PUBLISHER: Acute Market Reports | PRODUCT CODE: 1443326
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1443326
The Internet of medical things (IoMT) has become a transformative force in the healthcare industry, leveraging connected devices to enhance patient care, streamline processes, and improve overall efficiency. The Internet of medical things continues to reshape the healthcare landscape and is expected to grow at a CAGR of 21% during the forecast period of 2024 to 2032, driven by advancements in wearable technology, data interoperability, and the rise of telehealth. While data security remains a critical concern, the IoMT market is poised for significant growth, with services, cloud deployment, and the Asia-Pacific region emerging as key drivers. As industry giants pave the way for innovation, the IoMT's impact on healthcare delivery and patient outcomes is expected to intensify in the coming years.
Advancements in Wearable Technology
Wearable devices equipped with health-monitoring sensors have emerged as a cornerstone of IoMT. In 2023, companies like Apple, Fitbit, and Samsung demonstrated the potential of wearables in tracking vital signs, detecting anomalies, and promoting proactive healthcare. The integration of continuous glucose monitoring, ECG capabilities, and sleep tracking contributed to the widespread adoption of wearables, fostering a paradigm shift towards preventive healthcare.
Data Interoperability and Integration
The seamless exchange and integration of healthcare data across various systems and devices have been instrumental in propelling IoMT. Initiatives promoting interoperability, such as Fast Healthcare Interoperability Resources (FHIR), gained momentum in 2023. Healthcare providers and technology companies, including Epic Systems, Cerner, and Allscripts, collaborated to create an interconnected ecosystem, enhancing the accessibility and accuracy of patient information.
Rise of Telehealth and Remote Patient Monitoring
The global adoption of telehealth solutions and remote patient monitoring systems surged in 2023, driven by the need for accessible and efficient healthcare services. Companies like Teladoc, Amwell, and Philips played pivotal roles in expanding virtual care options. The integration of IoMT devices allowed healthcare professionals to remotely monitor patients' health conditions, enabling timely interventions and reducing the burden on traditional healthcare infrastructure.
Restraint
Despite the promising advancements, a key restraint in the IoMT landscape was the concern regarding data security and privacy. In 2023, instances of cyberattacks on healthcare networks and unauthorized access to patient data raised apprehensions among both healthcare providers and patients. The need for robust cybersecurity measures, as evidenced by breaches reported by organizations like HIMSS and the U.S. Department of Health and Human Services, underscored the critical importance of securing sensitive medical information.
Market Segmentation by Component - Software Segment Dominates the Market
The IoMT market can be segmented into hardware, software, and services. In 2023, the highest revenue was generated by the software segment, driven by the demand for data analytics, connectivity solutions, and interoperability platforms. However, during the forecast period of 2024 to 2032, the highest Compound Annual Growth Rate (CAGR) is expected in the services segment, emphasizing the increasing need for implementation, support, and maintenance services in the evolving IoMT landscape.
Market Segmentation by Deployment Outlook - On-premise Dominated the Market
The deployment outlook for IoMT includes on-premise and cloud solutions. In 2023, the on-premise deployment model dominated in terms of revenue, as healthcare organizations prioritized maintaining control over their data infrastructure. Nevertheless, the cloud deployment model is anticipated to exhibit the highest CAGR during the forecast period, reflecting the industry's shift towards flexible, scalable, and cost-effective cloud solutions.
North America Remains the Global Leader
Geographically, the IoMT market showcased diverse trends. In 2023, North America led in both revenue and CAGR, driven by robust investments in healthcare technology and infrastructure. However, the Asia-Pacific region is expected to experience the highest CAGR during the forecast period, indicating significant growth opportunities and increased adoption of IoMT solutions in emerging markets.
Market Competition to Intensify during the Forecast Period
Top players in the IoMT market include Apple Inc., Fitbit, Samsung, Epic Systems, Cerner, Allscripts, Teladoc, Amwell, Philips, Boston Scientific Corporation, Biotronik SE & Co. KG, Cisco Systems, Inc., General Electric Company, Honeywell International Inc., IBM Corporation, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Lenovo Group Ltd., Medtronic plc, Neurometrix, Inc., Microsoft Corporation, SAP SE, and Siemens AG. These companies employ diverse strategies, such as partnerships, acquisitions, and product innovations, to stay competitive. In 2023, their revenues reflected market leadership, with expectations of sustained growth during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation ofInternet Of Medical Things market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Internet Of Medical Things market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Component
Deployment
Application
End-Use
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Internet Of Medical Things market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Internet Of Medical Things market?
Which is the largest regional market for Internet Of Medical Things market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Internet Of Medical Things market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Internet Of Medical Things market worldwide?
TABLE 3 Global Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 4 Global Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 5 Global Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 10 North America Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 11 North America Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 12 North America Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 17 U.S. Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 18 U.S. Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 19 U.S. Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 24 Canada Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 25 Canada Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 26 Canada Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 31 Rest of North America Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 32 Rest of North America Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 33 Rest of North America Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 38 UK and European Union Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 39 UK and European Union Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 40 UK and European Union Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 45 UK Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 46 UK Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 47 UK Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 52 Germany Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 53 Germany Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 54 Germany Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 59 Spain Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 60 Spain Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 61 Spain Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 66 Italy Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 67 Italy Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 68 Italy Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 73 France Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 74 France Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 75 France Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 80 Rest of Europe Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 81 Rest of Europe Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 82 Rest of Europe Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 87 Asia Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 88 Asia Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 89 Asia Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 94 China Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 95 China Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 96 China Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 101 Japan Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 102 Japan Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 103 Japan Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 108 India Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 109 India Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 110 India Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 115 Australia Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 116 Australia Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 117 Australia Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 122 South Korea Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 123 South Korea Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 124 South Korea Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 129 Latin America Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 130 Latin America Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 131 Latin America Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 136 Brazil Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 137 Brazil Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 138 Brazil Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 143 Mexico Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 144 Mexico Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 145 Mexico Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 150 Rest of Latin America Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 151 Rest of Latin America Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 152 Rest of Latin America Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 157 Middle East and Africa Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 158 Middle East and Africa Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 159 Middle East and Africa Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 164 GCC Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 165 GCC Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 166 GCC Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 171 Africa Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 172 Africa Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 173 Africa Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
TABLE 178 Rest of Middle East and Africa Internet Of Medical Things Market By Software, 2022-2032, USD (Million)
TABLE 179 Rest of Middle East and Africa Internet Of Medical Things Market By Services, 2022-2032, USD (Million)
TABLE 180 Rest of Middle East and Africa Internet Of Medical Things Market By Deployment, 2022-2032, USD (Million)
FIG. 11Market Positioning of Key Internet Of Medical Things Market Players, 2023
FIG. 12Global Internet Of Medical Things Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032