Internet of Medical Things (IoMT) Market Size to Surpass USD 187.60 Billion by 2028, exhibiting a CAGR of 29.5%
As per the report by Fortune Business Insights, The internet of medical things (IoMT) market size was USD 41.17 billion in 2020 and is projected to grow from USD 30.79 billion in 2021 to USD 187.60 billion in 2028, at a CAGR of 29.5% during the 2021-2028 period.
Internet-of-Medical-Things-[IoMT]-Market
Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, The global internet of medical things (IoMT) market size is projected to reach USD 187.60 billion by 2028 and exhibit a CAGR of 29.5% during the forecast period. Increasing Product Launches to Boost Growth in North America, Key Players Emphasize New Product Launches to Garner Growth in the Market.
The growing expenditure on IoT in healthcare and the increasing technological advancement in healthcare information technologies are anticipated to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Internet of Medical things (IoMT) Market, 2021-2028”. The market size stood at USD 41.17 billion in 2020.
The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to enhance the telehealth industry and empower market growth. The growing adoption of 5G networks is also expected to amplify the growth of the market in the upcoming years.
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Industry Developments-
- September 2020: Philips unveiled Philips Avent electric breast pump, Philips Sonicare teledentistry, and others to enhance services to patients in homecare settings.
Key Takeaways:
- COVID-19 Pandemic: Market to Witness Positive Impact Owing to Rise in Number of Virtual Medical Consultations
- Rigorous Developments in Telecommunication Sector and Mobile Phone Technology Supporting Lucrative Market Growth
- Increased Spending on IoT in Healthcare to Propel Global Market
- Surging Risk of Data Breach/Cyberattacks to Restrict Adoption of IoMT Technology
- GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers, are Key Players in Market
Key Players in the Internet of Medical Things market are:
- Boston Scientific Corporation (Marlborough, the U.S.)
- General Electric Company (G.E. Healthcare) (Chicago, the U.S.)
- Johnson & Johnson Services, Inc. (New Brunswick, the U.S.)
- Medtronic (Dublin, Ireland)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Siemens Healthineers AG (Munich, Germany)
- Cisco (San Jose, the U.S.)
- IBM (Armonk, the U.S.)
- Hill-Rom Services, Inc (Welch Allyn) (Indiana, the U.S.)
- BIOTRONIK (Berlin, Germany)
COVID-19 Impact
The humanitarian crisis has significantly struck the healthcare industry. However, the demand for the internet of medical things has witnessed astronomical growth during the pandemic due to rapid digitization. The investments in healthcare have increased manifold during the pandemic. Virtual consultation has witnessed striking growth during the outbreak due to the fear of contracting the virus. As per an article by Onometra, there are approximately 48% of medical devices connected through the internet of things (IoT) in India. These numbers are expected to increase to 68% shortly. The market is projected to witness immense growth in the forthcoming years.
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Drivers & Restraints-
Growing Investments in IoT in Healthcare to Fuel Market Growth
The internet of health things (IoMT) can reduce healthcare costs for governments and patients. The medtech companies with the internet of medical things focus on transforming the delivery of advanced healthcare to patients. The investments in the healthcare industry have significantly increased during the pandemic. The increasing investments in IoT to transform the healthcare sector are anticipated to bolster the global internet of medical things (IoMT) market growth.
The developments in mobile phone technology and the telecommunication industry are expected to create lucrative growth opportunities for the market. The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks and the growing adoption of 5G technology are likely to enhance the telehealth industry and empower market growth.
However, the risks of cyberattacks and data breaches loom large and may hinder the growth of the market.
Segmentation-
On the basis of product, the market is trifurcated into wearable external medical devices, implanted medical devices, and stationary medical devices. On the basis of application, the market is segmented into patient monitoring, medication management, telemedicine, and others. On the basis of end-user, the market is fragmented into government authorities, patients, healthcare providers, and others. Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage-
- The report offers a comprehensive assessment of the prospected market.
- The report incorporates Porters’ Five Forces Analysis for an infallible market prediction.
- The report highlights different market segments; product, application, end-user, and others.
- The report highlights strategies of growth for companies to wade through the COVID-19 pandemic.
- The report highlights the latest industry developments, new product launches, key market trends, and others.
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Regional Insights-
Increasing Product Launches to Boost Growth in North America
North America is anticipated to gain the largest portion of the global internet of medical things (IoMT) market share. The increasing launch of ingenious products and the growing adoption of remote patient observation devices are expected to boost the growth of the market. Additionally, the robust sales of IoMT products and solutions in the U.S. are likely to stimulate the market’s growth.
Europe is expected to witness the second-highest growth in the global market due to the rising government initiatives to boost the adoption of IoMT solutions in the healthcare industry.
Asia Pacific is projected to witness growth with the highest CAGR. The rising healthcare expenditure and the strong government support for the approval and launch of IoMT devices are anticipated to bolster the growth of the market.
The Middle East & Africa, and Latin America are likely to gain considerable growth due to improving investments in the healthcare industry and the growing awareness for IoMT devices and solutions.
Competitive Landscape-
Key Players Emphasize New Product Launches to Garner Growth in the Market
The market is fairly fragmented and comprises several key players, including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips N.V., with the largest shares in the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. Most recently, Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions. The collaboration is aimed to accelerate clinical trials and enhance patient care.
Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Start-ups Funding: Overview
- Technological Advancements in IoMT Devices
- Snapshot by Ways the IoMT Impacts Healthcare
- New Application Areas: Overview
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- New Product Launches
- Key Industry Trends
- Impact of COVID-19 on Global IoMT Market
- Key Trends Accelerated by COVID-19
- Global Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
Toc Continue…
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FAQs :
What is the Internet of Things in healthcare market?
- The internet of medical things (IoMT) market size was USD 41.17 billion in 2020 and is projected to grow from USD 30.79 billion in 2021 to USD 187.60 billion in 2028, at a CAGR of 29.5% during the 2021-2028 period.
What is the key factor driving the market?
- The increasing spending on IoT in healthcare is the major factor driving the growth of the market.
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