Internet-of-Medical-Things (IoMT) Market Size, Share, By Product Type (Smart Wearable Devices, Home-Use Medical Devices, and Point-Of-Care Kits), By Services (On-Premise Based Services and Cloud-Based Services), By Application (Real-Time Monitoring, End-to-End Connectivity, Data Assortment & Analysis, Tracking & Alerts, and Remote Medical Assistance), By End-user (Hospitals & Clinics, Research Institutes & Academics, and Homecare), and By Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI437920 | Publish Date: December 2022 | No. of Pages: 173

Global Internet Of Medical Things IoMT Market Overview

Internet of Medical Things (IoMT) market size was valued at USD 145 Billion in 2024 and is expected to reach USD 789.6 Billion by 2034, growing at a CAGR of 20.5%.

Internet medical things (IoMT) is related to the collection of medical applications including technologies that they are connected to digital networks of computers and medical information technology systems. The basic concept of the Internet of Things, communication from machine to machine, is made possible by medical equipment with wireless connectivity. The interconnected collection of hardware elements, software programs, and Web-connected health care devices connected to healthcare information technology is commonly referred to as the Worldwide Internet of Medical Items, or the Internet of Things. The Internet of Medicine, sometimes known the Online of Medical Things within the healthcare industry, allows mobile & distant devices to securely communicate through the World Wide Web to offer quick and flexible medical data preparation.

Technology provided by the World Wide Web of Medical Things are making simpler to track heath using quality-of-life, physical exercise, and food items. Smartphones, implantation chips, and medical systems with embedded technology are example of creative electronic devices that continually collect indicators of health and activity of patient’s data. Telehealth is a method that utilizes the Internet of Things machinery to remotely observe individuals from their domiciles. The web of Medical Things, or IoMT for short, make possible to use novel technology that minimizes the requirement for personal appointments and enables customer self-service options. Greater data is provided due to the World Wide Web of Medical Things (the Internet of Medicine), providing healthcare providers greater understanding regarding the medical condition of the people they treat.

Internet-of-Medical-Things (IoMT) Market Size

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Global Internet Of Medical Things IoMT Market Drivers & Restraints

Key Drivers of Target Market:

The growing recognition of 5G technology:

  • The drivers supporting the development the industry includes an increasing understanding of the innovations behind 5G and growing worldwide investments in the development of innovative wireless networks that use 5G. Furthermore, greater government & business investment in the automation and digitization of healthcare in order to reduce costs and improve effectiveness is driving up prices on the market. Furthermore, all through the estimated time frame, organizations' growing awareness of software-defined networking, also called SDN, and network utilization visualization (NFV) technology is expected to fuel growth in the market.

Restrains:

High Costs:

  • The worldwide market for the World Wide Web of Medical Things, or IoMT for short, is developing significantly mainly because of improvements in technology for healthcare and the increasing popularity of related healthcare equipment. But there are additionally many barriers to large adoption, including the high the costs of setting up and maintaining such advanced technologies.

Opportunities:

The growing expenses for the field of healthcare:

  • The market for these products is growing mainly because of the increasing popularity of portable and stationary electronics for maintaining assets and healthcare surveillance. Furthermore, considering consumer lifestyles are evolving and health and corresponding professions are growing increasingly difficult, it is expected that the application of the Medical Internet of Things will continue to increase in the upcoming years. But along the duration of the extension period, increasing cooperation involving major organizations and the information technologies and medical infrastructure industries will additionally promote growth in the market.

Global Internet Of Medical Things IoMT Market Segmentations & Regional Insights

The market is segmented based on Product Type, Services, Application, End-User, and Region.

Product Type Insights:

  • Smart Wearable Devices: The World Wide Web of Medical Things, or the Internet of Medicine for simple terms, allows for the utilization of technologically advanced medical devices containing detectors and an on-demand computer system for tracking and treating individuals.
  • Home Use Medical Devices: In the IoMT marketplace, home medical devices are an important segment that reflects the developing consumer interest in remote health tracking and personal care solutions. These devices are convenient and accessible, and will contribute significantly to the growth of the market as many people need to manage their health from home.
  • Point of Care Kits: The synthesis of biological system development, quick a large-scale evaluation, and clinical verification is particularly powerful in IoMT-assisted POCT (postoperative methods. Optimum POCT (Point of: Using IoMT to evaluate the efficacy of suggested medication, understanding disease development, and decide on decisions regarding treatment may be beneficial.

Services Insights:

  • On Premise Based Services: Outside the marketplace of the Worldwide Web of Thing (IoMT), on-web webpage service offerings include the supply and management of IoMT solutions inside the framework of the company, offering protection and control of essential health data. Because this technique provides adaptability along with integration benefits it frequently necessitates significant expenditures in equipment and Technical support.
  • Cloud Based Services: A large amount of patient information is collected from smart medical devices. In addition to collection, it should be analyzed at a rate appropriate to the goal species. For example, if we communicate about uniforms in health care, caregivers and patients need to receive immediate answers if scientific conditions change.

Application Insights:

  • Real Time Monitoring: Manufacturers will incorporate novel innovations into the Internet of Things gadgets and networks as connected device technology develops. In particular, better technology for sensors must be developed to deliver greater data in real time. At the same time, Artificial intelligence along with information research will improve prediction health.
  • End- to-End Connectivity:  The entire process a connection is essential enabling the connection of healthcare gadgets and systems in the World Wide Web of Medical Things, or IoMT, business. It enables for the interchange of full information on anything from monitoring patients to heath monitoring. The making of choices and general efficacy in healthcare are enhanced by this particular day.
  • Data Assortment & Analysis: collecting and analyzing information constitute key applications within the online Internet of Medical Things (also known as IoMT) industry that allow possible the ability to collect and analyze large amounts of information about patients from an assortment of equipment. This capability benefits health through increasing the accuracy of diagnostics and personalized treatment strategies.
  • Tracking & Alerts: collecting and analyzing information constitute key applications within the online Internet of Medical Things (also known as IoMT) industry that allow possible the ability to collect and analyze large amounts of information about patients from an assortment of equipment. This capability benefits health through increasing the accuracy of diagnostics and personalized treatment strategies.
  • Remote Medical Assistance: Amongst the majority of frequently utilized healthcare technology, it keeps updated records of a person's arterial pressure, core temperature, pulse in addition to the sugar glucose, as well as additional vital statistics.

End-User Insights:

  • Hospitals & Clinics: Organizations improve treatment for patients through connections to the internet. Some examples include hospital rooms that include sensors to monitor clients' health indicators or pumps for infusion that connect to diagnostics monitors. The Internet of Things technologies are widely employed by hospital for inventories & management of assets. RFID chips that are embedded in medical supplies and equipment allow healthcare personnel the ability to access details involving the number of animals and activities. Individuals are monitored using similar gadgets during their trip around the medical center.
  • Research Institutes & Academics:  academic centers constitute important end users in the worldwide Internet of Medical Everything (IoMT) the business world, deploying connected technology enabling advanced technological studies as well as creative educational programs. Their participation is essential in developing improvements in technology and supporting the educational opportunities of forthcoming medical professionals.
  • Homecare: The individual's home or another nearby location contains where the medical equipment is situated. Home emergency structures, for example, utilize common household items to alert a healthcare center in case of a medical emergency. RPM gadgets are used in the home surveillance for individuals with continuous illnesses.

Regional Insights:

  • North America: According of the increasing incidence of persistent illnesses and patients' growing need for customized care, the Internet of Things medical equipment industry is expected to gain an important share of the market during the forecast decade. In the years to come, the market is going to grow because of factors that include the expanding population of cellphone users, the growing popularity of 5G networks, and the requirement to maintain up with increasing medical expenses.
  • Asia Pacific: Accelerated by the computerization of health care and chronic conditions, the World Wide Web of Medical Things, or IoMT for short, industry is growing quickly in the Asia-Pacific area, with the countries of China, Japan, and India leading the direction for related medical supplies. The marketplace continues growing due to government efforts and major expenditure regarding medical grows.
  • Europe: The European market of the World Wide Web of Medical Things (IoMT) is growing swiftly, mainly partially to a greater advanced medical facilities with a growing variety of digital health products. In an attempt to improve the treatment of patients and simplify medical services, major businesses in countries including France, Germany, and the UK are making major investments in IoMT technology.
  • Latin America: The World Wide Web's Internet of Medical Things, or IoMT, is growing throughout the region of South America and the Caribbean on account of growing availability of health and digitalization. Through putting significant amounts of cash into online health projects alongside associated medical supplies, big governments like Brazil and Mexico are setting up a pattern.
  • Middle East & Africa: The regions of the Middle East and Africa have experienced a growth in the World Wide Web of Medical Things (IoMT) manufacturing as a result of higher healthcare spending and the adoption of fresh technological advances in science. The main elements are the growing demand of consumer tracking systems and government initiatives for improving the medical infrastructures.

Internet of Medical Things (IoMT) Market Report Scope:

Attribute

Details

Market Size 2024

USD 145 Billion 

Projected Market Size 2034

USD 789.6 Billion

CAGR Growth Rate

20.5%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

By Product Type - Smart Wearable Devices, Home-Use Medical Devices, and Point-Of-Care Kits.

By services - On Premise Based Services & Cloud Based Services.

By Application - Real Time Monitoring, End- to-End Connectivity, Data Assortment & Analysis, Tracking & Alerts, Remote Medical Assistance.

By End Users - Hospitals & Clinics, Research Institutes & Academics, and Homecare.

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Product Type, Services, Application, End-User, and Region.

Segmentation:

By Product Type:

  • Smart Wearable Devices
  • Home-Use Medical Devices
  • Point-Of-Care Kits

By Services:

  • On Premise Based Services
  • Cloud Based Services

By Application:

  • Real Time Monitoring
  • End- to-End Connectivity
  • Data Assortment & Analysis
  • Tracking & Alerts
  • Remote Medical Assistance.

By End Users:

  • Hospitals & Clinics
  • Research Institutes & Academics
  • Homecare

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Global Internet Of Medical Things IoMT Market Competitive Landscape & Key Players

The key players operating in the Internet of Medical Things (IoMT) include Medtronic Inc., Koninklijke Philips N.V., IBM Corporation, GE Healthcare, Qualcomm Life Inc., Cisco Systems Inc., Stanley Healthcare, Microsoft Corporation, Proteus Digital Health Inc., Honeywell Care Solutions, Boston Scientific Corporation, General Electric Company, Microsoft Corporation, and Lenovo Group Ltd.

Internet-of-Medical-Things (IoMT) Market Players

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Global Internet Of Medical Things IoMT Market Recent News

  • In May 2021, Medtronic announced the launch of SonarMed airway monitoring system. The system helps in monitoring the endotracheal tube obstruction and verify its position in real-time.
  • In February 2020, GE Healthcare launched Skeye, a new cybersecurity service offering that brings together medical device expertise, artificial intelligence, and process management tools to help hospital groups in their fight against cybersecurity threats.

Global Internet Of Medical Things IoMT Market Company Profile

  • Medtronic Inc.*
  • Koninklijke Philips N.V.
  • IBM Corporation
  • GE Healthcare
  • Qualcomm Life Inc.
  • Cisco Systems Inc.
  • Stanley Healthcare
  • Microsoft Corporation
  • Proteus Digital Health Inc.
  • Honeywell Care Solutions
  • Boston Scientific Corporation
  • General Electric Company
  • Microsoft Corporation
  • Lenovo Group Ltd.

FAQs

Internet of Medical Things (IoMT) Market Size was valued at USD 145 Billion in 2024 and is expected to reach USD 789.6 Billion by 2034 growing at a CAGR of 20.5%

The Internet of Medical Things (IoMT) Market is segmented into Type, Application, End-User, and Region.

Factors driving the market include the growing recognition of 5G technology.

The Internet of Medical Things (IoMT) Market's restraints include high cost.

The Internet of Medical Things (IoMT) Market is segmented by region North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. North America is expected to dominate the Market.

The key players operating in the internet medical things" (IoMT) Market include Medtronic Inc., Koninklijke Philips N.V., IBM Corporation, GE Healthcare, Qualcomm Life Inc., Cisco Systems Inc., Stanley Healthcare, Microsoft Corporation, Proteus Digital Health Inc., Honeywell Care Solutions, Boston Scientific Corporation, General Electric Company, Microsoft Corporation, and Lenovo Group Ltd.