Internet of Medical Things (IoMT) Market to Surge USD 270.40 Billion, with Excellent CAGR of 23.9% by 2029

The use of wearable or standalone devices for patient monitoring and asset management is a key factor in the expansion of the Internet of medical things (IoMT) market

Melbourne, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research Published Latest Internet of Medical Things (IoMT) Market Study by in-depth analysis about current scenario, the Market size, demand, growth pattern, trends, and forecast. This report on the study considers important factors such as an analysis of the market, a definition of the market, market segmentation, significant trends in the industry, an examination of the competitive landscape, and research methodology.

Data Bridge Market Research analyses that the internet of medical things market which was USD 48.69 billion in 2021, would rocket up to USD 270.40 billion by 2029, and is expected to undergo a CAGR of 23.9% during the forecast period 2022 to 2029. 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 also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

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Market Overview:

Internet of medical things (IoMT), medical organisations are transforming healthcare in novel ways to the usage of medical equipment and gadgets. By offering round-the-clock medical help and services, connected devices like glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors are placed close to a patient's body and assure improved customer satisfaction.

The role of medical technology in healthcare is rapidly changing because to the Internet of Medical Things (IoMT), a network of connected medical equipment, software programmes, and health systems and services. Health care organizations are using the internet of medical things to increase patient care from remote places and streamline clinical workflow management.

Recent Development

  • In April 2021, the new Welch Allyn PanOptic Plus Ophthalmoscope and the Welch Allyn MacroView Plus Otoscope were introducedby Hillrom, Inc.
  • In June 2021, when atrial fibrillation, often known as irregular heartbeats, is detected better by the Reveal LINQ Insertable Cardiac Monitor (ICM), Medtronic announced a clinical trial for the STROKE AF.

Some of the major players operating in the internet of medical things market are:

  • Siemens (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.)
  • Koninklijke Philips N.V. (Netherlands)
  • Lenovo (China)
  • AliveCor, Inc. (U.S.)

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IoMT devices are in higher demand in the healthcare sector due to their benefits, which include real-time monitoring, enhanced drug management, improved patient outcomes, and lower medical costs. The majority of these devices are therefore used in hospitals and clinics. The IoMT is used by more than 70% of the organisation to keep track of and collect patient data. The market is anticipated to grow faster as a result of these technologies' continuing advancements and the expanding healthcare industries.

Core Objective of the Internet of Medical Things (IoMT) Market:

Every firm in the Internet of Medical Things (IoMT) Industry has objectives but this market research report focus on the crucial objectives, so you can analysis about competition, future market, new products, and informative data that can raise your sales volume exponentially.

  • Internet of Medical Things (IoMT) Market Size and growth rate factors.
  • Important changes in the future Internet of Medical Things (IoMT) Market.
  • Top worldwide competitors of the Market.
  • Scope and product outlook of the Internet of Medical Things (IoMT) Market.
  • Developing regions with potential growth in the future.
  • Tough Challenges and risk faced in the Market.
  • Global Internet of Medical Things (IoMT) top manufacturers profile and sales statistics.

Internet of Medical Things (IoMT) Market Scope

By Component

  • Hardware
  • Software
  • Services

By Platform

  • Device Management
  • Application Management
  • Cloud Management

 By Mode of Service Delivery

  • On-Premise
  • Cloud

By Connectivity Devices

  • Wired
  • Wireless

By Application

  • On-Body Devices
  • Healthcare Providers
  • Home-Use Medical Devices
  • Community

By End-User

  • Hospitals
  • Clinics
  • Research Institutes
  • Academics
  • Homecare

Key Pointers Covered in the Internet of Medical Things (IoMT) Market Industry Trends and Forecast to 2029

  • Market Size
  • Market New Sales Volumes
  • Market Replacement Sales Volumes
  • Market By Brands
  • Market Procedure Volumes
  • Market Product Price Analysis
  • Regulatory Framework and Changes
  • Prices and Reimbursement Analysis
  • Market Shares in Different Regions
  • Recent Developments for Market Competitors
  • Market Upcoming Applications
  • Market Innovators Study

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  • Rising demand of connected devices

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.

  • The rise in demand for wearable devices

The use of wearable or standalone devices for patient monitoring and asset management is a key factor in the expansion of the Internet of medical things (IoMT) market. Additionally, the adoption of the internet of medical things is projected to increase in the upcoming years due to consumer lifestyle changes and rising concerns about their health and related activities.

Regional Analysis/Insights: Internet of Medical Things (IoMT) Market

The internet of medical things market is analyzed 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 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 dominated the global IoMT market in 2020 and is expected to grow with a significant CAGR during the forecast period. The well-established healthcare infrastructure and IT industry is the factor that drives the market growth.

Asia-Pacific is expected to hold the highest CAGR in the global market during the forecast period due to growing awareness, changes in lifestyle, and improving diagnostic facilities.

Table of Contents:

  1. Introduction
  2. Market Segmentation
  3. Executive Summary
  4. Premium Insights
  5. Global Internet of Medical Things (IoMT) Market: Regulations
  6. Market Overview
  7. Global Internet of Medical Things (IoMT) Market, By Component
  8. Global Internet of Medical Things (IoMT) Market, By Platform
  9. Global Internet of Medical Things (IoMT) Market, By Mode of Service Delivery
  10. Global Internet of Medical Things (IoMT) Market, By Connectivity Devices
  11. Global Internet of Medical Things (IoMT) Market, By Application
  12. Global Internet of Medical Things (IoMT) Market, By End User
  13. Global Internet of Medical Things (IoMT) Market, By Region
  14. Global Internet of Medical Things (IoMT) Market: Company Landscape
  15. SWOT Analyses
  16. Company Profile
  17. Questionnaires
  18. Related Reports

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Primary Respondents

  • Demand Side: Manufacturer, Healthcare Industry, Scientists, Research Laboratories
  • Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, and Regulatory Affairs Managers, among others.

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