Internet of Medical Things (IoMT) Market

Internet of Medical Things (IoMT) Market by Technology (like wearables, sensors, cloud computing, and artificial intelligence), by Application (telemedicine, medication management, patient monitoring, and Others), and by End-User (Healthcare providers, patients, government agencies, and others): Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, and Forecast 2023-2031.

Pharma & Healthcare | June 2023 | Report ID: EMR0078 | Pages: 256

The Internet of Medical Things market in 2022 was valued at USD 47.89 billion and is predicted to reach USD 278.56 billion in 2031, rising at a CAGR of 23.9% between 2023 and 2031.

The internet of medical things (IoMT) is a network of several medical devices that are connected to a network or to each other and exchange health data without the need for human-to-machine interaction. Because these systems and devices are linked to the internet, remote patient monitoring and diagnosis are possible. Furthermore, the benefits of IoMT include better understanding patient health and providing value-based care to patients, which benefits patients, payers, and providers.

 

 

Internet of Medical Things (IoMT) Market REPORT SCOPE & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

47.89 Bn

Projected Market Value (2031)

278.56 Bn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By Material, By Application & Region

Segments Covered

By Technology, By End-User, By Application & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Market Dynamics

Market drivers:

Internet of Medical things dramatically lowers patient costs, which eases the financial strain of healthcare on both patients and government. The partnership between IoMT and MedTech firm benefits healthcare organisations by enabling them to achieve better results, increase efficiency, and provide patients with cutting-edge care.

Market expansion is being driven by technological advancement and improved access to personal healthcare. Because of rising demand for linked instruments in the healthcare business, the global Internet of Medical Things (IoMT) market is expected to grow. Furthermore, the growing use of wearable or independent devices for monitoring patients, sensor-based technologies, and asset management is likely to boost market expansion during the projection period.

 

Market Restraints:

One of the factors hindering the market's growth is a shortage of experts in IoT technology. Additionally, it is anticipated that the hospital and medical sectors' lack of infrastructure facilities and qualified specialists that will restrain market growth.

 

Market Opportunities: 

The benefits of IoMT devices in the healthcare sector include real-time monitoring, improved drug management, improved patient outcomes, and decreased medical expenses. As a result, the bulk of these gadgets are used in hospitals and clinics. The market is anticipated to grow faster as a result of these technologies' continuing advancements and the expanding healthcare industries.

 

Segments Analysis

  • Application Insights

By application the market is segmented into telemedicine, pharmaceutical management, patient monitoring, and other applications. Among them, the Telemedicine market is the leading market in terms of application, as in today’s fast-paced world, it can be difficult to find time for self-care. This is especially true for people with busy schedule and/or childcare responsibilities. Visiting a doctor in person can be time consuming, which can make it even harder to prioritize self-care.

Telemedicine is a convenient solution that can help people get the care they need without having to leave their homes. With telemedicine patient can video chat with a doctor from comfort of their own house. This can save time and hassle, and it can also make it easier to find time for self-care. 

  • End User Insights

Healthcare providers, patients, government agencies, and others comprise the end-use segment for IoMT market. The healthcare providers sector is expected to be the market leader by the end of the forecast period. The dominance of this segment is attributed primarily to the adoption of IoT-based medical devices such as linked medical technology devices, monitors, implanted medical devices, and monitoring medical devices in order to deliver better treatment to patients. Furthermore, the use of telehealth-based solutions by doctors and clinicians for patient management and virtual help is fuelling the segment's demand. Thus, telemedicine tools have lowered the pressure on hospitals, and it has also helped reduce the danger of infections during the epidemic.

 

Technology Landscape:

The IoMT technology landscape is rapidly developing, with new devices and apps appearing on a regular basis. Some of the important technologies driving IoMT growth include:

  • Wearable gadgets for gathering health data, such as smartwatches and fitness trackers, are becoming more popular.
  • Remote patient monitoring (RPM) systems allow healthcare providers to monitor patients remotely by using data collected from wearable devices and other sensors.
  • Artificial intelligence (AI): AI is being used to develop novel IoMT applications such as AI-powered diagnostics and predictive analytics.

 

Geography Analysis

The Internet of medical things [IoMT] market is likely to be dominated by North America. The well-established healthcare infrastructure and IT industry, increasing demand for better patient outcomes, increased R&D expenditure, and technological advancements have all contribute to the growth of the Internet of medical things [IoMT] market in North America. Furthermore, the growing awareness of technological advancements in IoMT devices, as well as the high prevalence of chronic disease, are projected to boost market expansion in this region.

The second-most prominent region in terms of market share is predicted to be Europe. One of the key factors driving the market's growth in Europe is the improvement of government initiatives to incorporate cutting-edge technology to accelerate the adoption of IoMT products.

 

The Asia Pacific market is expected to grow at the fastest CAGR, with increasing healthcare spending and a pool of opportunities for company expansion playing a significant role in the region's faster growth. Furthermore, significant support from governments for the launch and approval of the internet of medical things devices in Asian countries will assist in increasing revenue in the region.

 

Competitive Landscape:

The Internet of Medical Things (IoMT) market's competitive landscape is described as fragmented. Because of the broad nature of IoMT technologies and applications, there are several players working in various market sectors. Medical device makers, technology businesses, software developers, and healthcare providers are the different stakeholders involved in the market.

While there are larger businesses and industry leaders that control specific segments of the IoMT market, the general landscape remains fragmented, with multiple companies contending for market dominance and establishing themselves as significant competitors in their particular niches. Within the IoMT ecosystem, fragmentation creates chances for collaboration, partnerships, and particular expertise.

 

Key Market Players:

  • Siemens
  • General Electric
  • Biotronik SE & Co.
  • Medtronic
  • Boston Scientific Corporation
  • Hill-Rom Services, Inc.
  • Neurometrix, Inc.
  • Honeywell International Inc.
  • VitaConnect, EKso Bionics
  • BL Healthcare, Inc.
  • Koninklijke Philips N.V.
  • Lenovo
  • AliveCor, Inc.

 

Regulatory Environment:

The Internet of Medical Things (IoMT) market operates in a complicated and changing regulatory frame work. To assure patient safety, data privacy, and security, regulatory agencies worldwide are aggressively tackling the special issues provided by IoMT technology.

For example, as part of the Federal Food, Drug, and Cosmetic Act, the FDA announced a new cybersecurity strategy for medical devices on March 29, 2023. Medical devices classified as "cyber devices" must now meet certain cybersecurity standards, such as post-market monitoring, vulnerability remediation, and the provision of updates and patches. The FDA can reject submissions that do not fulfil these conditions under the "Refuse to Accept" policy.

 

Internet of Medical Things (IoMT) Market Report Segmentation

ATTRIBUTE

DETAILS

By Type

  • Like wearables
  • Sensors
  • Cloud computing
  • Artificial intelligence

By Application

  • Telemedicine
  • Medication management
  • Patient monitoring
  • Others

By End-User

  • Healthcare providers
  • Patients
  • Government agencies
  • Others

By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The market growth of IoMT in next eight years is expected to grow at CAGR of 23.9%
The timeframe for this market study is 2023-2031.
North America is expected to dominate the market during the forecast period.