Internet Of Medical Things (IOMT) Market Size is valued at USD 245.70 billion in 2024 and is predicted to reach USD 1321.03 billion by the year 2034 at a 18.4% CAGR during the forecast period for 2025-2034
Key Industry Insights & Findings from the Report:
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.
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.
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.
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 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.
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. |
Internet of Medical Things (IoMT) Market By Component
Internet of Medical Things (IoMT) Market By Platform
Internet of Medical Things (IoMT) Market By Mode of Service Delivery
Internet of Medical Things (IoMT) Market By Connectivity Devices
Internet of Medical Things (IoMT) Market By Application
Internet of Medical Things (IoMT) Market By End-User
Internet of Medical Things (IoMT) Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & 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:
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:
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.