Internet of Medical Things (IoMT) Market Size, Trends [2030]
Internet of Medical Things (IoMT) Market Size, Trends [2030]
Segments - Global Internet of Medical Things (IoMT) Market by Component (Software, Hardware, and Services), by Platform (Application Management, Device Management, and Cloud Management), by Mode of Service Delivery (Cloud and On-Premise), by Connectivity Devices (Wireless and Wired), by Application (Healthcare Providers, Home-Use Medical Devices, On-Body Devices, Community, and Others), by End-user (Clinics, Hospitals, Homecare, Research Institutes & Academics, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
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| Report ID :ICT-SE-3858
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Report Description
The global internet of medical things (IoMT) market size was valued at USD 30.79 billion in the year 2021 and is expected to surpass USD 187.60 billion by 2028 expanding at a CAGR of 29.5% during the forecast period, 2021–2028. The increase in demand for real-time healthcare solutions around the world and the increasing investment in the deployment of internet of things technology in the healthcare sector are the primary factor driving the growth of the Internet of Medical Things (IoMT) market.
The Internet of Medical Things (IoMT) is a collection of medical equipment and software that uses online computer networks to link to healthcare IT systems. Machine-to-machine communication, which is the foundation of IoMT, is enabled by medical devices outfitted with Wi-Fi. IoMT devices connect to cloud systems like Amazon Web Services, which store and analyze collected data. Examples of IoMT include remote patient monitoring for those with chronic or long-term diseases, tracking patient prescription orders and the location of patients admitted to hospitals, Patients' mobile health gadgets, which can provide data to caregivers, medical gadgets that can be converted to or implemented as IoMT technology include infusion pumps that connect to analytics dashboards and hospital beds equipped with sensors that measure patients' vital signs. By delivering effective and developed technology inpatient care services, the internet of medical things lowers expenses for both the patient and the government. In the healthcare sector, the internet of things technology is projected to be the fastest as compared to that of any industry/sector.
The healthcare sector is under great strain and undergoing a dramatic transition as a result of the spread of COVID-19. The demand for IoMT has grown as a result of a shortage of capacity across healthcare organizations and end-user’s preference for counseling and receiving treatment via digital media in order to avoid infection and virus spread. Furthermore, the government's emphasis on remote patient monitoring, as well as the choice of healthcare service providers, is functioning as a growth accelerator for the market. Furthermore, in consideration of the COVID-19 pandemic, the healthcare services provider has declared an increase in funding for related medical research.
Market Trends, Drivers, Restraints, and Opportunities:
Drivers
- The increasing private expenditure and government in the automation and digitization of the healthcare sector to reduce cost and improve operational efficiency is one of the key drivers of the global IoMT market.
- The rising usage of sensor-based technologies, wearable or stand-alone devices for patient monitoring, and asset management is driving the growth of the Internet of medical things (IoMT) market. In addition, as consumers' lifestyles change and their concerns about health and related activities grow, the adoption of the internet of medical things is expected to increase in the coming years.
Restraints
- High price associated with the internet of medical things devices such as hardware maintenance, installation software, and the network are the key factor that is expected to hinder the market growth during the forecast period.
- Lack of skilled professionals to operate the internet of medical things devices, is anticipated to hamper the market growth during the forecast period.
Opportunities/Trends
- Rapid telecommunications improvements, such as the advent of 4G LTE, is expected to offer lucrative opportunities for key players in the coming years.
Scope of the Report
The report on the global internet of medical things (IoMT) market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Internet of Medical Things (IoMT) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast |
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Base Year |
2020 |
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Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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Segmentation |
by Component (Software, Hardware, and Services), by Platform (Application Management, Device Management, and Cloud Management), by Mode of Service Delivery (Cloud and On-Premise), by Connectivity Devices (Wireless and Wired), by Application (Healthcare Providers, Home-Use Medical Devices, On-Body Devices, Community, and Others), by End-user (Clinics, Hospitals, Homecare, Research Institutes & Academics, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers |
Global Internet of Medical Things (IoMT) Market Segment Insights
Based on the component, the market is divided into software, hardware, and services. The hardware segment is expected to account for a key share of the market during the forecast period due to the growing usage of IoT-enabled medical equipment to fulfill the growing demand for cost-effective and efficient healthcare delivery solutions. Data collection and tracking are crucial functions of IoT-enabled medical equipment, which has led to the creation of numerous IoT in healthcare use cases.
In terms of platform, the internet of medical things (IoMT) market is segregated into application management, device management, and cloud management. The device management segment is projected to account for a considerable share of the market during the forecast period due to improvements in wearable sensor devices, implanted sensor devices, and other stationary devices.
Based on the mode of service delivery, the internet of medical things (IoMT) market is segmented into cloud and on-premise. The on-premise segment is anticipated to account for a significant share of the market during the forecast period owing to the widespread use of on-premises software, which does not require users to have an internet connection to access data. Though many businesses rely on the internet to conduct business, there is always the risk that losing a connection will reduce productivity and make it impossible to access critical data.
In terms of connectivity devices, the internet of medical things (IoMT) market is segregated into wireless and wired. The wired segment is projected to account for a considerable share of the market during the forecast period due to fewer instances of network traffic interruptions and being less susceptible to interference and outages than wireless access points.
Based on application, the internet of medical things (IoMT) market is divided into healthcare providers, home-use medical devices, on-body devices, community, and others. The on-body devices segment is projected to account for a considerable share of the market during the forecast period. With the rise in aesthetic consciousness around the world and improvements in the field of body contouring, the on-body devices segment is expected to dominate the market. On the basis of end-user, the internet of medical things (IoMT) market is segregated into clinics, hospitals, homecare, research institutes & academics, and others. The hospitals’ segment is projected to account for a considerable share of the market during the forecast period due to the rising adoption of remote patient monitoring systems and electronic health records (EHR).
On the basis of regions, the global Internet of Medical Things (IoMT) market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America's market was worth USD 13.53 billion in 2020, and it is expected to continue to lead the global market over the forecast period. The increased usage of remote patient monitoring devices and the introduction of new products are mainly accountable for the region's growth. Furthermore, increased sales of Internet of Medical Things solutions and goods in the United States are fueling the segment's growth during the forecast period, owing to high demand during the pandemic. For example, Philips, one of the major competitors in the worldwide market, saw a 22.0 percent increase in the connected care business category in 2020 compared to 2019.
In terms of market share, Europe is expected to be the second-largest region. One of the main factors leading to the market's expansion in Europe is improving government initiatives to incorporate modern technology to enhance IoMT product acceptance. For example, the European government funded roughly USD 1.17 billion on digital technology R&D under the HORIZON 2020 financial support, with a bigger share going to the healthcare industry.
Segments
Segments Covered in the Report:
By Component
- Software
- Hardware
- Services
- Application Management
- Device Management
- Cloud Management
- Cloud
- On-premise
- Wireless
- Wired
- Healthcare Providers
- Home-Use Medical Devices
- On-Body Devices
- Community
- Others
- Clinics
- Hospitals
- Homecare
- Research Institutes & Academics
- Others
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
- GE Healthcare
- Medtronic
- Johnson & Johnson
- Koninklijke Philips N.V.
- Siemens Healthineers
Competitive Landscape
The internet of medical things market is fragmented, with GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers accounting for a significant portion of the market in 2020. To strengthen their global positions, the major market players focus on strategies such as acquisitions, collaborations, and new product development and launches.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Internet of Medical Things (IoMT) Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Internet of Medical Things (IoMT) Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Internet of Medical Things (IoMT) Market - Supply Chain
4.5. Global Internet of Medical Things (IoMT) Market Forecast
4.5.1. Internet of Medical Things (IoMT) Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Internet of Medical Things (IoMT) Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Internet of Medical Things (IoMT) Market Absolute $ Opportunity
5. Global Internet of Medical Things (IoMT) Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Internet of Medical Things (IoMT) Market Size and Volume Forecast by Applications
5.3.1. Healthcare Providers
5.3.2. Home-Use Medical Devices
5.3.3. On-Body Devices
5.3.4. Community
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Internet of Medical Things (IoMT) Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Internet of Medical Things (IoMT) Market Size and Volume Forecast by End Users
6.3.1. Clinics
6.3.2. Hospitals
6.3.3. Homecare
6.3.4. Research Institutes & Academics
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Internet of Medical Things (IoMT) Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Internet of Medical Things (IoMT) Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Internet of Medical Things (IoMT) Demand Share Forecast, 2019-2026
8. North America Internet of Medical Things (IoMT) Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Internet of Medical Things (IoMT) Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Internet of Medical Things (IoMT) Market Size and Volume Forecast by Applications
8.4.1. Healthcare Providers
8.4.2. Home-Use Medical Devices
8.4.3. On-Body Devices
8.4.4. Community
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Internet of Medical Things (IoMT) Market Size and Volume Forecast by End Users
8.7.1. Clinics
8.7.2. Hospitals
8.7.3. Homecare
8.7.4. Research Institutes & Academics
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Internet of Medical Things (IoMT) Demand Share Forecast, 2019-2026
9. Latin America Internet of Medical Things (IoMT) Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Internet of Medical Things (IoMT) Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Internet of Medical Things (IoMT) Market Size and Volume Forecast by Applications
9.4.1. Healthcare Providers
9.4.2. Home-Use Medical Devices
9.4.3. On-Body Devices
9.4.4. Community
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Internet of Medical Things (IoMT) Market Size and Volume Forecast by End Users
9.7.1. Clinics
9.7.2. Hospitals
9.7.3. Homecare
9.7.4. Research Institutes & Academics
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Internet of Medical Things (IoMT) Demand Share Forecast, 2019-2026
10. Europe Internet of Medical Things (IoMT) Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Internet of Medical Things (IoMT) Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Internet of Medical Things (IoMT) Market Size and Volume Forecast by Applications
10.4.1. Healthcare Providers
10.4.2. Home-Use Medical Devices
10.4.3. On-Body Devices
10.4.4. Community
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Internet of Medical Things (IoMT) Market Size and Volume Forecast by End Users
10.7.1. Clinics
10.7.2. Hospitals
10.7.3. Homecare
10.7.4. Research Institutes & Academics
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Internet of Medical Things (IoMT) Demand Share Forecast, 2019-2026
11. Asia Pacific Internet of Medical Things (IoMT) Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Internet of Medical Things (IoMT) Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Internet of Medical Things (IoMT) Market Size and Volume Forecast by Applications
11.4.1. Healthcare Providers
11.4.2. Home-Use Medical Devices
11.4.3. On-Body Devices
11.4.4. Community
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Internet of Medical Things (IoMT) Market Size and Volume Forecast by End Users
11.7.1. Clinics
11.7.2. Hospitals
11.7.3. Homecare
11.7.4. Research Institutes & Academics
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Internet of Medical Things (IoMT) Demand Share Forecast, 2019-2026
12. Middle East & Africa Internet of Medical Things (IoMT) Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Internet of Medical Things (IoMT) Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Internet of Medical Things (IoMT) Market Size and Volume Forecast by Applications
12.4.1. Healthcare Providers
12.4.2. Home-Use Medical Devices
12.4.3. On-Body Devices
12.4.4. Community
12.4.5. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Internet of Medical Things (IoMT) Market Size and Volume Forecast by End Users
12.7.1. Clinics
12.7.2. Hospitals
12.7.3. Homecare
12.7.4. Research Institutes & Academics
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Internet of Medical Things (IoMT) Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Internet of Medical Things (IoMT) Market: Market Share Analysis
13.2. Internet of Medical Things (IoMT) Distributors and Customers
13.3. Internet of Medical Things (IoMT) Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. GE Healthcare
13.4.2. Medtronic
13.4.3. Johnson & Johnson
13.4.4. Koninklijke Philips N.V.
13.4.5. Siemens Healthineers
Methodology
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