IoT in Healthcare Market Size, Share, Forecast, & Trends Analysis by Offering Application 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.).