PRESS RELEASE
Published July 21, 2023
InsightAce Analytic Pvt. Ltd. Announces the Release of a Market Assessment Report on the “Global Internet of Medical Things (IoMT) Market Size, Share & Trends Analysis Report by Component (Hardware, Software, and Services), Platform (Device Management,
Application Management & Cloud Management), Service Delivery (On-Premise & Cloud), Connectivity Services (Wired & Wireless), Applications (On Body, Healthcare Providers, Medical Devices For Home Use, Community & Others) & End Use (Hospitals, Clinics, Universities, Research Institutes, Home Care & Others) – Market Outlook & Industry Analysis 2031″
The global Internet of Medical Things (IoMT) market is estimated to reach over USD 357.35 billion by 2031, at a CAGR of 23.57% during the forecast period.
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Medical institutions are revolutionizing healthcare through medical technology and the Internet of Medical Things (IoMT). The global market has expanded due to advances in technology and improved access to personal health care. One of the major elements driving the growth of the industry is the use of wearable or self-contained devices for patient monitoring and asset management.
Furthermore, it is expected that as consumers’ lifestyle changes and their concerns about their health and related problems grow, more and more people will adopt the medical Internet of Things. On the other hand, the lack of infrastructure facilities and skilled professionals by the hospital and medical industry has stifled the market expansion.
An increase in the need for connected devices in healthcare is expected to lead to an expansion in the global market. Therefore, the future of the market is likely to remain strong and developed. IoT adoption in healthcare is expected to increase throughout the forecast period due to growing awareness of innovative healthcare solutions.
The market is driven by the increased use of wearable devices and the growing need for real-time healthcare solutions. The cost of consulting any medical expert is reduced by connected gadgets, making it easier for them to evaluate patients. The market is therefore expected to grow. The growing demand for connected devices in the healthcare sector is expected to present significant opportunities for developers of IoT software and solutions.
List of the Top Players in the Internet of Medical Things (IoMT) Market:
- Siemens (Germany)
- General Electric (USA)
- Biotronik SE & Co. KG (Germany)
- Medtronic (Ireland)
- Boston Scientific Corporation (USA)
- Hill-Rom Services, Inc. (United States)
- Neurometrix, Inc. (United States)
- Honeywell International Inc. (USA)
- VitaConnect (USA), EKso Bionics (USA)
- BL Healthcare, Inc. (United States)
- BioSerenity
- Koninklijke Philips NV (Netherlands)
- Lenovo (China)
- AliveCor, Inc. (United States)
Market dynamics:
Drivers-
Global demand for mobile healthcare technology is on the rise, along with concerns and attention paid to patient safety. These reasons drive the growth of the market. The demand for connected devices has grown in the healthcare sector, increasing the use of various IoMT systems and technical developments have fueled this demand. As a result, the market is expected to expand. The growing demand for connected devices in the healthcare sector is expected to present significant opportunities for IoT software and solution providers.
Challenges:
Hospital and medical industries need more infrastructure facilities and skilled professionals stifled market expansion. Many hospitals are skimping on endpoint system security, which is expected to harm the Internet of Medical Things (IoMT) industry by allowing malicious cyber attacks and unauthorized user access. Also, lack of public awareness limits market growth.
Regional trends:
The North American Internet of medical things (IoMT) market is expected to gain significant market share shortly. Due to an increase in the adoption of cutting-edge technology devices and software among healthcare organizations and hospitals and an increase in investment by major players to deliver services in these regions. Additionally, the Asia-Pacific region held a substantial share in the Internet of Medical Things (IoMT) market. Thanks to the presence of key solution providers and the early adoption of connected devices and Internet of Things (IoT) solutions among the end users of the region.
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Recent developments:
- In April 2021- Updated Welch Allyn PanOptic Plus Ophthalmoscope and Welch Allyn MacroView Plus Otoscope were released by Hillrom, Inc.
- In June 2021- Atrial fibrillation, also called an irregular heartbeat, is more easily recognized by the Reveal LINQ insertable cardiac monitor (ICM), and Medtronic announced a clinical trial for STROKE AF.
Segmentation of the Internet of Medical Things (IoMT) market
By Component
- Hardware
- Software
- Services
By platform
- Device management
- Management of applications
- Cloud management
By method of service delivery
For connectivity devices
By application
- Devices on the body
- Healthcare providers
- Medical devices for home use
- Community
- Others
For end user
- hospitals
- Clinics
- Research institutes
- academics
- Home care
- Others
By region-
North America-
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East and Africa-
- GCC countries
- South Africa
- Rest of the Middle East and Africa
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