PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419089
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419089
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.
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.
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.
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.
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.
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.
The scope of this report covers the market by its major segments, which include as follows: