Internet Medical Things Market Analysis

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

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

In May 2023, Medtronic plc, a healthcare technology company, took over EOFlow Co. Ltd., the manufacturer of EOPatch devices, to supplement its existing next-generation continuous glucose monitor (CGM) and Meal Detection Technology algorithm. Medtronic’s goal is to expand its reach in the diabetes population by integrating EOFlow’s technologies that allow a person to choose different insulin delivery options suitable for all stages and patient preferences.

In June 2023, Biotronik SE & Co. KG launched their BIOMONITOR IV implantable cardiac monitor (ICM). The combination of BIOTRONIK’s SmartECG technology with AI has brought about an 86% reduction in the rate of false positive detections while still detecting 98% of true episodes.

On the other hand, Koninklijke Philips N.V. unveiled Zenition 10 Medical Imaging Device used during surgery and interventional procedures. It employs Philips’ flat panel detector technology to facilitate cost-effective treatment and improve patient outcomes, thus bringing quality care closer to a larger population of individuals globally.

In May 2023, Koninklijke Philips N.V. presented this new Philips CT 3500 system capable of serving routine radiology procedures and high-volume screening programs. It offers a wide range of image reconstruction as well as workflow-enhancing features, enabling the generation of consistent, fast, and high-quality images for diagnostic purposes. This new system incorporates internal and external sensors for proactive monitoring, including vMRC tube technology developed by Philips, which keeps track of essential performance indicators.

Medtronic PLC also acquired EOFLOW Co., Ltd, based in South Korea, an insulin delivery system developer; this will allow Medtronic’s diabetic treatments to become accessible to a greater number of patients who opt for different ways of delivering insulin.

During March 2023, Medtronic PLC partnered with NVIDIA Corporation, known as a designer and producer of graphics processing units (GPUs), to accelerate the growth of AI across healthcare and introduce creative AI-driven solutions into patient care. In their cooperation, both companies have planned to integrate NVIDIA’s health care and edge AI technologies into Medtronic’s GI Genius intelligent endoscopy module, which was developed by Cosmo Pharmaceuticals. These two enterprises will combine their competencies that help doctors monitor patients using AI-based tools.

In January 2023, Koninklijke Philips N.V. entered into an agreement with Masimo Corporation to improve the patient monitoring capabilities in home telehealth applications using Masimo’s W1 advanced health tracking watch. In return, Philips will be able to improve its hospital-at-home programs by leveraging the joint expertise available from the two entities.