What is the global market size of Internet of Medical Things (IoMT) Market?

Global Internet of Medical Things (IoMT) Market size was valued at USD 26.5 billion in 2021 and is poised to grow from USD 34.16 billion in 2022 to USD 260.33 billion by 2030, growing at a CAGR of 28.9% in the forecast period (2023-2030).

What is the key driver of Global Internet of Medical Things (IoMT) Market?

Increased Spending on IoT in Healthcare to Flourish Global Market

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 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.

Internet of Medical Things (IoMT) Market Report Snapshots

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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 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. '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.'

Increased Spending on IoT in Healthcare to Flourish Market

Telecommunications and Mobile Phone Technology Advancements are Driving Lucrative Market Growth

In 2022, the North American region held the lion’s share in the 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.

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Internet of Medical Things (IoMT) Market Regional Insights

Internet of Medical Things (IoMT) Market Report Snapshots

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