IoT in Healthcare Market Poised for Significant Growth, Forecast to Reach $121.45 Billion by 2031

Meticulous Research®, a renowned leader in market research, has released its latest report, “IoT in Healthcare Market Size, Share, Forecast, & Trends Analysis by Offering, Application, End User — Global Forecast to 2031.”

According to the report, the global Internet of Things (IoT) in healthcare market, valued at $45.34 billion in 2023, is projected to reach $121.45 billion by 2031, expanding at a robust CAGR of 13.3% during the forecast period from 2024 to 2031.

The rapid adoption of IoT technology is revolutionizing healthcare, enhancing remote patient monitoring, telemedicine, diagnostic accuracy, and overall treatment quality. The market’s growth is largely driven by the increasing demand for digital healthcare solutions, a rising focus on patient-centric care, and government initiatives supporting the development of digital health infrastructures. However, the high costs associated with IoT infrastructure and the limited adoption of this technology in developing regions present significant growth challenges.

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Market Opportunities and Challenges

• Opportunities: The increased use of IoT in telehealth and its role in the early detection and precise diagnosis of diseases are creating new opportunities for market expansion. As healthcare providers continue to adopt IoT-enabled devices, they are able to deliver more personalized care, improve patient outcomes, and reduce overall healthcare costs.
• Challenges: Despite these opportunities, the market faces considerable hurdles, particularly the risk of data breaches, which continues to be a significant concern in the implementation of IoT technology in healthcare.

Key Market Players

The competitive landscape of the IoT in healthcare market includes both established companies and emerging players. Key participants in this space 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.)
• OMRON Healthcare, Inc. (U.S.)

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Market Segmentation and Key Insights

The IoT in healthcare market is segmented by offering, application, end user, and geography:

• By Offering: The market is divided into IoT medical devices, software, and services. The IoT medical devices segment is expected to exhibit the highest growth, with a projected CAGR of 13.8% from 2024 to 2031. IoT-enabled devices play a crucial role in providing real-time patient data, empowering patients and doctors to better manage chronic illnesses and treatment.
• By Application: Among various applications, the remote patient monitoring segment is set to witness the highest CAGR of 14.6% during the forecast period. This surge is driven by the increasing geriatric population, the rising demand for home-based care, and the growing adoption of connected health solutions.
• By Connectivity: The Bluetooth segment is expected to dominate the market, largely due to the growing availability of Bluetooth-enabled medical devices. Recent innovations, such as Medtronic’s CE-approved Simplera continuous glucose monitor (CGM) and Smart Meter LLC’s iGlucose Blood Glucose Monitoring System, are driving the adoption of Bluetooth technology in the healthcare sector.
• By End User: The home care settings segment is expected to experience the highest growth during the forecast period, fueled by the rising demand for remote patient care, advancements in monitoring technologies, and an aging population that increasingly requires home-based healthcare solutions.

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Regional Market Insights

In terms of geography, North America accounted for the largest share of the global IoT in healthcare market in 2023, a trend expected to continue through 2031. The region’s dominance is driven by the high adoption of advanced technologies, widespread use of telehealth and e-prescriptions, the presence of leading market players, and government initiatives aimed at expanding digital healthcare infrastructure.

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