Increasing Private and Public Expenditure for the Development of Healthcare Infrastructure is Driving the Growth of the Market

The healthcare industry is adopting the internet of medical things (IoMT) to improve labor efficiency by utilizing IoT connected equipment. Organizations and hospitals are using technology to keep track of patients and monitor them remotely. Through connected devices, the Internet of Medical Things (IoMT) is widely used in patient monitoring applications. IoT device integration in healthcare procedures improves the efficiency of healthcare workers and operations. In order to improve the performance of solutions, IoMT solution providers offer software applications, infrastructure for medical devices, health systems, and professional services. These linked devices assist in collecting, generating, analyzing, and transmitting data to a centralized system for further processing.

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Global internet of medical things (IoMT) market is expected to reach USD 1,84,592.31 million by 2028 from USD 40,298.51 million in 2020, growing with a CAGR of 23.0% in the forecast period of 2021 to 2028. The necessity for cost containment in healthcare delivery, as well as a growing focus on active patient engagement and patient-centric care delivery, are driving the expansion of this industry. Moreover, government measures to promote digital health throughout the forecast period are likely to boost demand development in the IoT medical devices market.   

Technological advancements for the delivery of effective healthcare service will drive the market's growth rate

The improvements of the engineering applications to healthcare technologies also significantly impacted the country's economic growth. The emergent technologies, such as sensor technology, the internet of things (IoT), artificial intelligence (AI), big data and so on, have helped researchers and healthcare professionals design and develop efficient, innovative solutions in healthcare services to protect the workers from different hazards. This is driving the growth of the market. Increased expenditure by public and private players on the development of infrastructure will also promote the market growth rate. Continuous research and development pertaining to the deployment of advanced technologies will yet again widen the scope of growth.  

Report Scope and Market Segmentation

Segment Analysis:

Global internet of medical things (IoMT) market is segmented into six notable segments which are based on the component, platform, mode of service delivery, connectivity devices, application, and end user.

• On the basis of component, the internet of medical things (IoMT) market is segmented into hardware, software and services. In 2021, hardware segment is expected to dominate the Global internet of medical things (IoMT) market with 44.8% market share due to surging demand to gather real-time data for effective decision making, ability to manage entire healthcare in a better way, high need to improve the security of patients, ongoing digital transformation across the health industry, and to enhance company's performance and productivity.
• On the basis of platform, the internet of medical things (IoMT) market has been segmented into device management, application management, network management and cloud platform. In 2021, device management segment is expected to dominate the global internet of medical things (IoMT) market with 35.20% market share attributed to real-time data on tasks, work plans, and progress reports. It effectively manages multiple applications, including dispatch, safety, telemetry, voice and video, through a reliable and secured application.
• On the basis of mode of service delivery, the internet of medical things (IoMT) market is segmented into on-premise based services and cloud based services. In 2021, on -premise based services services is expected to dominate the global internet of medical things (IoMT) market with a 59.82% market share as on-premise-based services compose a large part of the overall healthcare. As the trend changes to digitalization, cloud-based services are set to lead the market in the near future.

On -premise based services segment will dominate the mode of service delivery segment of the internet of medical things (IoMT) market

The on -premise based services segment will emerge as the dominating segment under mode of service delivery in 2021. This is because of the growing number of direct tenders in the market especially in the developing economies. Further, growth and expansion of the distribution channels all around the globe will further bolster the growth of this segment.

• On the basis of connectivity devices, the internet of medical things (IoMT) market is segmented into wired and wireless. In 2021, wired segment is expected to dominate the global internet of medical things (IoMT) market with a 64.97% market share due to its several advantages compared to cost-effectiveness and other connectivity problems. The preferences are changing from wired to wireless due to the improvement in technologies.
• On the basis of application, the internet of medical things (IoMT) market is segmented into on-body devices, home use medical devices, community, healthcare providers and others. In 2021, on-body devices segment is expected to dominate the global internet of medical things (IoMT) market with a 33.28% market share as on-body devices plays a significant role in the medical sector in improving safety and reducing costs. It also provides patient data information such as oxygen saturation rate and sugar level.
• On the basis of end user, the internet of medical things (IoMT) market is segmented into hospitals, clinics, research institutes & academics, homecare and others. In 2021, hospitals is expected to dominate the global internet of medical things (IoMT) market with a 52.93% market share due to the high need for hospitality services due to the prevailing pandemic and other health issues.

Hospitals segment will dominate the end user segment of the internet of medical things (IoMT)  market

Hospitals will emerge as the dominating segment under distribution channel in 2021 with approximately 53% market share. This is because of the growing number of hospitals in the market especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.

Major Players              

Data Bridge Market Research recognizes the following companies as the market players in internet of medical things (IoMT) market: Siemens Healthcare GMBH (Germany), GE Digital (U.S.), Biotronik (Germany), Bioserenity (France), Medtronic (Ireland), Boston Scientific Corporation (U.S.), Hill-Rom Holdings, Inc. (U.S.), Honeywell International Inc. (U.S.), Philips (U.S.), AliveCor, Inc. (U.S.), VitalConnect (U.S.) and Meru Health (U.S.).

Market Development

• In September 2020, Medtronic announced the launch of the ALLEVIATE-HF clinical trial that has the ability of Reveal LINQ Insertable Cardiac Monitor (ICM) in identifying patients at high risk of worsening heart failure. The company enhanced its clinical and economic value to healthcare consumers and providers worldwide with its products and services. This has helped the company to strengthen its product portfolio and help to grow in the market.
• With the new Welch Allyn PanOptic Plus Ophthalmoscope and the Welch Allyn MacroView Plus Otoscope, Hillrom, Inc. released digital evaluation advances in April 2021. These technologies are intended to assist clinicians in making earlier and more accurate diagnosis of ear and eye disorders, thereby allowing for more treatment options.

Regional Analysis

Geographically, the countries covered in the internet of medical things (IoMT) market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in internet of medical things (IoMT) market during the forecast period 2021 - 2028

The market is expected to be dominated by North America, which is expected to rise in prevalence of cancer cases, presence of key players, increase in healthcare expenditure, advancements in technology, and rise in government initiatives in the region. Due to a growth in the number of cancer patients and demand for new technologies, the United States was the largest market. In addition, the region's plasma fractionation market is fueled by the presence of major competitors.

Asia-Pacific is estimated to be the fastest-growing region in internet of medical things (IoMT) market the forecast period 2021 - 2028

Asia-Pacific is expected to increase significantly as well and will register the highest growth rate owing to an increase in the region's general population, a spike in facilities offering plasma fractionation services, and increased investments in the healthcare sector. Furthermore, as part of their economic growth aspirations, growing economies in APAC, such as India, are heavily investing in the infrastructure development.

COVID-19 Impact Analysis

As a result of the present COVID-19 pandemic, a large number of people are attending healthcare facilities on a daily basis. COVID-19 has been reported in about 186 million people across Africa, Asia Pacific, the Americas, Europe, and Oceania as of July 2021. More than 4 million people have died as a result of the infection. Because many cases are asymptomatic and do not undergo testing, the true number of infected people would be significantly greater than the official total. Although most countries' illness progression trends are similar, the flattening of the curve and disease containment are largely determined by the diverse actions implemented by each country. To combat the disease's spread, countries have implemented a variety of measures, including stringent travel restrictions, city-wide quarantines, curfews, and lockdowns, the construction of speciality hospitals, increased medical help, and increased COVID-19 testing.

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