REPORT HIGHLIGHT
Internet Of Medical Things (IOMT) Market size was valued at USD 144,230.12 Million in 2022, expanding at a CAGR of 20.22% from 2023 to 2030.
The collection of medical apps and gadgets that link to online computer networks and healthcare IT systems is known as the "internet of medical things," or IoMT. In addition, development in IoT technology is augmenting the need for IoMT solutions.
Internet Of Medical Things (IOMT) Market- Market Dynamics
Increasing advancement in connectivity solutions, affordable medical devices to propel market demand
The development of increasingly advanced and reasonably priced medical devices is made possible by developments in sensor technology, downsizing, and networking solutions. This increases patient and healthcare provider access to IoMT, which is propelling market expansion. Additionally, as the world's population ages and chronic illnesses become more common, there is a growing need for remote monitoring and healthcare management solutions, which is anticipated to propel market expansion throughout the projected period. In addition, controlling issues with medicine availability and supply costs is greatly aided by the use of radio-frequency identification (RFID) tags in IoMT.
Furthermore, IoT technologies are used by healthcare providers to minimize face-to-face interactions while maintaining patient care. Furthermore, it is expected that the market's continuous innovation and development would fuel its expansion during the projection period. Furthermore, healthcare companies can examine patient flow, resource use, and operational effectiveness with the use of data gathered from IoT devices. With the use of this important data, they can assess staffing patterns more successfully, which improves patient care delivery and leads to an optimal workforce composition in the healthcare industry. Over the forecast period, these technological breakthroughs are anticipated to fuel the expansion of the IoMT business.
Internet Of Medical Things (IOMT) Market- Key Insights
- As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 20.22% over the forecast period (2023-2030)
- Based on Component segmentation, hardware segment was predicted to show maximum market share in the year 2022, owing to high demand for them in connectivity for solutions like LAN, Wi-Fi, etc.
- Based on Deployment segmentation, on-premises segment was the leading segment in 2022, mainly due to higher adoption at healthcare providers.
- Based on End-User segmentation, hospitals segment was the leading segment in 2022, mainly due to increasing prevalence of chronic, cancer diseases.
- On the basis of region, North America was the leading revenue generator in 2022, owing to improved healthcare infrastructure.
Internet Of Medical Things (IOMT) Market- Segmentation Analysis:
The Global Internet Of Medical Things (IOMT) Market is segmented on the basis of Component, Deployment, End-User, and Region.
The market is divided into three categories based on Component: hardware, software, and services. The hardware segment dominates the market. Increasing demand for implantable, stationary devices is expected to boost the market growth.
The market is divided into two categories based on Deployment: on-premises and cloud-based. The large enterprises segment dominates the market and is likely to maintain its dominance during the forecast period. The increasing ability to customize software solutions are likely to boost segment growth.
The market is divided into four categories based on End-User: hospitals, homecare & clinics, research institutes, and others. The hospitals segment dominates the market and is likely to maintain its dominance during the forecast period. The home care segment is expected to grow at a significant CAGR over the forecast period.
Internet Of Medical Things (IOMT) Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Internet Of Medical Things (IOMT) Market- Competitive Landscape:
With the presence of numerous companies, the industry is seen as being extremely competitive. To stay competitive in the market, the major companies involved are concentrating on product development, expansion, mergers and acquisitions, and strategic alliances. For example, in August 2022, GE Healthcare Technologies Inc., a global innovator in medical technology, diagnostics, and digital solutions, collaborated with Boston Scientific, a leading global medical device manufacturer.
Recent Developments:
In May 2023, Medtronic plc, a healthcare technology company, acquired EOFlow Co. Ltd., the manufacturer of EOPatch devices. With this acquisition, the company seeks to complement its existing next-generation continuous glucose monitor (CGM) and Meal Detection Technology algorithm.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INTERNET OF MEDICAL THINGS (IOMT) MARKET KEY PLAYERS
- Apple, Inc.
- 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
- Siemens AG
- Others
GLOBAL INTERNET OF MEDICAL THINGS (IOMT) MARKET, BY COMPONENT
- Hardware
- Software
- Services
GLOBAL INTERNET OF MEDICAL THINGS (IOMT) MARKET, BY DEPLOYMENT
GLOBAL INTERNET OF MEDICAL THINGS (IOMT) MARKET, BY END-USER
- Hospitals
- Homecare & clinics
- Research institutes
- Others
GLOBAL INTERNET OF MEDICAL THINGS (IOMT) MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA