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 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.

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 Insights

Internet of Medical Things (IoMT) Market Report Snapshots

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