IoT in Healthcare Market (2024-2031)
The IoT in Healthcare Market was valued at $45.34 billion in 2023. This market is anticipated 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. IoT in Healthcare Market Size & Forecast Key factors driving
- Published
- Aug 2024
- Pages
- 291
- Format
- PDF + Excel
- Report ID
- MRHC - 104244
- Base year
- 2023
- 2023 · BASELINE
- $45.34B
- 2031
- $121.5B
- CAGR 2024–2031
- 13.3%
2023 baseline · 2024–2031 forecast at 13.3% CAGR · hover a bar for the value
Key highlights
By Offering: the IoT Medical Devices Segment to Hold the Major Share of the Market in 2024
By Application, the Remote Patient Treatment Segment to Hold the Major Share of the Market in 2024
By Connectivity: the Bluetooth Segment to Hold the Major Share of the Market in 2024
By End User: the Home Care Settings Segment to Hold the Major Share of the Market in 2024
Report summary
| Particulars | Details |
|---|---|
| No of Pages | 291 |
| Format | |
| Forecast Period | 2024-2031 |
| Base Year | 2023 |
| CAGR | 13.3% |
| Market Size (Value) | $121.45 billion by 2031 |
| Segments Covered | 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 1: Other monitoring devices include hand hygiene monitoring devices, thermometers, depression/stress & mood monitoring devices, and weight monitoring devices. · Note 2: Other IoT-enabled medical devices include sleep therapy devices, medical emergency response systems, hand hygiene monitors, and posture and activity tracking systems. · Note 3: Consumer electronic devices such as smartwatches and fitness trackers are not considered under the scope of this study.) · Services · By Application · Remote Patient Treatment · Telehealth/Telemedicine · Inpatient Monitoring · Other Applications · (Note:Other applications include fitness & wellness measurement and medication management.: · By Connectivity · Bluetooth · Wi-Fi · Cellular · Other Connectivity · (Note:Other end connectivity includes NFC, Zigbee, and satellite) · By End User · Hospitals & Clinics · Home Care Settings · Long-term Care Centers · Other End Users · (Note: Other end users include academic & research institutes, defense organizations, government institutes & agencies, and diagnostic imaging centers.) |
| Countries Covered | North America (U.S., Canada), Europe (Germany, France, U.K., Spain, Italy, Switzerland, Austria, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of APAC), Latin America (Brazil, Mexico, Rest of Latin America, and the Middle East & Africa |
| Key Companies | 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.). |
Report overview
Segments covered: offering, iot medical device, type, benchtop & portable iot medical device, implantable iot medical device, wearable iot medical device, product, imaging system, monitoring device, blood glucose monitoring device, cardiac monitoring device, blood pressure monitoring device, multiparameter monitoring device, respiratory monitoring device, fetal, neonatal monitoring device, neurological monitoring device, other monitoring device, cardiovascular device, implantable cardioverter defibrillator, pacemaker, respiratory device, ventilator, smart inhaler, infusion pump, insulin pump, anesthesia machine, hearing device, dialysis machine, other iot-enabled medical device, medical emergency response system, hand hygiene monitor, posture and activity tracking systems., service, application, remote patient treatment, telehealth/telemedicine, inpatient monitoring, other application, connectivity, bluetooth, wi-fi, cellular, other connectivity, end user, hospitals & clinic, home care setting, long-term care center, other end user. Regions: North America, Europe, Asia-Pacific.
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.
Report infographic
Market dynamics
4 factors across 3 forcesIncreasing Emphasis on Patient-centered Care
A patient-centric approach fosters collaboration between doctors, patients, and their families to make decisions that align with patients' needs, preferences, and desires. Healthcare delivery is increasingly shifting from institutional-focused models to patient-focused ones. This transition drives the adoption of technologies that facilitate interactions between healthcare providers and patients, enabling the collection of crucial health information for informed treatment decisions.
Patient-centric care extends to both diagnosis and treatment provided by hospitals. This approach facilitates the customization of care plans and the development of personalized medicine. Additionally, this approach takes into account patients' overall well-being, including factors such as genetics, metabolism, immune system, and biomarkers. IoT plays a significant role in delivering patient-centered care by enabling the collection and processing of vast amounts of data, which is essential for personalized healthcare.
Table of contents
12 chapters · 141 sections · 291 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Offering | IoT Medical Devices | — |
| By Application | Remote Patient Treatment | — |
| By Connectivity | Bluetooth | — |
| By End User | Home Care Settings | — |
By Offering
- The IoT medical devices segment is anticipated to hold the major share of 84.2% of the IoT in healthcare market.
- This segment’s major market share is due to the benefits offered by IoT-enabled medical devices.
- These devices collect data and generate reports by uploading information to cloud databases in real time.
- This process simplifies trend analysis and early detection of warning signs, thereby enhancing diagnostic accuracy.
- Access to comprehensive patient data facilitates more effective collaboration among healthcare professionals, ensuring timely and appropriate care.
- Moreover, the IoT medical devices segment is anticipated to register the highest compound annual growth rate (CAGR) of 13.8% during the forecast period of 2024 to 2031.
- This segment’s growth is due to the rising prevalence of chronic diseases, the increasing adoption of IoMT medical devices, ongoing technological advancements, and a growing emphasis on self-monitoring among patients.
By Application
- The remote patient treatment segment is anticipated to hold the major share of 52.5% of the global IoT in healthcare market.
- This segment’s major market share is due to the growing preference for home healthcare, rising awareness of the benefits of remote patient monitoring, the rise in the geriatric population, increased adoption of connected medical devices, and a shortage of healthcare professionals.
- Moreover, the remote patient treatment segment is anticipated to register the highest compound annual growth rate (CAGR) of 14.6% during the forecast period of 2024 to 2031.
- This segment’s growth is due to the cost-effectiveness of remote patient treatment, which reduces the need for hospital visits and inpatient care, and supportive policies aimed at promoting the adoption of telehealth and remote monitoring.
By Connectivity
- The Bluetooth Segment to Hold the Major Share of the Market in 2024
- The Bluetooth segment is anticipated to hold the major share of the global IoT in healthcare market.
- This segment’s major market share is due to the benefits offered by Bluetooth connectivity, such as real-time tracking, low power consumption, and compatibility with a range of medical devices.
- However, the Wi-Fi segment is anticipated to register the highest compound annual growth rate (CAGR) during the forecast period of 2024 to 2031.
- This segment's growth is driven by the benefits offered by Wi-Fi-enabled medical devices, such as rapid and efficient data transfer, real-time access to medical imaging and patient information, and seamless integration with existing hospital systems.
- Wi-Fi enhances data processing by enabling doctors and nurses to efficiently access and share digital images and data from medical imaging devices such as MRI, ultrasound, CT, and radiography.
- Previously, managing and transferring large files was challenging and time-consuming.
- With Wi-Fi-enabled imaging equipment, file transfers are significantly faster, allowing for rapid and secure exchange of large data sets.
- These benefits are expected to drive the increased adoption of Wi-Fi-enabled IoT medical devices during the forecast period,
By End User
- The home care settings segment is anticipated to hold the major share of the global IoT in healthcare market.
- This segment’s major market share is due to the increasing demand for accessible and convenient healthcare services, the growing adoption of home healthcare services as a cost-effective alternative to hospital care, and the increase in the aging population, leading to a higher prevalence of chronic diseases.
- Moreover, the home care settings segment is anticipated to register the highest compound annual growth rate (CAGR) during the forecast period of 2024 to 2031.
- This segment’s growth is due to the significant cost savings offered by home care compared to hospital-based care, the increase in the aging population that requires long-term management of chronic conditions, technological advancements in IoT-enabled wearable devices and home monitoring systems, and the need to alleviate the burden on healthcare facilities by providing care in home settings.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of 42.6% of the IoT in healthcare market. North America’s major market share is due to its well-established healthcare sector, high consumer demand for wearable health monitoring devices, strong government support and investments in healthcare IT, widespread use of electronic health records, and the presence of prominent market players.
Asia-Pacific
However, the market in Asia-Pacific is anticipated to register the highest compound annual growth rate (CAGR) of 15.7% during the forecast period. The growth of this regional market is driven by the rapid expansion of healthcare infrastructure due to increased investments in emerging economies, government initiatives and funding aimed at advancing digital health technologies, and the growing adoption of telehealth services.
Competitive landscape
- January 2024
Medtronic plc (U.K.) received CE (Conformité Européenne) Mark approval for the MiniMed 780G system with Simplera Sync, a continuous glucose monitor (CGM) that eliminates the need for overtape or fingersticks. This technology automatically corrects and regulates glucose levels every 5 minutes.
- August 2023
GE Healthcare (U.S.) launched the Vscan Air, a wireless handheld ultrasound system designed to enhance point-of-care imaging and extend accessibility to remote areas, including locations in Nepal.
- February 2022
Siemens Healthineers AG (Germany) collaborated with Universal Medical Imaging (China) to enhance the effectiveness of image screening and disease diagnosis in primary healthcare institutions across China. This collaboration utilized Siemens' remote scanning assistant tools and advanced imaging diagnostic equipment, supported by the expertise of Universal Medical Imaging’s national network of medical imaging professionals.
- 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.)
Frequently asked questions
This study covers the market size and forecasts for various IoT-enabled medical devices and services offered by key companies.
Cite this report
Meticulous Research. (2024). IoT in Healthcare Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRHC - 104244). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/iot-in-healthcare-market-4945