IB-MECA is primarily utilized in research settings to study its effects on adenosine receptors, particularly the A3 subtype. It is known for its potential anti-inflammatory and anti-cancer properties, making it a subject of interest in developing therapies for conditions like rheumatoid arthritis, psoriasis, and certain types of cancer. Additionally, it has been explored for its role in protecting cardiac tissue during ischemic events and in modulating immune responses. Its application in ophthalmology has also been investigated for treating conditions like glaucoma and dry eye syndrome due to its ability to reduce intraocular pressure and promote tear production.