IoT in Healthcare Market Size, Share, & Trends 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.

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.).

How AI Enhances IoT Medical Device Risks:

While AI-enhanced IoT medical devices deliver powerful real-time insights, they simultaneously introduce new and complex risks. Artificial intelligence augments the ability of these devices to analyze health data, predict potential complications, and automate early interventions. Yet, this complexity opens vulnerabilities—AI-driven devices collect massive volumes of sensitive health data, making them targets for cybercriminals. There are concerns about data privacy, system hacking, erroneous decision-making due to algorithmic failures, and the propagation of bias if AI models are not properly validated. Thus, while AI adds meaningful diagnostic and operational value to IoT devices, it also amplifies the need for robust cybersecurity, continuous monitoring, and algorithmic transparency within healthcare settings.

The Impact of IoMT on Future Patient Care and Healthcare Costs:

The implications of IoMT for future patient care are profound. Remote patient monitoring (RPM), empowered by IoT, is enabling seamless tracking of chronic conditions, immediate detection of anomalies, and coordinated intervention—all from the patient’s home. This translates to reduced hospital admissions, enhanced adherence to treatment plans, and early identification of disease progression. The result is better patient outcomes, greater accessibility—especially in rural or underserved populations—and improved cost efficiency for healthcare providers.

IoMT is also set to significantly reduce healthcare costs. By automating routine processes, optimizing resource allocation, and lowering the frequency of in-person consultations, hospitals and clinics are poised to manage escalating expenditures. Patients, on the other hand, benefit from minimized travel and wait time, and greater engagement in managing their own health.

COVID-19 and the Acceleration of IoT Adoption in Remote Patient Monitoring:

The emergence of the COVID-19 pandemic was a catalyst for mass IoT adoption in healthcare. Strict social distancing and overloaded healthcare resources demanded novel strategies for patient care management. During this period, wearable devices and remote monitoring systems became instrumental for tracking vital signs and supporting teleconsultations, dramatically expanding their user base. In Wuhan, China, AI-synced smart bracelets delivered around-the-clock monitoring of COVID-19 patients’ vitals. India’s Aarogya Setu mobile app leveraged IoT connectivity for risk assessment and exposure notifications—demonstrating the versatility and scale of IoT-driven solutions in crisis settings.

These innovations not only enhanced pandemic response but shifted providers’ and regulators’ mindsets, unlocking investment and integration of IoT technologies in everyday clinical practice. Today, more than 74% of US patients have accessed telehealth services that rely on IoT frameworks.

Challenges Facing Widespread IoT Implementation in Healthcare:

Despite its meteoric rise, several hurdles challenge the widespread implementation of IoT in healthcare. First and foremost are cybersecurity and data privacy concerns—healthcare data is among the most sensitive and frequently targeted by cyberattacks. Ensuring end-to-end encryption, secure data transmission, and compliance with regulations such as HIPAA remains a monumental task.

Interoperability poses another obstacle, as disparate devices and platforms must communicate seamlessly to realize the full benefits of interconnected care. Without universal standards, integrating legacy systems with new IoT technologies can lead to data silos and fragmented patient information. Additionally, the initial costs for deploying IoT infrastructure and providing adequate training to healthcare professionals can be significant, particularly in developing regions.

Concerns related to device reliability and accuracy are amplified when patient safety is at stake. Regular calibration, certification, and oversight are crucial to maintaining trust and efficacy in IoT-driven healthcare delivery.

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The IoT healthcare revolution is unstoppable. As device ecosystems and AI algorithms mature, they promise to amplify patient safety, convenience, and engagement while slashing unnecessary spending.

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