USD 26.5 billion
Internet of Medical Things (IoMT) Market Size, Share, Growth Analysis, By Product(Stationary Medical Devices, Implanted Medical Devices, Wearable External Medical Devices), By Application(Telemedicine, Medication Management, Patient Monitoring, Others), By End-User(Healthcare Providers, Patients, Government Authorities, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2069 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
92
|Figures:
76
Internet of Medical Things (IoMT) Market Insights
Global Internet of Medical Things (IoMT) Market size was valued at USD 26.5 billion in 2019 and is poised to grow from USD 34.16 billion in 2023 to USD 260.33 billion by 2031, growing at a CAGR of 28.9% in the forecast period (2024-2031).
The Internet of Medical Things (IoMT) is a subcategory of internet of things applications (IoT). It is the process of integrating medical devices and apps that can link to health care information technology systems via networking technologies and provide vital patient information to medical establishments, resulting in enhanced healthcare services. IoMT devices include wearables and medical/vital monitors, as well as real-time location, telehealth, and other services.
Medical organizations are altering healthcare in unique ways through the use of medical equipment and gadgets via the Internet of medical things (IoMT). Connected gadgets such as glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors are positioned close to a patient's body and ensure enhanced customer satisfaction by providing round-the-clock medical care and services.
US Internet Of Medical Things Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Telemedicine
Fastest Growth
Telemedicine
Growth Rate
28.9% CAGR
Global Internet of Medical Things (IoMT) Market by Application($ Bn)
Country Share for North America Region (%)
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Internet of Medical Things (IoMT) Market Segmental Analysis
Global Internet of Medical Things (IoMT) market is segmented on the basis of product, application, end-user and region. Based on the product, the Internet Of Medical Things Market is segmented into stationary medical devices, implanted medical devices, wearable external medical devices. Based on the application, the Internet Of Medical Things Market is segmented into telemedicine, medication management, patient monitoring, others. Based on the end user, the Internet Of Medical Things Market is segmented into healthcare providers, patients, government authorities, others. Based on the region, the Internet Of Medical Things Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Internet Of Medical Things Market Analysis by Application
Based on the application, the market is segmented into telemedicine, medication management, patient monitoring, others. In 2022, the telemedicine segment held a significant market share. A larger market share can be attributed to the global trend of telemedicine and telehealth due to the widespread use of the internet and communications technology. Furthermore, the COVID-19 epidemic has highlighted the significance of digital technologies, prompting the implementation of telemedicine solutions. With its strategy on "strengthening the health system response to COVID-19," the World Health Organization (WHO) suggested telemedicine. As a result, the governments of numerous countries are focused on telemedicine projects. This is projected to propel the segment's expansion. Throughout the projection period, the patient monitoring segment is expected to grow at a faster CAGR. The rising frequency of various chronic diseases, as well as longer wait periods to contact a specialist, are major factors driving the segment's rise.
Global Internet of Medical Things (IoMT) Market by Application
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Internet of Medical Things (IoMT) Market Regional Insights
In 2022, the North American region held the lion’s share in the Global Internet of Medical Things (IoMT) market. The regional expansion is mostly due to the rising acceptance of remote patient monitoring devices and the introduction of new products. Furthermore, increased sales of Internet of Medical Things solutions and products in the United States are owing to high demand during the pandemic, increasing the segment's growth throughout the projection period. For example, one of the worldwide market's leading competitors, Philips, reported a 22.0% increase in the connected care business segment in 2020 compared to 2019.
In terms of market share, Europe is expected to be the second-most prominent area. Increasing government attempts to include modern technologies to encourage the use of IoMT products is one of the primary reasons leading to the market's rise in Europe. For example, in Europe, the government invested over USD 1.17 billion in R&D of digital technologies under the HORIZON 2020 financing programme, with a bigger share committed in the healthcare industry.
Global Internet of Medical Things (IoMT) Market By Region
- Largest
- Fastest
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Internet of Medical Things (IoMT) Market Dynamics
Internet Of Medical Things Market Driver
- Increased Spending on IoT in Healthcare to Flourish Global Market
The internet of health things helps to considerably cut patient expenditures, ultimately lessening the burden of healthcare costs on both patients and governments. The collaboration between IoMT and MedTech businesses is beneficial in improving healthcare organizations in order to achieve better outcomes, enhance efficiency, and provide advanced treatment to patients. Businesses want to empower and alter the way patients are cared for.
Furthermore, businesses, as well as government agencies, are actively investing in IoT technology. According to the McKinsey analysis, IoT deployments in healthcare will rise faster than in any other business. According to the study, IoMT will have a global economic impact of USD 1.6 trillion by 2025. Furthermore, the Global Telecommunication Development Conference predicted that by the end of 2020, 40% of IoT technology would be driven by healthcare. This is predicted to boost the growth of the internet of medical things industry.
Internet Of Medical Things Market Restraint
- Surging Risk of Data Breach/Cyberattacks to Limit Adoption of IoMT Technology
Data security is always a concern with advanced technologies. Medical device businesses are constantly working to discover risks and reduce the risk associated with them. According to experts, IoMT devices are more difficult to monitor and defend against cyberattacks than other wireless gadgets. Without an appropriate security solution, the device is vulnerable to data leaks and cyberattacks.
According to a CyberMDX research, more than 60% of medical devices are always at danger. Furthermore, according to the American Journal of Managed Care, the healthcare industry is the most targeted industry for hackers. As a result, the growing number of cyber-attacks on healthcare data are anticipated to dampen demand for such cutting-edge solutions.
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Internet of Medical Things (IoMT) Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Internet Of Medical Things Market Top Player’s Company Profiles
- Philips Healthcare
- GE Healthcare
- Cisco Systems Inc.
- IBM Corporation
- Siemens Healthineers AG
- Medtronic Plc.
- Honeywell International Inc.
- Microsoft Corporation
- Qualcomm Life, Inc.
- Johnson & Johnson Services, Inc.
- Boston Scientific Corporation
- Abbott Laboratories
- Proteus Digital Health
- AliveCor, Inc.
- iRhythm Technologies, Inc.
- Masimo Corporation
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- Smith & Nephew plc.
- Intuitive Surgical, Inc.
Internet Of Medical Things Market Recent Developments
- In September 2022, Wipro GE Healthcare introduces the Optima IGS320, an AI-powered cath lab. It enhances imaging vision to allow for more intelligent and accurate healthcare delivery. Social gantry mobility provides for greater flexibility during procedures, alleviating the load and boosting the doctors' focus.
- In May 2022, Nuance, a Microsoft business, has partnered with The Health Management Academy (the Academy) to form the AI Collaboration, an industry association dedicated to transforming healthcare through artificial intelligence and machine learning. The AI Collaboration accelerates innovation in precision medicine, drug discovery, clinical decision support, and other promising use cases throughout the whole healthcare ecosystem, all while addressing physician burnout, patient engagement, and the health system's financial viability.
Internet of Medical Things (IoMT) Key Market Trends
- Telecommunications and Mobile Phone Technology Advancements are Driving Lucrative Market Growth
Recent technological improvements in the telecommunications sector, such as the launch of 4G LTE, created numerous opportunities for the IoMT industry to thrive. Because of the development of such facilities, emerging regions that lacked sufficient communication skills will be able to enjoy an improved network facility, allowing them to reap the benefits of the internet of medical things technology. For example, Google Cloud signed a collaborative arrangement with AT&T in March 2020 to explore 5G edge computing technologies.
The addition of such quicker network capabilities will enable the telehealth business to provide a better experience for their patients, hence increasing product demand. As a result, such innovations will significantly assist global market expansion over the forecast period.
Internet of Medical Things (IoMT) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Internet of Medical Things (IoMT) market is segmented based on product, application, end-user and region. Based on the product, the stationary medical devices segment is projected to hold a significant share in the market. Based on the application, the telemedicine is projected to hold a significant share in the market. Based on the end user, the healthcare providers is projected to hold a significant share in the market. Based on the region, the North America region holds a substantial market share.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 26.5 billion |
| Market size value in 2031 | USD 260.33 billion |
| Growth Rate | 28.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Internet of Medical Things (IoMT) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Internet of Medical Things (IoMT) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Internet of Medical Things (IoMT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Internet of Medical Things (IoMT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Internet of Medical Things (IoMT) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Internet of Medical Things (IoMT) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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