Supply Chain Ecosystem Analysis now part of DBMR Reports
Market Size in USD Billion
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USD 61,560.00 Million |
| USD 270,400.00 Million | |
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Global Internet of Medical Things (IoMT) Market, By Component (Hardware, Software, and Services), Platform (Device Management, Application Management, Cloud Management), Mode of Service Delivery (On-Premise, Cloud), Connectivity Devices (Wired, Wireless), Application (On-Body Devices, Healthcare Providers, Home-Use Medical Devices, Community, Others), End-User (Hospitals, Clinics, Research Institutes and Academics, Homecare, Others) – Industry Trends and Forecast to 2030.
Internet of medical things (IoMT), medical organizations are transforming healthcare in novel ways through the usage of medical equipment and gadgets. By offering round-the-clock medical help and services, connected devices like glucose monitors, ECG monitors, pulse oximeter, and blood pressure monitors are placed close to a patient's body and assure improved customer satisfaction.
Data Bridge Market Research analyses that the global Internet of Medical Things (IoMT) market which was USD 61,560 million in 2022, would rocket up to USD 270,400 million by 2030, and is expected to undergo a CAGR of 23.4% during the forecast period. This indicates that the market value. “Hardware” is expected to dominate the component segment of the Internet of Medical Things (IoMT) market owing to the high demand for this type of component. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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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, Cloud Management), Mode of Service Delivery (On-Premise, Cloud), Connectivity Devices (Wired, Wireless), Application (On-Body Devices, Healthcare Providers, Home-Use Medical Devices, Community, Others), End-User (Hospitals, Clinics, Research Institutes and Academics, Homecare, 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 (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.), BioSerenity, Koninklijke Philips N.V. (Netherlands), Lenovo (China), AliveCor, Inc. (U.S.)
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Market Opportunities
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Market Definition
The role of medical technology in healthcare is rapidly changing because of the Internet of Medical Things (IoMT), a network of connected medical equipment, software programs, and health systems and services. Healthcare organizations are using the internet of medical things to increase patient care from remote places and streamline clinical workflow management.
Drivers
The technology development and better access to personal healthcare, the global Internet of Medical Things (IoMT) industry has grown. The global market for the Internet of Medical Things (IoMT) is predicted to expand as a result of an increase in demand for connected devices in the healthcare industry. As a result, the market's future is likely to remain robust and advanced.
Rising expenditure for research and development proficiencies especially in the developed and developing economies pertaining to medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the integration of advanced technologies in healthcare facilities are also bolstering the market growth rate.
Surging focus on improving the condition of healthcare facilities and improving the overall healthcare infrastructure is another important factor fostering the growth of the market. The rising number of partnerships and strategic collaborations between the public and private players pertaining to funding and application of new and improved technology is further creating lucrative market opportunities.
Opportunities
The medical devices industry is experiencing growth due to various factors, including advancements in device development, increasing investments in research and development, and expanding healthcare infrastructure. This growth directly impacts the Internet of Medical Things (IoMT) market.
Government investments in healthcare infrastructure
The increase in funding by the federal government is set to drive the market growth rate. Moreover, the growth and expansion of the healthcare industry being driven by both public and private players, especially in developing economies will create lucrative market growth opportunities. Also, the high return on investments assured by the research activities will work in the favor of the market.
Restraints/Challenges
The Internet of Medical Things (IoMT) market is highly competitive, with numerous companies offering a wide range of products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.
Lack of infrastructure facilities and qualified specialists
The lack of infrastructure facilities and qualified specialists is seen among various regions across the globe which is directly impacting the growth of the market. Healthcare systems and payers face cost pressures, and there is a growing demand for cost-effective solutions. Manufacturers need to balance the development of innovative implants with affordability to meet market demands.
This Internet of Medical Things (IoMT) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Internet of Medical Things (IoMT) Market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
The Internet of Medical Things (IoMT) market is segmented on the basis of component, platform, mode of service delivery, connectivity devices, application, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
Platform
Mode of Service Delivery
Connectivity Devices
Application
End-User
The Internet of Medical Things (IoMT) market is analysed and market size insights and trends are provided by country, component, platform, mode of service delivery, connectivity devices, application, and end-user as referenced above.
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.
North America is expected to dominate the Internet of Medical Things (IoMT) market because of the strong base of healthcare facilities, strong presence of major players in the market, and rising number of research activities in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in healthcare facilities, growing research activities in the region, availability of massive untapped markets, large population pool, and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends, and porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The Internet of Medical Things (IoMT) market also provides you with a detailed market analysis for every country's growth in healthcare expenditure for capital equipment, installed base of different kind of products for the Internet of Medical Things (IoMT) market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Internet of Medical Things (IoMT) Market. The data is available for the historic period 2015-2020.
The Internet of Medical Things (IoMT) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the Internet of Medical Things (IoMT) market.
Some of the major players operating in the Internet of Medical Things (IoMT) market are:
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Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.