The internet of medical things (IoMT) refers to the integration of medical devices and applications with the internet to enhance healthcare services. IoMT facilitates real-time data collection, allowing for remote patient monitoring, diagnostics, and personalized treatment. It encompasses wearable devices, smart implants, and telehealth solutions, fostering connectivity between healthcare providers and patients. Through enabling seamless information exchange, IoMT contributes to improved healthcare delivery, enhanced patient outcomes, and the evolution of more patient-centric and efficient healthcare systems.
Data Bridge Market Research analyses that the Global Internet of Medical Things (IoMT) Market which was USD 61,560 million in 2022, is expected to reach USD 2,70,400 million by 2030, and is expected to undergo a CAGR of 23.4% during the forecast period of 2023 to 2030.
"Growing investment for healthcare facilities drive the market growth"
Increasing investments in healthcare facilities are propelling the growth of the internet of medical things (IoMT) market. These funds support the integration of advanced medical devices and connectivity solutions, enhancing patient care and management. The influx of resources enables the development and adoption of IoMT technologies, such as remote patient monitoring and smart healthcare devices. As a result, the IoMT market expands, fostering innovative solutions that contribute to more efficient healthcare systems and improved patient outcomes, driven by substantial financial support.
What restraints the growth of the global internet of medical things (IoMT) market?
" Rising competition hamper the market growth"
Intense competition within the internet of medical things (IoMT) market poses significant challenges, hindering new entrants and smaller companies from securing market share and establishing a robust presence. The crowded landscape forces companies to navigate complex market dynamics, making it difficult for some to differentiate their offerings. This heightened competition may result in price wars, reduced profit margins, and limited innovation, ultimately impeding the growth and sustainability of the IoMT market.
Segmentation: Global Internet of Medical Things (IoMT) Market
The global internet of medical things (IoMT) market is segmented on the basis of component, platform, mode of service delivery, connectivity devices, application, and end-user.
- On the basis component, the global internet of medical things (IoMT) market is segmented into hardware, software, and services
- On the basis platform, the global internet of medical things (IoMT) market is segmented into device management, application management, and cloud management
- On the basis mode of service delivery, the global internet of medical things (IoMT) market is segmented into on-premise, and cloud
- On the basis connectivity devices, the global internet of medical things (IoMT) market is segmented into wired, and wireless
- On the basis application, the global internet of medical things (IoMT) market is segmented into on-body devices, healthcare providers, home-use medical devices, community, and others
- On the basis end-user, the global internet of medical things (IoMT) market is segmented into hospitals, clinics, research institutes and academics, homecare, and others
Regional Insights: North America is expected to dominate the Global Internet of Medical Things (IoMT) Market
North America is expected to dominate the global internet of medical things (IoMT) market due to its robust healthcare infrastructure, a substantial presence of key industry players, and an increasing volume of research endeavors. These factors collectively position the region at the forefront of IoMT advancements, contributing to its anticipated dominance in shaping the trajectory of this transformative healthcare technology.
Asia-Pacific is expected to dominate the global internet of medical things (IoMT) market from 2023 to 2030. The region's growth is fueled by government initiatives, expanded healthcare facilities, increased research, untapped markets, a substantial population, and rising demand for quality healthcare. These factors collectively contribute to the significant expansion of the IoMT market, making Asia-Pacific a key player in the global healthcare technology landscape.
Recent Developments: Global Internet of Medical Things (IoMT) Market
- In April 2021, Hillrom, Inc. unveiled the Welch Allyn PanOptic Plus Ophthalmoscope and MacroView Plus Otoscope, enhancing diagnostic capabilities in healthcare
- In June 2021, Medtronic initiated the STROKE AF clinical trial for its Reveal LINQ Insertable Cardiac Monitor (ICM) to improve detection of atrial fibrillation, addressing irregular heartbeats with advanced monitoring technology
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-internet-of-medical-things-iomt-market
The Prominent Key Players Operating in the Global Internet of Medical Things (IoMT) Market Include:
- Siemens Healthcare (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.)
- Koninklijke Philips N.V. (Netherlands)
- Lenovo (China)
- AliveCor, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global internet of medical things (IoMT) market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Internet of Medical Things (IoMT) Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
