Internet of Medical Things Market Forecasts to 2030 - Global Analysis By Product, Connectivity Device, Component, Mode of Service Delivery, Platform, Application, End User and By Geography

According to Stratistics MRC, the Global Internet of Medical Things (IoMT) Market is accounted for $85.33 billion in 2023 and is expected to reach $467.39 billion by 2030 growing at a CAGR of 27.5% during the forecast period. The healthcare industry has undergone significant changes as a result of the development of healthcare information technologies (healthcare IT). The internet of medical things is a network of various medical devices that can exchange health data with one another or with a network without requiring any human-to-machine communication. Due to the internet connectivity of these systems and equipment, remote patient monitoring and diagnosis are possible.

According to the Accenture company survey, if given a choice to the patients, approximately 62% of the consumers are likely to choose virtual technology for health and wellness advice.

Market Dynamics:

Driver:

The growing acceptance of 5G technology

The global Internet of Medical Things (IoMT) market expected to drive growth during the forecast period. The global increase in investments in creating advanced 5G networks and the popularity of 5G technology are what are fueling the market's expansion. In addition, growing public and private investments in the automation and digitization of the healthcare industry to cut costs and increase operational effectiveness are fostering market expansion. Additionally, the popularity of Network Function Visualization (NFV) and Software-Defined Networking (SDN) among businesses is anticipated to fuel market expansion over the forecast period.

Restraint:

Adaptation to current healthcare systems

The global Internet of Medical Things (IoMT) market expected to hinder growth during the forecast period. Numerous healthcare facilities use pre-existing systems, outdated software, and conventional procedures that might not work well with IoMT technologies. It might be necessary to make sizeable investments in IT infrastructure, staff training, and system updates to overcome these integration challenges. The adoption process may be slowed down by adopters' resistance to change or for the cost.

Opportunity:

Health care costs are increasing

The primary driver of market expansion is the use of standalone or wearable instruments for patient monitoring and asset management. Additionally, because of consumer lifestyle changes and rising concerns about their health and related activities, the adoption of the Internet for medical things, expanding alliances between important players and the well-established healthcare infrastructure and IT sectors is anticipated to increase in the upcoming years.

Threat:

Internet security dangers

The global Internet of Medical Things (IoMT) market expected to hamper growth during the forecast period. IoMT devices are vulnerable to a variety of cyber threats due to their interconnectedness and reliance on network data transmission. In order to gain access without authorization, manipulate patient data, or even stop vital medical procedures, malicious actors may try to take advantage of flaws in device software or network infrastructure. The integrity of healthcare systems and patient safety are seriously threatened by the possibility of ransomware, DoS, and data breaches. However, continuous cybersecurity monitoring, quick software vulnerability patches, and regular employee training on cybersecurity best practices are necessary to effectively counter these threats.

COVID-19 Impact:

The COVID-19 pandemic had a conflicting effect on the world economy. The high demand for medical supplies, PPE, and vaccines led to significant growth in industries like healthcare and pharmaceuticals. The rapid shift to remote work and digital services was advantageous for technology companies. But as travel restrictions and lockdown measures hampered economic activity, sectors like travel, tourism, hospitality, and retail experienced severe declines. However, governments and businesses had to come up with creative solutions to deal with the crisis as a result of the general unpredictability and economic difficulties.

The Imaging systems segment is expected to be the largest during the forecast period

The Imaging systems segment is expected to be the largest share during the forecast period. Real-time imaging is provided by ultrasound machines for obstetric, abdominal, and vascular examinations. A growing number of chronic diseases, an aging population, and ongoing improvements in medical imaging technology have all contributed to the demand for imaging systems. The significant market share of imaging systems is also a result of their use in preventive care and routine medical exams.

The Telemedicine segment is expected to have the highest CAGR during the forecast period

The Telemedicine segment is anticipated to witness the fastest CAGR growth during the forecast period. By utilizing technology, telemedicine enables patients to receive consultations, diagnoses, and treatments over video calls, messaging, or other forms of communication. During the COVID-19 pandemic, telemedicine saw a sharp increase in demand as it provided a practical and accessible means for people to access medical care while reducing their exposure to medical facilities and physical contact.

Region with largest share:

The North America region market is estimated to witness a largest share of the global Internet of Medical Things (IoMT) market during the forecast period. The adoption of telemedicine services in nations like the United States and Canada was facilitated by the region's strong healthcare infrastructure, significant investment in healthcare technology, and high level of digitalization. The COVID-19 pandemic also sped up telemedicine's adoption as a crucial method of delivering healthcare services, contributing to its expansion in North America.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. The Asia-Pacific region has a number of advantages for the telemedicine industry. With a sizable and diverse population, it offers a sizable market opportunity for telemedicine services, meeting the healthcare needs of a huge population in many different countries. Rapid urbanization in the area has increased the need for affordable healthcare services, and telemedicine can fill the gap by offering online consultations and medical help. Additionally, the widespread acceptance of telemedicine solutions is supported by the growing uptake of digital technologies in nations like China, India, Japan, and South Korea, making it simpler for patients to access healthcare remotely.

Key players in the market:

Some of the key players in Internet of Medical Things (IoMT) market include: Apple, Inc., Atlas Wearables, Inc, BL Healthcare, Inc., Boston Scientific Corporation, Cisco Systems, Inc., GE Healthcare, Google, Honeywell International, Inc., IBM Corporation, Johnson & Johnson Services, Inc., Koninklijke Philips NV, Lenovo, LifeFuels, Inc., Medtronic plc, Meru Health, Inc., Microsoft Corporation, Philips Healthcare, Qualcomm Life Inc., Sano Intelligence and Siemens Healthineers AG.

Key Developments:

In September 2022, Wipro GE Healthcare introduces the Optima IGS320, an AI-powered cath lab. It enhances imaging vision to allow for more intelligent and accurate healthcare delivery. Social gantry mobility provides for greater flexibility during procedures, alleviating the load and boosting the doctors' focus.

In June 2022, PatientBond, the consumer science-driven patient engagement SaaS provider, collaborated with Zyter, Inc., a digital health and IoT-enablement platform. According to the terms of the agreement, Zyter will now be able to use PatientBond's exclusive healthcare consumer psychographic insights and dynamic workflows to improve patient engagement through personalized care plans and patient communications.

In February 2022, Zyter Inc., a digital health and IoT-enablement platform, and Qualcomm collaborated to develop applications and a dashboard for 5G private networks. The goal of the collaboration is to help show how 5G private networks work by providing network management services, a user interface/dashboard, and three initial production-ready applications, such as autonomous mobile robots (AMRs), LiDAR-based analytics, and AI-based cameras

Products Covered:

• Stationary Medical Devices
• Implanted Medical Devices
• Home-Use Medical Devices
• Smart Wearable Devices
• Point-Of-Care Kits
• Vital Signs Monitoring Devices
• Implantable Cardiac Devices
• Respiratory Devices
• Anaesthetic Machines
• Imaging Systems
• Ventilators
• Wearable External Medical Devices
• Other Products

Connectivity Devices Covered:

• Wired
• Wireless
• Other Connectivity Devices

Components Covered:

• Hardware
• Software
• Services
• Other Components

Mode of Service Deliveries Covered:

• On-Premise
• Cloud
• Other Mode of Service Deliveries

Platforms Covered:

• Device Management
• Application Management
• Cloud Management
• Other Platforms

Applications Covered:

• On-Body Devices
• Data Assortment & Analysis
• Real-Time Monitoring
• Remote Medical Assistance
• Tracking & Alerts
• Healthcare Providers
• Telemedicine
• Medication Management
• Patient Monitoring
• Home-Use Medical Devices
• Community
• Other Applications

End Users Covered:

• Hospitals
• Clinics
• Research Institutes
• Long-Term Care Centers
• Nursing Homes
• Home Care Settings
• Academics
• Homecare
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
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