IoT In Healthcare Market to Surpass USD 926.9 billion by 2031, Witnessing 16.8% CAGR Growth As Revealed In New Report


IoT In Healthcare Market Size, Share, Growth Analysis, By Component(Medical Devices (Wearable External Devices, Implanted Medical Devices, Stationary Medical Devices), System and Software (Remote Device Management), By Application(Telemedicine (Store and Forward Telemedicine, Remote Patient Monitoring, Interactive Telemedicine), Clinical Operations and Workflow Management), By End user(Hospitals, Surgical Centers, Clinics, Clinical Research Organizations), By Connectivity(Cellular, Wi-Fi, Bluetooth, Satellite), By Region – Industry Forecast 2024-2031

Global IoT in Healthcare Market size was valued at USD 215.4 billion in 2022 and is poised to grow from USD 252.1 billion in 2023 to USD 926.9 billion by 2031, growing at a CAGR of 16.8% in the forecast period (2024-2031).

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Growing demand for connected medical devices and automated remote patient care is likely to fuel the market growth. The rapid development of technology is encouraging governments to invest and enable remote healthcare services. In recent years many developed countries have changed their approach to electronic health record systems in healthcare from paper-based medical records. Thus, government initiatives supporting technology development and adoption are expected to drive significant growth for IoT in healthcare market.

Strategies of top companies in IoT In Healthcare Market

Skyquest’s recently published IoT In Healthcare Report provides detailed information and analysis on top companies in the IoT In Healthcare Market.

Philips Healthcare:

Recent news: Philips has announced partnerships with the various healthcare providers to implement leveraging IoT for better patient outcomes.

Strategy: Philips will focus on integrating IoT technologies into healthcare devices that will improve patient care. Emphasis is placed on data analysis and communication.

Overall contribution: Philips has been instrumental in the development of IoT in healthcare, particularly in areas such as telemedicine, remote sensing and connected devices.


Strategy: Medtronic specializes in medical device manufacturers that leverage IoT capabilities to address chronic diseases, such as implantable devices and remote monitoring solutions.

Recent news: Medtronic has been in the news for expanding its IoT-enabled devices for diabetes management and heart monitoring, combining data analytics for better patient outcomes.

Overall Contribution: Medtronic’s IoT solutions have been instrumental in improving patient outcomes and improving disease management, especially in chronic conditions.

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Cisco Systems:

Strategy: Cisco will focus on providing IoT systems and connectivity solutions for healthcare organizations that provide seamless connectivity, data security and seamless connectivity.

Overall Contributions: Cisco’s IoT strategy has helped enable the scalability and security of IoT deployments in healthcare, facilitate remote disease management, and telehealth services.

Recent news: Cisco has been working to support adoption of connected medical devices and telemedicine platforms using IoT network and cybersecurity solutions in healthcare facilities.

GE Healthcare:

Recent News: GE Healthcare is actively involved in developing IoT solutions for COVID-19, including remote patient monitoring methods and AI-powered analytics to predict the spread of disease.

Strategy: GE Healthcare aims to develop IoT-enabled medical devices and platforms to increase diagnostic accuracy, streamline operations, and improve healthcare delivery.

Overall Contribution: These companies are driving innovation in the IoT healthcare market through their technologies, partnerships and strategic initiatives, which improve patient care, operational efficiencies and health outcomes. Cisco’s IoT strategy has helped enable the scalability and security of IoT deployments in healthcare, facilitate remote disease management, and telehealth services.

Siemens Healthineers:

Strategy: Siemens Healthineers will focus on IoT integration to drive clinical efficiencies in clinical imaging, laboratory analysis, and healthcare IT solutions.

Recent news: Siemens Healthineers has advanced IoT-enabled camera identification and AI-powered decision support tools for personalized medicine.

Total contributions: Siemens Healthiners has played a key role in advancing IoT technologies in healthcare, particularly in diagnostic imaging and laboratory testing.

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The Future of Healthcare: Using IoT for a Healthier Tomorrow

The integration of IoT into healthcare is transforming the industry, promising to deliver improved patient care, operational efficiencies and cost savings. The adoption of IoT not only streamlines healthcare delivery but also ensures a proactive approach to healthcare delivery, ultimately resulting in improved patient outcomes and more streamlined healthcare delivery.

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