Category : ICT | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for Internet of Medical Things (IoMT) is expected to grow at a CAGR of around 27.2% from 2020 to 2027 and expected to reach the market value of around US$ 155.8 Bn by 2027.
The Internet of Medical Things (IoMT) refers to the amalgamation of medical devices and applications that can connect to healthcare information technology (IT) systems using online computer networks. IoMT is also known as healthcare IoT, where medical devices equipped with Wi-Fi allow machine-to-machine communication. The IoMT devices can be linked with cloud platforms such as Amazon Web Services so that the captured data can be stored and analyzed.
Market Dynamics
The increasing adoption of wearable devices and real-time healthcare service provision along with the adoption of IoMT is the factor driving the market growth. The deduction on expenditure incurred by patients due to the less number of visits to the physician with the help of IoMT as it promoting continuous monitoring of health in individuals is additionally accelerating the market growth. Some of the other advantages associated with IoMT like real-time monitoring, reduction in medical expenditure, improved drug management, and improved patient outcomes are some of the additional factors supporting the market growth. The growing prevalence of chronic diseases is further projected to bolster market growth. The growing technological advancement supported by start-ups and increasing demand for point-of-care medical devices by developed and developing countries is further expected to drive the growth over the forecast period from 2020 to 2027.
On the other side, high costs associated with the IoT based medical devices and lack of skilled professionals towards IOT technology are projected to restrict the growth to an extent over the forecast period.
Segment Instance
North America is leading the market with maximum revenue share in the IoMT Market
In 2019, North America accounted for the major revenue share (%) in the IoMT market, and the region is also projected to maintain its dominance over the forecast timeframe from 2020 to 2027. The major reason for the growth of the region is the presence of global players. The presence of well-established healthcare infrastructure in the region, particularly in the US and Canada is contributing to the regional market value.
Asia Pacific is anticipated to exhibit fastest growth over the forecast period
Asia Pacific is projected to experience the fastest growth in the IoMT market with major CAGR (%) over the forecast timeframe from 2020 to 2027. The rapidly developing economies of the region including China and India are the major contributors to the regional market growth. The developing healthcare infrastructure and rising awareness about the advanced technology in the medical sector of the region is further propelling the regional market value.
Key Market Players
The players profiled in the report include Boston Scientific Corporation (US), Cisco Systems Inc. (US), GENERAL ELECTRIC COMPANY (GE Healthcare) (US), Honeywell Care Solutions, IBM Corporation (US), Johnson & Johnson Services, Inc., Koninklijke Philips N.V. (Netherlands), Medtronic Inc. (Ireland), Microsoft Corporation (US), NeuroMetrix, Inc. (US), and Siemens Healthcare GmbH (Germany) among others.
Market Segmentation
Market By Product Type
Smart Wearable Devices
Home-Use Medical Devices
Point-Of-Care Kits
Market By Services
On-Premise Based Services
Cloud-Based Services
Market By Application
Real-Time Monitoring
End-to-End Connectivity
Data Assortment & Analysis
Tracking & Alerts
Remote Medical Assistance
Market By End-User
Hospitals & Clinics
Research Institutes & Academics
Homecare
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for Internet of Medical Things (IoMT) is expected to reach a market value of around US$ 155.8 Bn by 2027.
The Internet of Medical Things (IoMT) market is expected to grow at a CAGR of around 27.2% from 2020 to 2027.
The increasing adoption of wearable devices and real-time healthcare service provision along with the adoption of IoMT, The deduction on expenditure incurred by patients due to the less number of visits to the physician with the help of IoMT, real-time monitoring, reduction in medical expenditure, improved drug management, and improved patient outcomes, growing prevalence of chronic diseases, and growing technological advancement supported by start-ups and increasing demand for point-of-care medical devices by developed and developing countries are some of the factors driving the market growth.
Boston Scientific Corporation (US), Cisco Systems Inc. (US), GENERAL ELECTRIC COMPANY (GE Healthcare) (US), Honeywell Care Solutions, IBM Corporation (US), Johnson & Johnson Services, Inc., Koninklijke Philips N.V. (Netherlands), Medtronic Inc. (Ireland), Microsoft Corporation (US), NeuroMetrix, Inc. (US), and Siemens Healthcare GmbH (Germany) are some of the prominent players in the market.
North America held the highest market share in the Internet of Medical Things (IoMT) market
Asia Pacific is expected to be the fastest growing market over the forecast period.
In product segment the Smart Wearable Devices segment is growing at faster pace.
