[IoMT] Internet of Medical Things Market to Surge USD 203.02 Bn by 2032 | CAGR Of 16.1%
Updated · Feb 16, 2023
WHAT WE HAVE ON THIS PAGE
The Internet of Medical Things (IoMT) is an emerging technology that promises to revolutionize the healthcare industry. It consists of connected medical devices, sensors, and systems that can be used to collect data from patients and provide real-time health monitoring. IoMT enables medical professionals to make more accurate diagnoses, improve patient outcomes, reduce costs, and increase efficiency throughout the entire healthcare system.
IoMT technology is based on the idea of connecting medical equipment and devices with a secure communication protocol. This allows data to be collected from multiple sources in near-real time and makes it possible for clinicians to access data quickly without having to manually process or store it themselves. Additionally, IoMT facilitates remote patient monitoring by allowing physicians or caregivers to monitor patient health at any time using secure networks or mobile apps.
Internet of Medical Things Market Size and Forecast
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This growth is attributed to increasing demand for enhanced medical care and advanced patient monitoring systems, rising adoption of connected medical devices, and growing demand for remote healthcare services. In addition, an increase in the number of elderly population and their need for remote health monitoring services is creating further opportunities for this market’s growth.
Furthermore, government initiatives are driving the IoMT market across various countries. For instance, the U.S government provides incentives to healthcare providers that adopt Electronic Health Record (EHR) technology under meaningful use regulations. Moreover, focus on preventive healthcare has increased significantly due to technological advancements such as mobile applications and wearable devices that provide real-time data about patients’ health conditions or track their activities away from the hospital or clinic setting.
- In 2022, the global internet of medical things market was valued at USD 45.63 billion.
- By 2032, the internet of medical things market is anticipated to reach USD 203 billion in revenue.
- It is expected to grow at a compound annual rate (CAGR of 16.1%) between 2022 and 2032.
- North America held the largest share of the IoMT market in 2022, due to the presence of a well-established healthcare infrastructure and high adoption of advanced healthcare technologies in the region.
- Europe is expected to be the second-largest market for IoMT during the forecast period, driven by factors such as increasing healthcare expenditure, a growing geriatric population, and favorable government initiatives to encourage the adoption of advanced healthcare technologies.
- The Asia Pacific region is expected to exhibit the highest growth rate in the IoMT market during the forecast period, driven by factors such as the rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing adoption of healthcare IT solutions in the region.
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The North American region is expected to dominate the IoMT market during the forecast period, owing to the high level of healthcare spending, increasing adoption of advanced technologies, and the presence of key market players. The European region is also expected to experience significant growth, driven by factors such as the rising demand for healthcare solutions and the increasing prevalence of chronic diseases.
Internet of Medical Things Market Dynamics
The market is being driven by factors such as the increasing adoption of connected medical devices, the growing demand for remote patient monitoring, and the need for cost-effective healthcare solutions. The rising prevalence of chronic diseases, aging populations, and the development of advanced healthcare analytics are also driving the market.
- Growing Investments in IoT-Healthcare Sector to Fuel Market Development.
The internet of medical things (IoMT) promises to cut healthcare costs for governments and patients alike. Medtech companies with this technology focus on revolutionizing patient care delivery via the internet of medical things. Investments into this industry have surged during the pandemic, with expectations that these increased investments will fuel global internet of medical things (IoMT) market expansion.
The market faces challenges such as concerns over data privacy and security, the lack of standardization in the IoMT ecosystem, and the high cost of connected medical devices.
The IoMT market presents opportunities for growth, driven by factors such as the increasing adoption of wireless healthcare devices, the development of advanced healthcare analytics, and the rising demand for personalized healthcare solutions.
The rapid advancements in mobile phone technology and the telecommunication industry are expected to present lucrative growth prospects for the market. The adoption of 4G networks has created tremendous potential, while high-speed networks and the growing adoption of 5G technology are expected to further fuel telehealth industry expansion and boost its prospects for success.
However, cyberattacks and data breaches pose significant threats and could potentially obstruct the growth of this market.
The market faces challenges such as the lack of interoperability between IoMT devices and healthcare systems, the need for high-speed internet connectivity, and the complex regulatory environment for healthcare technology.
- Hillrom, Inc. introduced the new Welch Allyn PanOptic plus Ophthalmoscope in April 2021 and the Welch Allyn MacroView PLUS Otoscope in April 2021.
- Medtronic announced a clinical study for the STROKE AF in June 2021. This is when atrial Fibrillation, also known as irregular heartbeats (ICM), can be detected more accurately by the Reveal LINQ Insertable Cardiac Monitor.
- On April 20, 2021, Hillrom Inc. released the Welch Allyn PanOptic Plus Ophthalmoscope and MacroView Plus Otoscope.
- In June 2021, when atrial fibrillation, commonly known as irregular heartbeats, can be detected more accurately with the Reveal LINQ Insertable Cardiac Monitor (ICM), Medtronic announced a clinical trial for STROKE AF.
Based on Product Type
- Smart Wearable Devices
- Home-Use Medical Devices
- Point-of-Care Kits
Based on Application
- Real-Time Monitoring
- End-to-End Connectivity
- Data Assortment & Analysis
- Tracking & Alerts
- Remote Medical Assistance
Based on End-User
- Hospitals & Clinics
- Research Institutes & Academics
Based on Regions/Countries
- North America
- South America
- Middle East & Africa
Major Players Pperating
- Boston Scientific Corporation
- Cisco Systems
- Johnson & Johnson
- GE Healthcare
- IBM Corporation
- Koninklijke Philips N.V.
- Microsoft Corporation
- SAP SE
- Welch Allyn
- Other Key Players
Key Players Focus on New Product Launches to Drive Growth in the Market.
The market is highly fragmented, featuring several major players such as Johnson & Johnson, Medtronic, Siemens Healthline and Koninklijke Philips N.V. with majority shares. These firms invest heavily in research and development of products, patents, technological advancements, collaborations acquisitions mergers etc. in order to boost revenues and strengthen their position on the market. Most recently Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions designed to accelerate clinical trials while improving patient care.
Internet of Medical Things Market Report Scope
|The market size value in 2021
|USD 39.3 Bn
|Revenue forecast by 2032
|USD 203.02 Bn
|CAGR Of 16.1%
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World
|Short-Term Projection Year
|Long-Term Projected Year
Conclusion: Future Outlook
The Internet of Medical Things (IoMT) market is expected to experience significant growth over the next decade, with forecasts predicting a CAGR of 16.1%. This growth will be driven by the increasing application of connected medical devices such as smart pills and wearables, remote patient monitoring systems, and digital therapeutics in both healthcare facilities and at-home settings. The IoMT market is also being driven by an increase in investments into connected healthcare solutions and government initiatives that are encouraging the wider adoption of IoMT technologies.
Looking ahead, there is tremendous potential for further development within the sector as new applications continue to emerge. For example, AI-powered chatbots may enable greater interactions between patients and doctors while leveraging natural language processing technology to automate mundane tasks like data entry. Additionally, blockchain technology may be used to improve data security and protect patient privacy in medical records systems.
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