Ottawa, Nov. 17, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global internet of medical things (IoMT) market was reached at US$ 39.3 billion in 2020. The rising expenditure in the adoption of internet of things technology in the healthcare sector is the major driving force of the internet of medical things market. The internet of medical things reduces the costs for the patient and the government by providing efficient and developed technology in the patient care services. The internet of things technology in the healthcare sector is expected to be the fastest as compared to that of any sector/industry.
The rising government and private expenditure in the digitization and automation of the healthcare sector to reduce cost and improve operational efficiency is one of the major drivers of the global IoMT market. The effectiveness of the IoMT devices in the quick and real-time data transferring is a major benefit that can help in providing improved patient care services. The recent outbreak of the COVID-19 pandemicled the digital transformation in the healthcare industry at a rapid rate in the recent year. This has boosted the adoption of IoMT technology across the globe.
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Furthermore, the rising developmental strategies adopted by the key market players are anticipated to open new growth avenues and provide lucrative opportunities in the upcoming future. For instance, CONNEQT and LifeQ entered into a partnership in June 2021, for providing health related information to the wearable device users.
Scope of the Internet of Medical Things Market
| Report Coverage | Details |
| Market Size in 2020 | USD 39.3 Billion |
| Growth Rage From 2021 to 2030 | CAGR of 15.9% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Regional Scope |
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| Companies Covered | GE healthcare, LifeFuels, Inc., Apple, Inc., Koninklijke Philips N.V., Honeywell International, Medtronic MiniMed, Inc., Meru Health, Inc., Sony, Breathometer Inc., Carre Technologies Inc., Nike, Inc., IBM Corp., Wimm Labs, Amiigo, Sano Intelligence |
North America dominated the market in 2020. The major markets in North America like US and Canada have a strong and developed healthcare infrastructure, IT infrastructure, and telecommunication system. These are the major drivers of the IoMT market in the North American region. Moreover, increasing popularity of various smart devices and clinical wearable devices among the population have rapidly boosted the market growth in the region.
Asia Pacific is estimated to be the most opportunistic market. The rising government expenditure on developing healthcare and IT infrastructure is the significant factor that is driving the market growth. Moreover, the surging adoption of healthcare wearable devices among the youth owing to the rising health consciousness and rising disposable income is expected to be the major drivers of the IoMT market in Asia Pacific.
Rising inclination towards data and digital technologies is posed with the threat of cyberattack and data breaches. The increased risks of data breach and cyberattack may result in the financial losses and loss of patient’s life. This is major factor that may hinder the market growth during the forecast period.
The rapid growth of the telemedicine has significant contribution in the growth of the IoMT market. The telemedicine emerged as a result of the technological advancements in the digital technology field and has been increasingly adopted across the various healthcare units around the globe. The real-time data sharing and effective communication owing to the use of telemedicine is changing the face of the healthcare industry by improving the efficiency of the healthcare sector in patient care.
Based on the product type, the smart wearables segment dominated the market in 2020. This can be attributed to the growing traction of various wearable devices among the population especially in the developed markets. Moreover, introduction of innovative features in the wearable devices is further boosting the segment growth. For instance, Neurometrix developed a neuromodulation wearable device named Quell, which provides relief from various chronic pains by tapping into the sensory nerves.
Based on the end user, the hospitals & clinics dominated the market in 2020. This is attributable to the increased efforts and investments of the government and the private players to integrate latest and digital technologies in the healthcare sector to improve the operational efficiency of the hospitals and clinics, improve patient care services, and increase profitability. These efforts have resulted in the rapid adoption of the IoMT in hospitals and clinics.
Based on the application, the patient monitoring segment is expected to register highest CAGR during the forecast period. The rising number of patients owing to the increased prevalence of chronic diseases and growing geriatric population is boosting the growth of this segment. According to the CDC, in 2019, there were 45 million outpatient surgeries, over 900 million physician visits, and 155 million emergency department visits in US. Therefore, rising number of patients is expected to drive this segment.
Key Players
The major key players operating in the market are GE healthcare, Koninklijke Philips N.V., Medtronic MiniMed, Inc., LifeFuels, Inc., Meru Health, Inc., Breathometer Inc., Carre Technologies Inc., Apple, Inc., Honeywell International, Inc., IBM Corp., Wimm Labs, Sony, Nike, Amiigo, Sano Intelligence, iRhythm, Hexoskin.
Segments Covered in the Report
By Product
- Smart Wearable
- Home Use Devices
- Point of Care Kits
By End User
- Hospitals & Clinics
- Research Institutes
- Home Care
By Application
- Telemedicine
- Patient Monitoring
- Medication Management
- Others
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