64.JPG)
The Global Internet Of Medical Things (IOMT) Market Size is valued at USD 52.33 billion in 2023 and is predicted to reach USD 385.01 billion by the year 2031 at a 28.70% CAGR during the forecast period for 2024-2031
Key Industry Insights & Findings from the Report:
- IoMT enables real-time monitoring of patient's health conditions, offering opportunities for the effective management of chronic diseases.
- IoMT is integral to the expansion of telehealth and virtual care services.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The absence of universal standards for IoMT devices and applications can lead to fragmentation and compatibility issues.
The role of medical technology in healthcare is rapidly transforming because of a network of connected medical equipment, software programs, and health systems and services. The medical Internet of Things assists healthcare organizations in streamlining their clinical processes. The need for the mobile healthcare technology, along with patient safety worries and attention, is growing globally, and these factors fuel the expansion of the market.
Technical advancements have driven this desire, which has increased the adoption of various IoMT systems and the demand for linked devices in the healthcare sector. This is anticipated to expand the Internet of Medical Things (IoMT) market. It is predicted that demand will increase. The dependence of the healthcare sector on connected devices is expected to increase demand for IoMT during COVID-19 and boost the technology adoption rate during the forecast period. The lack of infrastructure facilities and qualified professionals in the hospital and medical industries has restrained the growth of the market.
Recent Developments:
- In April 2021- The updated Welch Allyn PanOptic Plus Ophthalmoscope and the Welch Allyn MacroView Plus Otoscope were released by Hillrom, Inc.
- In June 2021- Atrial fibrillation, also called irregular heartbeats, is more easily recognized by the Reveal LINQ Insertable Cardiac Monitor (ICM), and Medtronic announced a clinical trial for the STROKE AF.
Competitive Landscape:
Some major key players in the internet of medical things (IoMT) market are:
- Siemens (Germany)
- General Electric (U.S.)
- Biotronik SE & Co. KG (Germany)
- Medtronic (Ireland)
- Boston Scientific Corporation (U.S.)
- Hill-Rom Services, Inc. (U.S.)
- Neurometrix, Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- VitaConnect (U.S.), EKso Bionics (U.S.)
- BL Healthcare, Inc. (U.S.)
- BioSerenity
- Koninklijke Philips N.V. (Netherlands)
- Lenovo (China)
- AliveCor, Inc. (U.S.)
Market Segmentation:
The market is segmented on the component, platform, service delivery, connectivity services, applications and end-use. The market is segmented based on components: hardware, software, and services. Based on the platform, the market is divided into device management, application management, and cloud management. Based on the mode of service delivery, the Internet of Medical Things (IoMT) market is bifurcated into on-premise and cloud. Based on connectivity services, the market is bifurcated into wired and wireless. Based on applications, the market is bifurcated and segmented into on-body, healthcare providers, home-use medical devices, community, and others. Based on end-use, the market is divided into hospitals, clinics, academics, research institutes, homecare, and others.
Based On Service Delivery, The On-Premises Segment Is A Major Contributor To The Internet Of Medical Things (IOMT) Market
The market's leading segment is on-premises. Because on-premises software is widely used and users don't o have an internet connection to access data, the market segment is likely to dominate. Even though most organizations rely on the internet to do business, there is always a concern that a lost connection could reduce productivity and make it impossible to access vital data.
The Hospital & Clinics Segment Witnessed Growth At A Rapid Rate
Hospitals & clinics grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. The rising prevalence of chronic diseases, expanding senior population, and rising consumer healthcare spending can all be related to this. Innovation and development of smart technologies to track patients' health problems in hospitals and clinics and the growing necessity for routine health check-ups have boosted the expansion of this market in recent years.
The North American Internet Of Medical Things (IOMT) Market Holds A Significant Regional Revenue Share
The North American internet of medical things (IoMT) market is expected to register the highest market share in revenue soon. Strong and well-established healthcare systems, enhanced IT systems, advanced telecommunications, and rising internet adoption all define North America. Other elements, including the expanding use of healthcare IT solutions, the presence of important companies, and the accessibility of advanced infrastructure, are all very important in explaining this region's considerable stake. Due to technological improvements and better access to personal healthcare, the North American Internet of Medical Things (IoMT) industry has grown.
Additionally, increasing consumer spending on health care, rising disposable income, and an increase in diseases have fueled market expansion in this region. In addition, Asia Pacific is projected to grow rapidly in the global internet of medical things (IoMT) market. The primary factors driving the Asia Pacific internet of medical things market are the improving discretionary income of customers, rising health consciousness, increasing social programs to expand IT facilities, and increased expenditures on digitally scanning the healthcare sector.
Internet Of Medical Things (IOMT) Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 52.33 Mn |
|
Revenue forecast in 2031 |
USD 385.01 Mn |
|
Growth rate CAGR |
CAGR of 28.70% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Component, Platform, Service Delivery, Connectivity Services, Applications And End-Use |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Siemens (Germany), General Electric (U.S.), Biotronik SE & Co. KG (Germany), Medtronic (Ireland), Boston Scientific Corporation (U.S.), Hill-Rom Services, Inc. (U.S.), Neurometrix, Inc. (U.S.), Honeywell International Inc. (U.S.), VitaConnect (U.S.), EKso Bionics (U.S.), BL Healthcare, Inc. (U.S.), BioSerenity, Koninklijke Philips N.V. (Netherlands), Lenovo (China), AliveCor, Inc. (U.S.) |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Corporate
Office :
Office No.5170, 5th Floor Marvel Fuego, Magarpatta Rd, Pune, 411028
info@insightaceanalytic.com
