The healthcare industry is being transformed by revolutionary trends in the Internet of Medical Things (IoMT) market, which has also seen immense growth in recent times. The integration of connected devices and data-driven solutions into healthcare has become more common as technology advances. The IoMT market has experienced a major trend towards the utilization of wearable devices for personal health monitoring. Smartwatches and fitness trackers are some examples of these wearables that have become widespread, allowing users to monitor various body parameters in real-time. The other significant factor shaping this field is remote patient monitoring (RPM) solutions, which is another prominent trend shaping the IoMT landscape. Such technologies enable healthcare providers to monitor patients outside traditional healthcare settings, improving chronic disease management and post-operative care. Patients with connected devices can transmit their vital signs and health records instantly so that medical personnel can intervene on time without waiting for frequent hospital visits. The provision of RPM not only improves patient outcomes but also contributes to the efficiency and cost-effectiveness of healthcare delivery.
Another area that affects prevailing patterns in the Internet of Things Market is interoperability. As there are more different types of connected things, it becomes vital to make them work together effortlessly while sharing information. Different IoMT platforms and systems are currently undergoing standardization processes and the development of interoperability protocols that would allow them to communicate with each other effectively. Security concerns play an important role in shaping current trends in the IoMT market space, as well as privacy issues. Stringent security measures such as cyber threat protection and access control tools must accompany health data because its confidential nature, by its very own definition, makes it susceptible to unauthorized access or even hacking attempts. This awareness has resulted in stringent security standards being put in place within the IoMT sector.
The future of IoMT is heavily reliant on artificial intelligence (AI) and machine learning (ML). These systems allow analysis of huge volumes of health data, thus generating useful insights, anticipating future health events, and personalizing treatment protocols. Moreover, there is growing collaboration between stakeholders in the IoMT market. Healthcare providers, technology firms, and pharmaceutical companies are collaborating to produce extensive solutions for IoMT that can serve various patient needs and healthcare systems. Furthermore, the COVID-19 pandemic has accelerated the adoption of IoMT solutions globally, as evidenced by the increased use of remote healthcare monitoring and telehealth services. This has driven investment in IoMT technologies aimed at enhancing the delivery of care services as well as response mechanisms of health systems since the pandemic exposed weaknesses that require resilient and adaptable healthcare infrastructures.
Covered Aspects:
Report Attribute/Metric |
Details |
Base Year For Estimation |
  2021 |
Historical Data |
2020 |
Forecast Period |
  2022-2030 |
Growth Rate |
  23.8% |
Internet Medical Things Market Highlights:
Internet of Medical Things (IoMT) Market Snapshot
Internet of Medical Things Market size is projected to grow USD 289.4 Billion by 2030, exhibiting a CAGR of 23.8% during forecast period 2022-2030. IoMT is a collection of medical devices and applications connected to healthcare IT systems through online computer networks. Medical devices equipped with Wi-Fi networks allow machine-to-machine communication which is the basis of IoMT technology. The IoMT devices link to cloud platforms such as Amazon Web Services or Microsoft’s Azure where the data is captured, stored, and subsequently analyzed.
The rising number of connected devices and the need for cost reduction in medicinal delivery are key factors driving the growth of the IoMT market. Moreover, the need for enhancing healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others are some of the promising areas of market advancement in IoMT devices. However, the lack of proper IoT technology skills across healthcare organizations is anticipated to hinder the growth of the IoMT market.
With several advantages like enhanced patient safety, reduced medical errors, seamless transfer of electronic health records (EHR), better disease management, remote monitoring of chronic diseases, and improved drug management, IoT medical devices have the potential to transform healthcare and improve patient outcomes while reducing costs and aiding healthcare providers in making informed care decisions with greater speed and ease.
Market Segmentation
The Internet of Medical Things (IoMT) Market has been segmented based on Component, Product Type, Application, Connectivity Technology, and Region.
- By Component, the market has been segmented into medical devices, systems and software, and services.
- By Product Type, the market has been divided into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators, and others.
- By Application, the market has been divided into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and others.
- By Connectivity Technology, the market has been divided into Wi-Fi, Bluetooth low energy, ZigBee, near field communication, and others.
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Regional Analysis
Geographically, the global Internet of Medical Things (IoMT) market has been categorized into four regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is expected to dominate the market with the largest share during the forecast period owing to the increasing number of smartphone users, greater penetration of 4G technology, and the need to address the increasing healthcare costs in the region. Asia-Pacific is expected to advance at the highest CAGR during the forecast duration owing to the government initiatives for the promotion of eHealth and the growing demand for quality healthcare products and services.
Key Players
The Global Internet of Medical Things (IoMT) Market is characterized by the presence of several regional and local providers. Some of the key players in the market are
- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic plc
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Welch Allyn, Inc.
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Biotronik
- Agamatrix
- Sciencesoft
- KORE Wireless
- Telit
- STANLEY Healthcare
Key Developments
January 2024: Apple received FDA clearance for its ECG app on Apple Watch, allowing users to monitor their heart rhythm for potential atrial fibrillation.December 2023: A study published in Nature showed promising results for using smartwatches to detect early signs of Parkinson's disease.November 2023:A new IoMT platform was launched to support medication adherence for patients with chronic conditions like diabetes and hypertension.October 2023: A connected asthma inhaler received regulatory approval,allowing patients to track their usage and receive personalized treatment advice.
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