Redding, California - August 29, 2024
IoT in Healthcare Market to be Worth $121.45 Billion by 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
Meticulous Research®—a leading market research company, published a research report titled, ‘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.’
According to this latest publication from Meticulous Research®, the global IoT in healthcare market was valued at $45.34 billion in 2023. This market is expected to reach $121.45 billion by 2031 from an estimated $50.61 billion in 2024, at a CAGR of 13.3% during the forecast period of 2024-2031. The Internet of Things (IoT) in healthcare enhances remote patient monitoring, treatment, telemedicine, and diagnostic accuracy, thereby improving the quality of healthcare services. This market’s growth is driven by the increasing adoption of digital healthcare solutions, a rising focus on patient-centric care, and supportive digital health initiatives. However, the high costs associated with IoT infrastructure and limited IoT technology adoption in developing countries restrain the growth of this market.
Additionally, the increasing use of telehealth technologies and the increasing use of IoT for early and precise disease diagnosis and treatment are expected to create opportunities for market growth. However, the high risk of data breaches is a major challenge impacting the market’s growth.
Key Players
Some of the major players operating 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.).
The IoT in healthcare market is segmented by Component (Medical Devices [by Type {Benchtop & Portable Medical Devices, Implantable Medical Devices, Wearable Medical Devices}, Product {Imaging Systems, Monitoring Devices, Cardiovascular Devices, Patient Monitors, Ventilators, Infusion Pumps, Anesthesia Machines, Hearing Devices, Dialysis Machine, Other IoT-enabled Medical Devices}], Software [Data Collection and Analytics, Device Integration, Hospital Operation Management, Others], Services), Application (Telehealth/Telemedicine, Hospital Operations & Workflow Management, Inpatient Monitoring, Imaging, Other Applications), End User (Hospitals & Clinics, Home Care & Long-Term Care Centers, Health Insurance Companies, Personal Users, Other End Users), and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on offering, the IoT in healthcare market is segmented into IoT medical devices and services. The IoT medical devices segment is slated to record the highest CAGR of 13.8% during the forecast period of 2024 to 2031. IoT-enabled devices empower patients with greater control over their care and treatment, facilitating easier management of illnesses for both patients and doctors. By delivering accurate, real-time patient data, IoT medical devices enhance personalized therapy and improve the overall patient experience. Additionally, the increasing prevalence of chronic diseases and the growing adoption of digital technologies in healthcare are anticipated to drive the growth of this segment during the forecast period.
Based on application, the IoT in healthcare market is segmented into remote patient treatment, inpatient treatment, telehealth, and other applications. In 2024, the remote patient monitoring segment is slated to record the highest CAGR of 14.6% during the forecast period. The growth of this segment is driven by the increase in the geriatric population, who are more susceptible to chronic diseases, the rising demand for home care, the increasing availability of IoT-enabled medical devices for remote monitoring, and the high adoption of digital health technologies and connected health solutions in developed countries.
Based on connectivity, the IoT in healthcare market is segmented into Bluetooth, Wi-Fi, cellular, and other connectivity. 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 initiatives by key market players to launch advanced Bluetooth-connected medical devices. For instance, in September 2023, Medtronic plc received CE approval for its Bluetooth-connected Simplera continuous glucose monitor (CGM). This new sensor eliminates the need for additional tape and integrates seamlessly with the InPen smart insulin pen, providing real-time, personalized dosing instructions to improve diabetes management. Similarly, in August 2021, Smart Meter LLC launched the iGlucose Blood Glucose Monitoring (BGM) System, designed for managing gestational diabetes.
Based on end user, the IoT in healthcare market is segmented into long-term care centers, hospitals & clinics, home care settings, and other end users. The home care setting is slated to record the highest CAGR during the forecast period of 2024 to 2031. The growth of this segment is driven by factors such as the increasing geriatric population, the rising demand for home-based care, advancements in remote monitoring technologies, and the need for efficient emergency response systems.
Based on geography, in 2023, North America is expected to account for the largest share of the IoT in healthcare market. North America’s large market share is attributed to the high adoption of advanced technologies, widespread use of e-prescriptions and telehealth services, the presence of major market players, the proliferation of technologically advanced healthcare facilities, and increasing initiatives aimed at enhancing digital healthcare infrastructure.
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Key questions answered in the report-
- What are the high-growth market segments in terms of offering, application, connectivity, end user, and geography?
- What was the historical market for IoT in healthcare across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the IoT in healthcare market?
- Who are the major players in the IoT in healthcare market?
- What is the competitive landscape like?
- What are the recent developments in the IoT in healthcare market?
- What are the different strategies adopted by the major players in the IoT in healthcare market?
- What are the geographic trends and high-growth regions/countries?
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