care.

By connectivity, the IoT in healthcare market is segmented into Bluetooth, Wi-Fi, cellular, and other connectivity. The Wi-Fi segment is slated to register the highest CAGR during the forecast period of 2024 to 2031. This growth is driven by the advantages offered by Wi-Fi connectivity, such as rapid & efficient data transfer and seamless integration with existing hospital systems. Furthermore, the increasing adoption of smart medical devices, which rely on Wi-Fi for connectivity, and the growing demand for telemedicine services, which require reliable and fast data transmission, also contribute to the segment's growth.

By end user, the global IoT in healthcare market is segmented into long-term care centers, hospitals & clinics, home care settings, and other end users. In 2024, the home care settings segment is aniticipated to dominate the global IoT in healthcare market. This segment's growth is attributed to the benefits offered by IoT-enabled medical devices in home care settings, such as timely interventions, remote patient monitoring, and continuous monitoring of medication adherence, vital signs, and psychological state, allowing for early detection of issues, personalized treatment strategies, and improved patient outcomes, ultimately reducing hospital readmissions and overall healthcare expenses.

An in-depth analysis of the geographical scenario of the IoT in healthcare market provides detailed qualitative and quantitative insights into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, along with the coverage of major countries in each region. Asia-Pacific is slated to register the highest CAGR of 15.7% during the forecast period. This growth is driven by factors such as the rising geriatric population and the associated increase in the prevalence of chronic diseases, the growing demand for quality healthcare, and government initiatives aimed at digitizing the healthcare sector. For instance, in November 2022, China announced its plan to digitize national health information by 2025 as part of its five-year National Health Informatization strategy. Such initiatives are anticipated to drive the adoption of the Internet of Medical Things in Asia-Pacific, contributing to the growth of this regional market.

Some of the key players operating in the global IoT in healthcare market are Medtronic plc (U.K.), GE HealthCare Technologies Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Honeywell Life Care Solutions (U.S.), BIOTRONIK SE & Co. KG (Germany), AgaMatrix, Inc. (U.S.), Securitas Healthcare, LLC. (U.S.), AliveCor, Inc. (U.S.), iHealth Labs, Inc. (U.S.), Johnson & Johnson (U.S.), Baxter International Inc. (U.S.), and OMRON Healthcare, Inc. (U.S.).

Scope of the Report:

IoT in Healthcare Market Assessment—by Offering

IoT Medical Devices

IoT Medical Devices, by Type

Benchtop & Portable IoT Medical Devices
Implantable IoT Medical Devices
Wearable IoT Medical Devices

IoT Medical Devices, by Product

Imaging Systems
Monitoring Devices
Blood Glucose Monitoring Devices
Cardiac Monitoring Devices
Blood Pressure Monitoring Devices
Multiparameter Monitoring Devices
Respiratory Monitoring Devices
Fetal and Neonatal Monitoring Device
Neurological Monitoring Devices
Other Monitoring Devices
Cardiovascular devices
Implantable Cardioverter Defibrillators
Pacemakers
Respiratory Devices
Ventilators
Smart Inhalers
Infusion Pumps
Insulin Pumps
Anesthesia Machines
Hearing Devices
Dialysis Machines
Other IoT-enabled Medical Devices

Note: Other monitoring devices include hand hygiene monitoring devices, thermometers, depression/stress & mood monitoring devices, and weight monitoring devices.

Note: Other IoT-enabled medical devices include sleep therapy devices, medical emergency response systems, hand hygiene monitors, and posture and activity tracking systems.

Note: Consumer electronic devices such as smartwatches and fitness trackers are not considered under the scope of this study

Services

IoT in Healthcare Market Assessment—by Application

Remote Patient Treatment
Telehealth/Telemedicine
Inpatient Monitoring
Other Applications

Other applications include fitness & wellness measurement and medication management.

IoT in Healthcare Market Assessment—by Connectivity

Bluetooth
Wi-Fi
Cellular
Other Connectivity

Other end connectivity include NFC, Zigbee, and satellite

IoT in Healthcare Market Assessment—by End User

Hospitals & Clinics
Home Care Settings
Long-term Care Centers
Other End Users

Other end users include academic & research institutes, defense organizations, government institutes & agencies, and diagnostic imaging centers.

IoT in Healthcare Market Assessment—by Geography

North America
U.S.
Canada
Europe
U.K.
Germany
France
Spain
Italy
Switzerland
Austria
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa

IoT in Healthcare Market - Report Summary

Report Metrics	Details
Years Considered	2022 - 2031
Base Year	2023
Forecast Period	2024-2031
Page Count	291
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Offering, Application, Connectivity, End User, and Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa
Key Companies Mentioned	Medtronic plc (U.K.), GE HealthCare Technologies Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Honeywell Life Care Solutions (U.S.), BIOTRONIK SE & Co. KG (Germany), AgaMatrix, Inc. (U.S.), Securitas Healthcare, LLC. (U.S.), AliveCor, Inc. (U.S.), iHealth Labs, Inc. (U.S.), Johnson & Johnson (U.S.), Baxter International Inc. (U.S.), and OMRON Healthcare, Inc. (U.S.).

FAQs About the Report

What is the focus of the IoT in healthcare market study?

This study covers the market size and forecasts for various IoT-enabled medical devices and services offered by key companies.

What is the size of the IoT in healthcare market, and at what CAGR is this market projected to grow during 2024–2031?

The IoT in healthcare market is projected to reach $121.45 billion by 2031, at a CAGR of 13.3% during the forecast period.

Which offering segment is expected to hold the major share of the market in 2024?

In 2024, the IoT medical devices segment is expected to account for the largest share of the IoT in healthcare market. This segment’s significant market share is attributed to the high adoption of connected medical devices in homecare settings and long-term care facilities due to the high prevalence of chronic diseases and an increase in the aging population. These connected devices utilize technologies such as Bluetooth, Wi-Fi, and cellular networks to enable real-time data transfer, which supports early and accurate monitoring and treatment of patients.

Which Application segment of the market is likely to dominate the market in 2024?

In 2024, the remote patient treatment segment is expected to account for the largest share of the IoT in healthcare market. This growth is driven by the increasing preference for home care settings, particularly among the elderly population, the rising prevalence of chronic diseases requiring long-term care, and the growing adoption of telehealth and telemedicine.

Which connectivity segment of the market is likely to dominate the market in 2024?

In 2024, the Bluetooth segment is expected to account for the largest share of the IoT in healthcare market. The large market share of this segment is attributed to the benefits offered by Bluetooth connectivity, such as cost-effectiveness compared to cellular and Wi-Fi technologies, interoperability and ease of use, and low power consumption, which makes it ideal for battery-operated medical devices.

Which end user segment of the market is likely to dominate the market in 2024?

In 2024, the home-care settings segment is expected to account for the largest share of the IoT in healthcare market. The large market share of this segment is attributed to the rising number of elderly individuals who prefer receiving care at home, advancements in IoT technology that enhance home care through real-time health monitoring, remote consultations, and automated alerts, and the growing shortage of healthcare professionals in traditional healthcare settings, which drives the need for home care services as a viable alternative.

Based on geography, which region is expected to account for the largest share of the market in 2024?

In 2024, North America is expected to account for the largest share of the market. North America’s significant market share can be attributed to the widespread adoption of telehealth and telemedicine services, a high prevalence of chronic diseases, a well-developed healthcare sector, the presence of major market players, and extensive use of wearable and implantable connected medical devices among the populace.

What are the key factors supporting the growth of this market? What are the major opportunities for existing market players and new entrants in the market?

Key factors driving the growth of this market include the widespread adoption of digital healthcare technologies, an increasing emphasis on patient-centered care, and increasing digital health initiatives globally. Moreover, the widespread adoption of telehealth solutions and the increasing utilization of IoT for early & accurate disease diagnosis and treatment is anticipated to create market growth opportunities.

Who are the major players operating in the IoT in Healthcare market?

Some of the major players in the IoT in healthcare market are Medtronic plc (U.K.), GE HealthCare Technologies Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), Boston Scientific Corporation (U.S.), Honeywell Life Care Solutions (U.S.), BIOTRONIK SE & Co. KG (Germany), AgaMatrix, Inc. (U.S.), Securitas Healthcare, LLC. (U.S.), AliveCor, Inc. (U.S.), iHealth Labs, Inc. (U.S.), Johnson & Johnson (U.S.), Baxter International Inc. (U.S.), and OMRON Healthcare, Inc. (U.S.).