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Internet of Medical Things Market

Internet of Medical Things (IoMT) Market Size, Share & Trends Analysis Report By Component (Hardware, Software, And Services), Platform, Service Delivery, Connectivity Services, Applications And End-Use, By Region, And Segment Forecasts, 2024-2031

Report ID : 1559 | Published : 2024-02-09 | Pages: 160 | Format: PDF/EXCEL

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.

IOMT

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.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions


Chapter 2. Executive Summary

Chapter 3. Global Internet of Medical Things (IoMT) Market Snapshot

Chapter 4. Global Internet of Medical Things (IoMT) Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Component Estimates & Trend Analysis
5.1. by Component & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Component:

5.2.1. Hardware
5.2.2. Software
5.2.3. Services

Chapter 6. Market Segmentation 2: by Platform Estimates & Trend Analysis
6.1. by Platform & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Platform:

6.2.1. Device Management
6.2.2. Application Management
6.2.3. Cloud Management

Chapter 7. Market Segmentation 3: by Mode of Service Delivery Estimates & Trend Analysis
7.1. by Mode of Service Delivery & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Mode of Service Delivery:

7.2.1. On-Premise
7.2.2. Cloud

Chapter 8. Market Segmentation 4: by Connectivity Devices Estimates & Trend Analysis
8.1. by Connectivity Devices & Market Share, 2019 & 2031
8.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Connectivity Devices:

8.2.1. Wired
8.2.2. Wireless

Chapter 9. Market Segmentation 5: by Application Estimates & Trend Analysis
9.1. by Application & Market Share, 2019 & 2031
9.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

9.2.1. On-Body Devices
9.2.2. Healthcare Providers
9.2.3. Home-Use Medical Devices
9.2.4. Community
9.2.5. Others

Chapter 10. Market Segmentation 6: by End-user Estimates & Trend Analysis
10.1. by End-user & Market Share, 2019 & 2031
10.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-user:

10.2.1. Hospitals
10.2.2. Clinics
10.2.3. Research Institutes
10.2.4. Academics
10.2.5. Homecare
10.2.6. Others

Chapter 11. Internet of Medical Things (IoMT) Market Segmentation 8: Regional Estimates & Trend Analysis

11.1. North America

11.1.1. North America Internet of Medical Things (IoMT) Market Revenue (US$ Million) Estimates and Forecasts by Component, 2024-2031
11.1.2. North America Internet of Medical Things (IoMT) Market Revenue (US$ Million) Estimates and Forecasts by Platform, 2024-2031
11.1.3. North America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Mode of Service Delivery, 2024-2031
11.1.4. North America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Connectivity Devices, 2024-2031
11.1.5. North America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Application, 2024-2031
11.1.6. North America Internet of Medical Things (IoMT) Market revenue (US$ Million) by End-user, 2024-2031
11.1.7. North America Internet of Medical Things (IoMT) Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

11.2. Europe

11.2.1. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by Component, 2024-2031
11.2.2. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by Platform, 2024-20312024
11.2.3. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by Mode of Service Delivery, 2024-2031
11.2.4. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by Connectivity Devices, 2024-2031
11.2.5. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by Application, 2024-2031
11.2.6. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by End-user, 2024-2031
11.2.7. Europe Internet of Medical Things (IoMT) Market revenue (US$ Million) by country, 2024-2031

11.3. Asia Pacific

11.3.1. Asia Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by Component, 2024-2031
11.3.2. Asia Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by Platform, 2024-2031
202411.3.3. Asia-Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by Mode of Service Delivery, 2024-2031
11.3.4. Asia Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by Connectivity Devices, 2024-2031
11.3.5. Asia Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by Application, 2024-2031
11.3.6. Asia Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by End-user, 2024-2031
11.3.7. Asia Pacific Internet of Medical Things (IoMT) Market revenue (US$ Million) by country, 2024-2031

11.4. Latin America

11.4.1. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Component, 2024-2031
11.4.2. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Platform, 2024-2031
11.4.3. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Mode of Service Delivery, 2024-2031
11.4.4. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Connectivity Devices, 2024-2031
11.4.5. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by Application, 2024-2031
11.4.6. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by End-user, 2024-2031
11.4.7. Latin America Internet of Medical Things (IoMT) Market revenue (US$ Million) by country, 2024-2031

11.5. Middle East & Africa

11.5.1. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by Component, 2024-2031
11.5.2. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by Platform, 2024-2031
11.5.3. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by Mode of Service Delivery, 2024-2031
11.5.4. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by Connectivity Devices, 2024-2031
11.5.5. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by Application, 2024-2031
11.5.6. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by End-user, 2024-2031
11.5.7. Middle East & Africa Internet of Medical Things (IoMT) Market revenue (US$ Million) by country, 2024-2031

Chapter 12. Competitive Landscape

12.1. Major Mergers and Acquisitions/Strategic Alliances

12.2. Company Profiles


12.2.1. Siemens (Germany)
12.2.2. General Electric (U.S.)
12.2.3. Biotronik SE & Co. KG (Germany)
12.2.4. Medtronic (Ireland)
12.2.5. Boston Scientific Corporation (U.S.)
12.2.6. Hill-Rom Services, Inc. (U.S.)
12.2.7. Neurometrix, Inc. (U.S.)
12.2.8. Honeywell International Inc. (U.S.)
12.2.9. VitaConnect (U.S.), EKso Bionics (U.S.)
12.2.10. BL Healthcare, Inc. (U.S.)
12.2.11. BioSerenity
12.2.12. Koninklijke Philips N.V. (Netherlands)
12.2.13. Lenovo (China)
12.2.14. AliveCor, Inc. (U.S.)
12.2.15. Other Prominent Players

Segmentation of Internet of Medical Things (IoMT) Market-

Internet of Medical Things (IoMT) Market By Component

  • Hardware
  • Software
  • Services

IOMT

Internet of Medical Things (IoMT) Market By Platform

  • Device Management
  • Application Management
  • Cloud Management

Internet of Medical Things (IoMT) Market By Mode of Service Delivery

  • On-Premise
  • Cloud

Internet of Medical Things (IoMT) Market By Connectivity Devices

  • Wired
  • Wireless

Internet of Medical Things (IoMT) Market By Application

  • Telemedicine
  • Clinical Operations & Workflow Management
  • Connected Imaging
  • Medication Management
  • Inpatient Monitoring
  • Others

Internet of Medical Things (IoMT) Market By End-User

  • Hospitals
  • Clinics
  • Research Institutes
  • Academics
  • Homecare
  • Others

Internet of Medical Things (IoMT) Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Internet of Medical Things Market?

Internet of Medical Things Market expected to grow at 28.70% CAGR during the forecast period for 2024-2031

Siemens (Germany), General Electric (U.S.), Biotronik SE & Co. KG (Germany), Medtronic (Ireland), Boston Scientific Corporation (U.S.), others

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