Global Internet of Medical Things (IoMT) Market - 2024-2031

Overview

The global Internet of Medical Things (IoMT) market reached US$ 49.82 billion in 2023 and is expected to reach US$ 459.78 billion by 2031, growing at a CAGR of 32.3% during the forecast period 2024-2031.

The Internet of Medical Things (IoMT) represents a transformative approach in healthcare, integrating a network of medical devices and applications that connect to healthcare information systems via online networks. This connectivity facilitates machine-to-machine communication, primarily through Wi-Fi-enabled devices, which is essential for the functionality of IoMT.

IoMT encompasses a wide array of smart medical devices designed to collect, transmit, and analyze health data. These devices include remote patient monitoring (RPM) systems, wearable health trackers, and various clinical monitoring tools. They operate on secure networks that allow real-time data exchange between patients and healthcare providers, significantly enhancing patient care and operational efficiency in healthcare settings.

Market Dynamics: Drivers & Restraints

Rising demand for wearable devices

The rise of wearable devices is significantly propelling the growth of the Internet of Medical Things (IoMT) market by promoting a shift towards personalized, preventive, and remote healthcare solutions. Wearables, including smartwatches and fitness trackers equipped with advanced sensors, facilitate continuous health monitoring by tracking vital signs such as heart rate, blood pressure, oxygen levels, and sleep patterns. This real-time data empowers individuals to proactively manage chronic conditions while enabling healthcare providers to offer more effective, data-driven care.

For instance, wearables with ECG monitoring capabilities can detect irregular heart rhythms, prompting timely medical intervention. These devices are crucial in remote patient monitoring (RPM), helping to reduce hospital readmissions by up to 50% through effective distance monitoring of patients' conditions.

Companies are integrating these advanced technologies into wearable devices and are innovating new solutions that help individuals address their medical needs. For instance, in November 2024, SmartCardia received FDA clearance for Mobile Outpatient Cardiac Telemetry (OCT/MCT) for its 7-lead live ECG monitoring patch and cloud platform. SmartCardia's 7L patch is easy to wear, cable-free, waterproof, and can be used for continuous monitoring for up to 14 days. This comes on the heels of SmartCardia's prior FDA clearance for Extended Holter, Event, and Holter monitoring. With this approval, SmartCardia's solution can be used for remote live monitoring of patients' ECG and immediately notify clinicians of important arrhythmias.

With the rising demand for non-invasive management for several diseases, companies are launching several advanced solutions for monitoring the diseases. For instance, in April 2024, Dr. Reddy's Laboratories launched the drug-free, non-invasive migraine management wearable device Nerivio in Germany through its step-down subsidiary, betapharm.

As sensor technology continues to advance, wearables are becoming more compact, accurate, and multifunctional, further integrating into the broader IoMT ecosystem.

Regulatory challenges

Security and privacy concerns are expected to impede the Internet of Medical Things (IoMT) market growth. As IoMT devices gather and transmit sensitive health information, they become vulnerable to cyber-attacks and data breaches, which pose serious risks to patient privacy. Many IoMT devices lack adequate security measures, often due to poor design or insufficient authentication protocols, making them susceptible to various types of attacks, including unauthorized access and data manipulation. These challenges not only threaten patient trust but also impede the widespread adoption of IoMT solutions, ultimately affecting market growth.

Segment Analysis

The global Internet of Medical Things (IoMT) market is segmented based on product type, material, application, end-user, and region.

Product Type:

Hardware segment is expected to dominate the global Internet of Medical Things (IoMT) market share

The hardware segment is expected to hold the dominant position in the global Internet of Medical Things market The growth of the hardware segment in the Internet of Medical Things (IoMT) market is significantly fueled by the increasing demand for connected medical devices that enable real-time monitoring and data collection.

As healthcare providers adopt IoMT solutions to enhance patient care and streamline operations, hardware components become essential in facilitating these capabilities. The integration of advanced sensors and communication technologies within these devices improves their accuracy and reliability, making them indispensable in clinical environments. For instance, in September 2023, Movesense introduced a compact and lightweight wearable electrocardiogram (ECG) sensor for remote patient monitoring and telehealth applications. The 'Movesense Medical sensor is registered as a class IIa device under the European Union (EU) Medical Device Regulation (MDR) and is designed for use by remote healthcare providers, medical device manufacturers and integrators, hospitals, or companies developing their commercialized medical device.

Furthermore, ongoing technological advancements are leading to the development of more compact and efficient hardware solutions. These advanced devices are receiving approvals from the regulatory bodies by meeting the regulations. For instance, in September 2024, Senseonics Holdings, Inc. received the U.S. Food and Drug Administration (FDA) for its next-generation Eversense 365 CGM system for people with Type 1 and Type 2 diabetes aged 18 years and older. Eversense 365 is the world's first One-year CGM system, representing a significant breakthrough in diabetes technology and management. The system also includes a smart transmitter worn over the sensor that sends data to a mobile app on the person's smartphone every 5 minutes. It is removable and can be taken on and off without removing the sensor.

These innovations not only enhance the performance of IoMT devices but also increase their accessibility for healthcare providers across various settings, including hospitals, clinics, and home care environments. As a result, the hardware segment is expected to maintain a dominant position in the IoMT market, driving further adoption of these technologies and improving overall healthcare delivery systems.

Geographical Analysis

North America is expected to hold a significant position in the global Internet of Medical Things (IoMT) market share

North America holds a dominant position in the global Internet of Medical Things (IoMT) market and is expected to hold the major portion of the market during the forecast period. The region's market growth is attributed to the rising technological advancements, increasing demand for wearable

Healthcare providers are increasingly utilizing IoMT solutions to enhance patient monitoring, optimize clinical operations, and improve overall healthcare delivery. The growing acceptance of digital health technologies is significantly contributing to the expansion of the IoMT market. For instance, according to the data provided by the National Institute of Health in 2023, almost 1 in 3 Americans uses a wearable device, such as a smartwatch or band, to track their health and fitness, according to thousands of adults who participated in the Health Information National Trends Survey.

In North America, the rising prevalence of chronic diseases has intensified the demand for remote patient monitoring and connected medical devices. As healthcare providers look for efficient methods to manage these conditions, IoMT solutions have become essential for delivering timely and effective care. For instance, according to the Centers for Disease Control and Prevention, from August 2021 to August 2023, the prevalence of total diabetes was 15.8%, diagnosed diabetes was 11.3%, and undiagnosed diabetes was 4.5% in U.S. adults. The increasing number of individuals with diabetes increases the use of wearable devices that monitor blood glucose levels using sensors.

Additionally, the presence of numerous key players in the region further supports market growth, fostering innovation and competition within the IoMT landscape.

Asia Pacific is growing at the fastest pace in the global Internet of Medical Things (IoMT) market

The Asia-Pacific (APAC) region is emerging as one of the fastest-growing markets in the global Internet of Medical Things (IoMT), which is governed by several critical factors. This growth is attributed to the rising demand for telehealth solutions, rising technological advancements, and increasing investments in the healthcare sector.

In rural regions of the Asia-Pacific, where access to healthcare facilities is often limited, telehealth platforms are increasingly gaining traction. IoMT devices enable healthcare providers to deliver care remotely, significantly enhancing access to healthcare services for underserved populations. For instance, in November 2024, MedAdvisor Solutions, MedAdvisor Solutions launched a Telehealth Service on MedAdvisor Patient App. Access to telehealth services was ranked as the 3rd most desirable feature by pharmacists, based on feedback from our extensive network of pharmacy partners. Telehealth access via the App simplifies the patient healthcare journey, allowing patients to consult with providers and manage their prescriptions from anywhere, at any time.

By leveraging these technologies, healthcare professionals can reach patients who might otherwise face barriers to receiving timely medical attention, thereby improving overall health outcomes in these communities. This trend is particularly is emerging in countries like India and China, where substantial portions of the population reside in remote areas.

Competitive Landscape

The major global players in the Internet of Medical Things (IoMT) market include Boston Scientific Corporation, Koninklijke Philips N.V., GE HealthCare, Siemens Healthineers International AG, Medtronic, Honeywell International Inc., Johnson & Johnson, Abbott, ResMed, BIOTRONIK among others.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The Global Internet of Medical Things (IoMT) market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.