Internet of Medical Things (IoMT) Market: Revolutionizing Healthcare with Connected Devices
Research Reports
Jun 24, 2023
Global Internet of Medical Things Market: The Internet of Medical Things market is driven by the increasing demand for advanced healthcare solutions and improved patient outcomes with a healthy CAGR of ~23.8% during the forecast period of 2022 to 2030.
Market Research Future Insights:
According to MRFR analysis, the global IOMT market is expected to register a CAGR of ~23.8% from 2022 to 2030 and hold a value of over USD 289.4 Billion by 2030.
The Internet of Medical Things (IoMT) refers to the network of medical devices, sensors, and systems connected to the internet for collecting and exchanging healthcare data. It encompasses a wide range of devices, including wearables, remote monitoring devices, implantable medical devices, and other healthcare-related equipment. The COVID-19 pandemic has had a significant impact on the IoMT market globally. The crisis has highlighted the importance of remote healthcare monitoring and telehealth solutions, leading to increased adoption of IoMT technologies.
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Key Players:
Some of the market key players are,
- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic plc
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Welch Allyn, Inc.
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Biotronik
- Agamatri
- Sciencesoft
- KORE Wireless
- Telit,
- STANLEY Healthcare
Regional Analysis:
The North American region has been at the forefront of IoMT adoption. With a well-established healthcare infrastructure, the region has witnessed a surge in demand for remote patient monitoring, telemedicine, and virtual care solutions during the pandemic. The increased focus on patient-centric care and the need to reduce healthcare costs have further fueled the growth of the IoMT market in this region. Europe has also experienced a significant impact on the IoMT market due to COVID-19. The region has seen a rapid increase in telehealth consultations and remote patient monitoring, driven by the need to manage the influx of patients and ensure continuity of care. Governments and healthcare organizations in Europe have implemented supportive policies and regulations to facilitate the adoption of IoMT technologies, fostering market growth. The Asia Pacific region has emerged as a promising market for IoMT solutions. The pandemic has acted as a catalyst for the adoption of telehealth and remote monitoring technologies in countries like China, India, and South Korea. Latin America has witnessed a growing interest in IoMT solutions during the pandemic. The region’s healthcare systems have faced challenges in providing access to quality healthcare, especially in remote areas. IoMT technologies have played a crucial role in bridging this gap, enabling remote monitoring, telemedicine, and improved healthcare delivery. The Middle East and Africa region has shown increased adoption of IoMT solutions, driven by the need to enhance healthcare access, improve patient outcomes, and streamline healthcare operations
Market Segmentation:
The Global IOMT market has been segmented into Component, Product Type, Product Type and Connectivity Technology.
By Product:
The product segment is further segmented into wearable devices, stationary devices, implanted devices, point-of-care devices, and others. Wearable devices are the fastest-growing segment, due to the increasing demand for these devices from consumers. Stationary devices are the second-largest segment, and they are used in hospitals and clinics for monitoring patients. Implanted devices are the third-largest segment, and they are used to monitor and treat chronic diseases. Point-of-care devices are the smallest segment, and they are used to diagnose and treat diseases at the point of care.
By Technology:
The technology segment is further segmented into wireless, wired, and hybrid. Wireless technology is the most widely used technology, due to its flexibility and ease of use. Wired technology is the second-most widely used technology, and it is used in hospitals and clinics for monitoring patients. Hybrid technology is the smallest segment, and it is used to combine the benefits of wireless and wired technologies.
By Application:
The application segment is further segmented into remote patient monitoring, clinical decision support, personalized medicine, and others. Remote patient monitoring is the largest segment, and it is used to monitor patients remotely. Clinical decision support is the second-largest segment, and it is used to provide doctors with real-time information about patients. Personalized medicine is the third-largest segment, and it is used to tailor treatment plans to individual patients.
By End-user:
The end-user segment is further segmented into hospitals, clinics, homecare, and others. Hospitals are the largest segment, and they use IoMT technologies to monitor patients, improve patient care, and reduce costs. Clinics are the second-largest segment, and they use IoMT technologies to monitor patients and provide preventive care. Homecare is the third-largest segment, and it uses IoMT technologies to monitor patients and provide them with care in their homes.
By Geography:
The geography segment is further segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the largest market for IoMT, due to the early adoption of these technologies in the region. Europe is the second-largest market, and it is growing rapidly due to the increasing government initiatives to promote the adoption of IoMT technologies. Asia Pacific is the third-largest market, and it is expected to grow at the fastest pace due to the large population and the increasing prevalence of chronic diseases in the region.
Internet of Medical Things (IoMT) Industry Developments:
January (2023):
- The FDA approves the first IoMT-enabled drug delivery system, a smart insulin pen that tracks insulin delivery and sends data to a mobile app.
- Johnson & Johnson announces a partnership with Verily to develop IoMT solutions for chronic disease management.
February (2023) :
- The World Health Organization (WHO) releases a report on the potential of IoMT to improve global health.
- The European Commission launches a new initiative to promote the adoption of IoMT in healthcare.
March (2023):
- Google launches a new IoMT platform, called Google Health, that allows users to track their health data from a variety of devices.
- Apple releases a new version of its Apple Watch, which includes new IoMT features such as fall detection and heart rate monitoring.
April (2023):
- The Mayo Clinic opens a new IoMT research center, which will focus on developing new ways to use IoMT to improve patient care.
- The United States Department of Health and Human Services (HHS) announces a new initiative to promote the use of IoMT in rural healthcare.
May (2023):
- The American Medical Association (AMA) releases a new set of guidelines for the use of IoMT in healthcare.
- The World Economic Forum releases a report on the economic impact of IoMT, which estimates that IoMT could generate up to $11 trillion in economic value by 2025.
June (2023):
- The FDA approves the first IoMT-enabled medical device that can be used to monitor patients remotely.
- The United Kingdom government launches a new program to support the development of IoMT in healthcare.
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