Feb 16, 2023

English - UK

Pramod Pawar

Internet of Medical Things (IoMT) Market to Surge USD 203.02 Bn by 2032 | CAGR Of 16.1%

Internet of Medical Things (IoMT) Definition:

The Internet of Medical Things (IoMT) is an emerging technology that promises to revolutionize the healthcare industry. It consists of connected medical devices, sensors, and systems that can be used to collect data from patients and provide real-time health monitoring. IoMT enables medical professionals to make more accurate diagnoses, improve patient outcomes, reduce costs, and increase efficiency throughout the entire healthcare system.

IoMT technology is based on the idea of connecting medical equipment and devices with a secure communication protocol. This allows data to be collected from multiple sources in near-real time and makes it possible for clinicians to access data quickly without having to manually process or store it themselves. Additionally, IoMT facilitates remote patient monitoring by allowing physicians or caregivers to monitor patient health at any time using secure networks or mobile apps.

Market Overview: Size and Forecast

The Global Internet of Medical Things (IoMT) Market is projected to reach a valuation of USD 203.02 Bn by 2032 at a CAGR of 16.1%, from USD 39.3 Bn in 2021.

This growth is attributed to increasing demand for enhanced medical care and advanced patient monitoring systems, rising adoption of connected medical devices, and growing demand for remote healthcare services. In addition, an increase in the number of elderly population and their need for remote health monitoring services is creating further opportunities for this market’s growth.

Furthermore, government initiatives are driving the IoMT market across various countries. For instance, the U.S government provides incentives to healthcare providers that adopt Electronic Health Record (EHR) technology under meaningful use regulations. Moreover, focus on preventive healthcare has increased significantly due to technological advancements such as mobile applications and wearable devices that provide real-time data about patients' health conditions or track their activities away from the hospital or clinic setting.

Key Takeaways:

  1. North America held the largest share of the IoMT market in 2020, due to the presence of a well-established healthcare infrastructure and high adoption of advanced healthcare technologies in the region.

  2. Europe is expected to be the second-largest market for IoMT during the forecast period, driven by factors such as increasing healthcare expenditure, a growing geriatric population, and favorable government initiatives to encourage the adoption of advanced healthcare technologies.

  3. The Asia Pacific region is expected to exhibit the highest growth rate in the IoMT market during the forecast period, driven by factors such as the rising prevalence of chronic diseases, increasing healthcare expenditure, and the growing adoption of healthcare IT solutions in the region.

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Figure

Regional snapshots:

The North American region is expected to dominate the IoMT market during the forecast period, owing to the high level of healthcare spending, increasing adoption of advanced technologies, and the presence of key market players. The European region is also expected to experience significant growth, driven by factors such as the rising demand for healthcare solutions and the increasing prevalence of chronic diseases.

Market Dynamics

  • Drivers:

    The market is being driven by factors such as the increasing adoption of connected medical devices, the growing demand for remote patient monitoring, and the need for cost-effective healthcare solutions. The rising prevalence of chronic diseases, aging populations, and the development of advanced healthcare analytics are also driving the market.

  • Restraints:

    The market faces challenges such as concerns over data privacy and security, the lack of standardization in the IoMT ecosystem, and the high cost of connected medical devices.

  • Opportunities:

    The IoMT market presents opportunities for growth, driven by factors such as the increasing adoption of wireless healthcare devices, the development of advanced healthcare analytics, and the rising demand for personalized healthcare solutions.

  • Challenges:

    The market faces challenges such as the lack of interoperability between IoMT devices and healthcare systems, the need for high-speed internet connectivity, and the complex regulatory environment for healthcare technology.

Latest Development

  • Hillrom, Inc. introduced the new Welch Allyn PanOptic plus Ophthalmoscope in April 2021 and the Welch Allyn MacroView PLUS Otoscope in April 2021.
  • Medtronic announced a clinical study for the STROKE AF in June 2021. This is when atrial Fibrillation, also known as irregular heartbeats (ICM), can be detected more accurately by the Reveal LINQ Insertable Cardiac Monitor.

Interested to Procure the Data with Actionable Strategy & Insights? Inquire here at https://market.us/report/internet-of-medical-things-iomt-market/#inquiry

Market Segmentation

Based on Product Type

  • Smart Wearable Devices
  • Home-Use Medical Devices
  • Point-of-Care Kits

Based on Application

  • Real-Time Monitoring
  • End-to-End Connectivity
  • Data Assortment & Analysis
  • Tracking & Alerts
  • Remote Medical Assistance

Based on End-User

  • Hospitals & Clinics
  • Research Institutes & Academics
  • Homecare

Based on Regions/Countries

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Some of the major players operating in the internet of medical things market are:

  • Boston Scientific Corporation
  • Cisco Systems
  • GE Healthcare
  • IBM Corporation
  • Koninklijke Philips N.V.
  • Medtronic
  • Microsoft Corporation
  • SAP SE
  • Welch Allyn
  • Other Key Players

Report Scope

Report Attribute

Details

The market size value in 2021

USD 39.3 Bn

Revenue forecast by 2032

USD 203.02 Bn

Growth Rate

CAGR Of 16.1%

Regions Covered

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

Historical Years

2017-2022

Base Year

2022

Estimated Year

2023

Short-Term Projection Year

2028

Long-Term Projected Year

2032

Frequently Asked Questions about the Internet of Medical Things (IoMT) market:

Q1: What is the estimated size of the global IoMT market?

Q2: What are some of the key drivers of the IoMT market?

Q3: What are some of the challenges faced by the IoMT market?

Q4: What are some of the most promising applications of IoMT technology in healthcare?

Q5: What are some of the major players in the IoMT market?

Conclusion: Future Outlook

The Internet of Medical Things (IoMT) market is expected to experience significant growth over the next decade, with forecasts predicting a CAGR of 16.1%. This growth will be driven by the increasing application of connected medical devices such as smart pills and wearables, remote patient monitoring systems, and digital therapeutics in both healthcare facilities and at-home settings. The IoMT market is also being driven by an increase in investments into connected healthcare solutions and government initiatives that are encouraging the wider adoption of IoMT technologies.

Looking ahead, there is tremendous potential for further development within the sector as new applications continue to emerge. For example, AI-powered chatbots may enable greater interactions between patients and doctors while leveraging natural language processing technology to automate mundane tasks like data entry. Additionally, blockchain technology may be used to improve data security and protect patient privacy in medical records systems.

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