The Internet of Medical Things (IoMT) market is expected to grow at a CAGR of 23.9% to reach USD 270.40 billion in 2029.
The global Internet of Medical Things (IoMT) market developments suggest an optimistic growth trajectory as the market exceeds USD 146.45 billion value by 2028, progressing at a CAGR of 25% through the forecast span, 2018-2028. This can be attributed to factors such as context-aware communications and computing, IoMT device integration, remote patient monitoring integration. Additionally, increasing awareness about the benefits of implementing advanced healthcare solutions is boosting the global Internet of medical things (IoMT) market globally.
However, the impact of Covid-19 on the supply chain, connectivity issues, healthcare errors, inaccuracy, privacy, and data security concerns are likely to hamper the market growth briefly. Furthermore, IoMT completely changing the functional layout of healthcare providers with superior care and satisfaction, especially during the pandemic era, is anticipated to be an opportunity for the global Internet of medical things (IoMT) market.
Internet of medical things (IoMT) during the pandemic has enabled data sharing, remote monitoring, progress tracking, data gathering, and analysis. These factors, therefore, are creating some lucrative possibilities backed by the rapid adoption of IoMT offerings by the healthcare industry.
Internet of medical things (IoMT) combines medical devices and their applications, connecting them with healthcare information technology systems using networking technologies like sensors, smart appliances, actuators, etc. The global Internet of medical things (IoMT) market consists of new players and established market leaders.
The Medtech firms provide IoT-enabled healthcare products, services, platforms, and technologies, especially during the Covid-19 pandemic. The IoMT devices are helping healthcare providers gain actionable insights to align therapeutic practices with the novel Covid-19 challenges. IoMT is allowing healthcare professionals to minimize risks and increase overall performance. MedTech firm Siemens Healthineers in 2020 announced its latest deal with IBM to launch an open digital platform to enhance the healthcare system of Germany. Similarly, many firms are focusing on providing wearable technology solutions in the wake of Covid.
The demand for wearables is increasing due to the adoption of IoMT devices. Many MedTech firms have sealed partnership deals for providing remote diagnostic services through smart wearables. Also, smart pills are gaining popularity in MedTech services as they reduce the chances of undergoing invasive procedures.
The internet of medical things (IoMT) market providing innovative products, services, technologies, and platforms to the medical organizations are Atlas Wearables, Breathometer, Qualcomm, Koninklijke Philips, Medtronic, Stanley Black & Decker, and Cisco Systems, among all other emerging and established players. The healthcare companies are focusing on accelerating the production of IoMT devices, tailored solutions based on specific medical conditions.
Internet of Medical Things (IoMT) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 270.40 billion|
|Growth Rate||CAGR of 23.9% during 2021-2029|
|Segment Covered||Product Type, End- User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||innovative products, services, technologies, and platforms to the medical organizations are Atlas Wearables, Breathometer, Qualcomm, Koninklijke Philips, Medtronic, Stanley Black & Decker, and Cisco Systems among all other emerging|
Key Segments of the Global Internet of Medical Things (IoMT) Market
Product Type Overview, (USD Billion)
- Wearable Devices
- Point-Of-Care Kits
Application Overview, (USD Billion)
- Data Assortment & Analysis
- Real-Time Monitoring
- Remote Monitoring
End-user Overview, (USD Billion)
- Research Institutes
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa
Reasons for the study
- To examine various popular and innovative internet of medical things (IoMT) solutions gaining momentum in the IoMT market.
- To provide you with a reliable source to systematically explore existing IoMT products, services, platforms, and technologies in the marketplace and highlight trends and potential opportunities.
- To offer extensive business and innovation insights in IoMT to help you better understand the customer demands and navigate competently through the market.
What does the report include?
- Market dynamics and financial information of the global internet of medical things (IoMT) market classifying the information based on segments, regions, and countries, and assessment period.
- IoMT devices are likely to propel the IoMT space.
- Detailed study of segments that generated the highest CAGR in the 2018-2020 and forecast years 2021-2028.
- Study of industry players that are dominating the global marketplace of IoMT industry.
- Study of how MedTech companies are transforming as connected devices revolutionize healthcare industry.
Who should buy this report?
This internet of medical things (IoMT) market study is intended for organizations including new entrants, academicians, research institutions, government organizations, and large enterprises seeking in-depth market study at a global level.
Frequently Asked Questions (FAQ) :
IoMT is resolving several medical challenges such as speed, price, and complexities. IoMT is improving overall performance of healthcare during the pandemic. As the IoMT managed healthcare system is moving forward, it is opening up new healthcare opportunities and a great way to adapt world-class results by enabling improved treatment systems in the hospital.
The rapidly evolving IoMT marketplace is providing opportunities to MedTech companies as well as the medical community thereby boosting global Internet of medical things (IoMT) market. Interestingly, integrating IoMT with advanced technologies like AI, Ml, offers higher returns on investments.
Thus, the small, medium, and large MedTech firms are providing advanced technology-enabled IoMT devices, services, and platforms, giving the users better satisfaction and improved results. MedTech companies have established strong relationships with clients satisfying the client objective. They are providing definitive solutions which are helping derive multiple benefits. Thus, IoMT solutions are acting as a game-changer to firms and the medical organization.
Product Type Segment
Depending on different segments, the market is classified into product type segments, namely home-use, wearable devices, point-of-care kits. The wearable devices segment gathered the largest market share. It allows tracking health in home settings, alerts the user to take proactive healthcare steps, and is now available at lower prices with multiple functionalities.
Depending on different segments, the market is classified into end-user segments, namely data assortment & analysis, real-time monitoring, remote monitoring, others. The remote monitoring segment has been the most remunerative segment. Remote monitoring devices both at individual and infrastructure level are gaining positive market response because it gives improved healthcare support, quality care, better access, and other benefits.
Depending on different segments, the market is classified into application segments namely on- research institutes, hospitals, other. In the global internet of medical things (IoMT)market hospitals segment garnered the highest revenue in historic years, and is estimated to mimic the same momentum in the coming years as well. Remote monitoring, progress tracking, improved data gathering, and analysis are key factors growth of this segment.
North America dominates the market in terms of innovation, investment, and adoption North America has the presence of large MedTech firms and tech companies focused on providing IoMT solutions as well as foreign companies. Asia Pacific is the next dominant region in providing IoMT solutions due to increasing awareness of benefits IoMT devices and rising public and private investments.