Internet Of Medical Things Iomt Market
Internet of Medical Things (IoMT) Market Forecasts to 2030 - Global Analysis By Product (Stationary Medical Devices, Implanted Medical Devices, Home-Use Medical Devices, Smart Wearable Devices, Point-Of-Care Kits and Other Products), Connectivity Device (Wired, Wireless and Other Connectivity Devices), Component (Hardware, Software, Services and Other Components), Mode of Service Delivery, Platform, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $85.33 BN |
|
Projected Year Value (2030) |
US $467.39 BN |
|
CAGR (2023 - 2030) |
27.5% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Internet of Medical Things (IoMT) Market is accounted for $85.33 billion in 2023 and is expected to reach $467.39 billion by 2030 growing at a CAGR of 27.5% during the forecast period. The healthcare industry has undergone significant changes as a result of the development of healthcare information technologies (healthcare IT). The internet of medical things is a network of various medical devices that can exchange health data with one another or with a network without requiring any human-to-machine communication. Due to the internet connectivity of these systems and equipment, remote patient monitoring and diagnosis are possible.
According to the Accenture company survey, if given a choice to the patients, approximately 62% of the consumers are likely to choose virtual technology for health and wellness advice.
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Market Dynamics:
Driver:
The growing acceptance of 5G technology
The global Internet of Medical Things (IoMT) market expected to drive growth during the forecast period. The global increase in investments in creating advanced 5G networks and the popularity of 5G technology are what are fueling the market's expansion. In addition, growing public and private investments in the automation and digitization of the healthcare industry to cut costs and increase operational effectiveness are fostering market expansion. Additionally, the popularity of Network Function Visualization (NFV) and Software-Defined Networking (SDN) among businesses is anticipated to fuel market expansion over the forecast period.
Restraint:
Adaptation to current healthcare systems
The global Internet of Medical Things (IoMT) market expected to hinder growth during the forecast period. Numerous healthcare facilities use pre-existing systems, outdated software, and conventional procedures that might not work well with IoMT technologies. It might be necessary to make sizeable investments in IT infrastructure, staff training, and system updates to overcome these integration challenges. The adoption process may be slowed down by adopters' resistance to change or for the cost.
Opportunity:
Health care costs are increasing
The primary driver of market expansion is the use of standalone or wearable instruments for patient monitoring and asset management. Additionally, because of consumer lifestyle changes and rising concerns about their health and related activities, the adoption of the Internet for medical things, expanding alliances between important players and the well-established healthcare infrastructure and IT sectors is anticipated to increase in the upcoming years.
Threat:
Internet security dangers
The global Internet of Medical Things (IoMT) market expected to hamper growth during the forecast period. IoMT devices are vulnerable to a variety of cyber threats due to their interconnectedness and reliance on network data transmission. In order to gain access without authorization, manipulate patient data, or even stop vital medical procedures, malicious actors may try to take advantage of flaws in device software or network infrastructure. The integrity of healthcare systems and patient safety are seriously threatened by the possibility of ransomware, DoS, and data breaches. However, continuous cybersecurity monitoring, quick software vulnerability patches, and regular employee training on cybersecurity best practices are necessary to effectively counter these threats.
Covid-19 Impact:
The COVID-19 pandemic had a conflicting effect on the world economy. The high demand for medical supplies, PPE, and vaccines led to significant growth in industries like healthcare and pharmaceuticals. The rapid shift to remote work and digital services was advantageous for technology companies. But as travel restrictions and lockdown measures hampered economic activity, sectors like travel, tourism, hospitality, and retail experienced severe declines. However, governments and businesses had to come up with creative solutions to deal with the crisis as a result of the general unpredictability and economic difficulties.
The Imaging systems segment is expected to be the largest during the forecast period
The Imaging systems segment is expected to be the largest share during the forecast period. Real-time imaging is provided by ultrasound machines for obstetric, abdominal, and vascular examinations. A growing number of chronic diseases, an aging population, and ongoing improvements in medical imaging technology have all contributed to the demand for imaging systems. The significant market share of imaging systems is also a result of their use in preventive care and routine medical exams.
The Telemedicine segment is expected to have the highest CAGR during the forecast period
The Telemedicine segment is anticipated to witness the fastest CAGR growth during the forecast period. By utilizing technology, telemedicine enables patients to receive consultations, diagnoses, and treatments over video calls, messaging, or other forms of communication. During the COVID-19 pandemic, telemedicine saw a sharp increase in demand as it provided a practical and accessible means for people to access medical care while reducing their exposure to medical facilities and physical contact.
Region with largest share:
The North America region market is estimated to witness a largest share of the global Internet of Medical Things (IoMT) market during the forecast period. The adoption of telemedicine services in nations like the United States and Canada was facilitated by the region's strong healthcare infrastructure, significant investment in healthcare technology, and high level of digitalization. The COVID-19 pandemic also sped up telemedicine's adoption as a crucial method of delivering healthcare services, contributing to its expansion in North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period. The Asia-Pacific region has a number of advantages for the telemedicine industry. With a sizable and diverse population, it offers a sizable market opportunity for telemedicine services, meeting the healthcare needs of a huge population in many different countries. Rapid urbanization in the area has increased the need for affordable healthcare services, and telemedicine can fill the gap by offering online consultations and medical help. Additionally, the widespread acceptance of telemedicine solutions is supported by the growing uptake of digital technologies in nations like China, India, Japan, and South Korea, making it simpler for patients to access healthcare remotely.
Key players in the market
Some of the key players in Internet of Medical Things (IoMT) market include Apple, Inc., Atlas Wearables, Inc, BL Healthcare, Inc., Boston Scientific Corporation, Cisco Systems, Inc., GE Healthcare, Google, Honeywell International, Inc., IBM Corporation, Johnson & Johnson Services, Inc., Koninklijke Philips NV, Lenovo, LifeFuels, Inc., Medtronic plc, Meru Health, Inc., Microsoft Corporation, Philips Healthcare, Qualcomm Life Inc., Sano Intelligence and Siemens Healthineers AG.
Key Developments:
In September 2022, Wipro GE Healthcare introduces the Optima IGS320, an AI-powered cath lab. It enhances imaging vision to allow for more intelligent and accurate healthcare delivery. Social gantry mobility provides for greater flexibility during procedures, alleviating the load and boosting the doctors' focus.
In June 2022, PatientBond, the consumer science-driven patient engagement SaaS provider, collaborated with Zyter, Inc., a digital health and IoT-enablement platform. According to the terms of the agreement, Zyter will now be able to use PatientBond's exclusive healthcare consumer psychographic insights and dynamic workflows to improve patient engagement through personalized care plans and patient communications.
In February 2022, Zyter Inc., a digital health and IoT-enablement platform, and Qualcomm collaborated to develop applications and a dashboard for 5G private networks. The goal of the collaboration is to help show how 5G private networks work by providing network management services, a user interface/dashboard, and three initial production-ready applications, such as autonomous mobile robots (AMRs), LiDAR-based analytics, and AI-based cameras
Products Covered:
• Stationary Medical Devices
• Implanted Medical Devices
• Home-Use Medical Devices
• Smart Wearable Devices
• Point-Of-Care Kits
• Vital Signs Monitoring Devices
• Implantable Cardiac Devices
• Respiratory Devices
• Anaesthetic Machines
• Imaging Systems
• Ventilators
• Wearable External Medical Devices
• Other Products
Connectivity Devices Covered:
• Wired
• Wireless
• Other Connectivity Devices
Components Covered:
• Hardware
• Software
• Services
• Other Components
Mode of Service Deliveries Covered:
• On-Premise
• Cloud
• Other Mode of Service Deliveries
Platforms Covered:
• Device Management
• Application Management
• Cloud Management
• Other Platforms
Applications Covered:
• On-Body Devices
• Data Assortment & Analysis
• Real-Time Monitoring
• Remote Medical Assistance
• Tracking & Alerts
• Healthcare Providers
• Telemedicine
• Medication Management
• Patient Monitoring
• Home-Use Medical Devices
• Community
• Other Applications
End Users Covered:
• Hospitals
• Clinics
• Research Institutes
• Long-Term Care Centers
• Nursing Homes
• Home Care Settings
• Academics
• Homecare
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Internet of Medical Things (IoMT) Market, By Product
5.1 Introduction
5.2 Stationary Medical Devices
5.3 Implanted Medical Devices
5.4 Home-Use Medical Devices
5.5 Smart Wearable Devices
5.6 Point-Of-Care Kits
5.7 Vital Signs Monitoring Devices
5.8 Implantable Cardiac Devices
5.9 Respiratory Devices
5.10 Anaesthetic Machines
5.11 Imaging Systems
5.12 Ventilators
5.13 Wearable External Medical Devices
5.14 Other Products
6 Global Internet of Medical Things (IoMT) Market, By Connectivity Device
6.1 Introduction
6.2 Wired
6.3 Wireless
6.4 Other Connectivity Devices
7 Global Internet of Medical Things (IoMT) Market, By Component
7.1 Introduction
7.2 Hardware
7.3 Software
7.4 Services
7.5 Other Components
8 Global Internet of Medical Things (IoMT) Market, By Mode of Service Delivery
8.1 Introduction
8.2 On-Premise
8.3 Cloud
8.4 Other Mode of Service Deliveries
9 Global Internet of Medical Things (IoMT) Market, By Platform
9.1 Introduction
9.2 Device Management
9.3 Application Management
9.4 Cloud Management
9.5 Other Platforms
10 Global Internet of Medical Things (IoMT) Market, By Application
10.1 Introduction
10.2 On-Body Devices
10.3 Data Assortment & Analysis
10.4 Real-Time Monitoring
10.5 Remote Medical Assistance
10.6 Tracking & Alerts
10.7 Healthcare Providers
10.8 Telemedicine
10.9 Medication Management
10.10 Patient Monitoring
10.11 Home-Use Medical Devices
10.12 Community
10.13 Other Application
11 Global Internet of Medical Things (IoMT) Market, By End User
11.1 Introduction
11.2 Hospitals
11.3 Clinics
11.4 Research Institutes
11.5 Long-Term Care Centers
11.6 Nursing Homes
11.7 Home Care Settings
11.8 Academics
11.9 Homecare
11.10 Other End Users
12 Global Internet of Medical Things (IoMT) Market, By Geography
12.1 Introduction
12.2 North America
12.2.1 US
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 Italy
12.3.4 France
12.3.5 Spain
12.3.6 Rest of Europe
12.4 Asia Pacific
12.4.1 Japan
12.4.2 China
12.4.3 India
12.4.4 Australia
12.4.5 New Zealand
12.4.6 South Korea
12.4.7 Rest of Asia Pacific
12.5 South America
12.5.1 Argentina
12.5.2 Brazil
12.5.3 Chile
12.5.4 Rest of South America
12.6 Middle East & Africa
12.6.1 Saudi Arabia
12.6.2 UAE
12.6.3 Qatar
12.6.4 South Africa
12.6.5 Rest of Middle East & Africa
13 Key Developments
13.1 Agreements, Partnerships, Collaborations and Joint Ventures
13.2 Acquisitions & Mergers
13.3 New Product Launch
13.4 Expansions
13.5 Other Key Strategies
14 Company Profiling
14.1 Apple, Inc.
14.2 Atlas Wearables, Inc
14.3 BL Healthcare, Inc.
14.4 Boston Scientific Corporation
14.5 Cisco Systems, Inc.
14.6 GE Healthcare
14.7 Google
14.8 Honeywell International, Inc.
14.9 IBM Corporation
14.10 Johnson & Johnson Services, Inc.
14.11 Koninklijke Philips NV
14.12 Lenovo
14.13 LifeFuels, Inc.
14.14 Medtronic plc
14.15 Meru Health, Inc.
14.16 Microsoft Corporation
14.17 Philips Healthcare
14.18 Qualcomm Life Inc.
14.19 Sano Intelligence
14.20 Siemens Healthineers AG
List of Tables
1 Global Internet of Medical Things (IoMT) Market Outlook, By Region (2021-2030) ($MN)
2 Global Internet of Medical Things (IoMT) Market Outlook, By Product (2021-2030) ($MN)
3 Global Internet of Medical Things (IoMT) Market Outlook, By Stationary Medical Devices (2021-2030) ($MN)
4 Global Internet of Medical Things (IoMT) Market Outlook, By Implanted Medical Devices (2021-2030) ($MN)
5 Global Internet of Medical Things (IoMT) Market Outlook, By Home-Use Medical Devices (2021-2030) ($MN)
6 Global Internet of Medical Things (IoMT) Market Outlook, By Smart Wearable Devices (2021-2030) ($MN)
7 Global Internet of Medical Things (IoMT) Market Outlook, By Point-Of-Care Kits (2021-2030) ($MN)
8 Global Internet of Medical Things (IoMT) Market Outlook, By Vital Signs Monitoring Devices (2021-2030) ($MN)
9 Global Internet of Medical Things (IoMT) Market Outlook, By Implantable Cardiac Devices (2021-2030) ($MN)
10 Global Internet of Medical Things (IoMT) Market Outlook, By Respiratory Devices (2021-2030) ($MN)
11 Global Internet of Medical Things (IoMT) Market Outlook, By Anaesthetic Machines (2021-2030) ($MN)
12 Global Internet of Medical Things (IoMT) Market Outlook, By Imaging Systems (2021-2030) ($MN)
13 Global Internet of Medical Things (IoMT) Market Outlook, By Ventilators (2021-2030) ($MN)
14 Global Internet of Medical Things (IoMT) Market Outlook, By Wearable External Medical Devices (2021-2030) ($MN)
15 Global Internet of Medical Things (IoMT) Market Outlook, By Other Products (2021-2030) ($MN)
16 Global Internet of Medical Things (IoMT) Market Outlook, By Connectivity Device (2021-2030) ($MN)
17 Global Internet of Medical Things (IoMT) Market Outlook, By Wired (2021-2030) ($MN)
18 Global Internet of Medical Things (IoMT) Market Outlook, By Wireless (2021-2030) ($MN)
19 Global Internet of Medical Things (IoMT) Market Outlook, By Other Connectivity Devices (2021-2030) ($MN)
20 Global Internet of Medical Things (IoMT) Market Outlook, By Component (2021-2030) ($MN)
21 Global Internet of Medical Things (IoMT) Market Outlook, By Software (2021-2030) ($MN)
22 Global Internet of Medical Things (IoMT) Market Outlook, By Services (2021-2030) ($MN)
23 Global Internet of Medical Things (IoMT) Market Outlook, By Other Components (2021-2030) ($MN)
24 Global Internet of Medical Things (IoMT) Market Outlook, By Service Delivery (2021-2030) ($MN)
25 Global Internet of Medical Things (IoMT) Market Outlook, By On-Premise (2021-2030) ($MN)
26 Global Internet of Medical Things (IoMT) Market Outlook, By Cloud (2021-2030) ($MN)
27 Global Internet of Medical Things (IoMT) Market Outlook, By Other Mode of Service Deliveries (2021-2030) ($MN)
28 Global Internet of Medical Things (IoMT) Market Outlook, By Platform (2021-2030) ($MN)
29 Global Internet of Medical Things (IoMT) Market Outlook, By Device Management (2021-2030) ($MN)
30 Global Internet of Medical Things (IoMT) Market Outlook, By Application Management (2021-2030) ($MN)
31 Global Internet of Medical Things (IoMT) Market Outlook, By Cloud Management (2021-2030) ($MN)
32 Global Internet of Medical Things (IoMT) Market Outlook, By Other Platforms (2021-2030) ($MN)
33 Global Internet of Medical Things (IoMT) Market Outlook, By Application (2021-2030) ($MN)
34 Global Internet of Medical Things (IoMT) Market Outlook, By On-Body Devices (2021-2030) ($MN)
35 Global Internet of Medical Things (IoMT) Market Outlook, By Data Assortment & Analysis (2021-2030) ($MN)
36 Global Internet of Medical Things (IoMT) Market Outlook, By Real-Time Monitoring (2021-2030) ($MN)
37 Global Internet of Medical Things (IoMT) Market Outlook, By Remote Medical Assistance (2021-2030) ($MN)
38 Global Internet of Medical Things (IoMT) Market Outlook, By Tracking & Alerts (2021-2030) ($MN)
39 Global Internet of Medical Things (IoMT) Market Outlook, By Healthcare Providers (2021-2030) ($MN)
40 Global Internet of Medical Things (IoMT) Market Outlook, By Telemedicine (2021-2030) ($MN)
41 Global Internet of Medical Things (IoMT) Market Outlook, By Medication Management (2021-2030) ($MN)
42 Global Internet of Medical Things (IoMT) Market Outlook, By Patient Monitoring (2021-2030) ($MN)
43 Global Internet of Medical Things (IoMT) Market Outlook, By Home-Use Medical Devices (2021-2030) ($MN)
44 Global Internet of Medical Things (IoMT) Market Outlook, By Community (2021-2030) ($MN)
45 Global Internet of Medical Things (IoMT) Market Outlook, By Other Application (2021-2030) ($MN)
46 Global Internet of Medical Things (IoMT) Market Outlook, By End User (2021-2030) ($MN)
47 Global Internet of Medical Things (IoMT) Market Outlook, By Hospitals (2021-2030) ($MN)
48 Global Internet of Medical Things (IoMT) Market Outlook, By Clinics (2021-2030) ($MN)
49 Global Internet of Medical Things (IoMT) Market Outlook, By Research Institutes (2021-2030) ($MN)
50 Global Internet of Medical Things (IoMT) Market Outlook, By Long-Term Care Centers (2021-2030) ($MN)
51 Global Internet of Medical Things (IoMT) Market Outlook, By Nursing Homes (2021-2030) ($MN)
52 Global Internet of Medical Things (IoMT) Market Outlook, By Home Care Settings (2021-2030) ($MN)
53 Global Internet of Medical Things (IoMT) Market Outlook, By Academics (2021-2030) ($MN)
54 Global Internet of Medical Things (IoMT) Market Outlook, By Homecare (2021-2030) ($MN)
55 Global Internet of Medical Things (IoMT) Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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