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
Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019 (Customizable to 2013 - 2018)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software, and Services), Platform (Device Management, Application Management, and Cloud Management), Mode of Service Delivery (On-Premise, and Cloud), Connectivity Devices (Wired, and Wireless), Application (On-Body Devices, Healthcare Providers, Home-Use Medical Devices, Community, and Others), End-User (Hospitals, Clinics, Research Institutes & Academics, Homecare, and Others)
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Countries Covered
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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.
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Market Players Covered
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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.), Meru Health (U.S.) among others.
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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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 -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.
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
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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Global Internet of Medical Things (IoMT) Market – Industry Trends and Forecast to 2029
Europe Internet of Medical Things (IoMT) Market – Industry Trends and Forecast to 2028
Asia-Pacific Internet of Medical Things (IoMT) Market – Industry Trends and Forecast to 2028
Middle East and Africa Internet of Medical Things (IoMT) Market – Industry Trends and Forecast to 2028
North America Internet of Medical Things (IoMT) Market – Industry Trends and Forecast to 2028