Global Internet of Medical Things (IoMT) Market size is expected to be worth roughly USD 325.3 Billion by 2030, growing at a CAGR of more than 27.5% during the projected timeframe of 2022-2030, according to Ameco Research
The Internet of Medical Things (IoMT), a system of integrated hospital devices, software programs, healthcare systems, as well as services, is rapidly transforming the role of medical technology in the healthcare industry. Medical organizations are modifying healthcare in novel ways by using medical equipment and gadgets via the Internet of medical things (IoMT). Integrated gadgets such as ECG monitors, glucose monitors, pulse oximeters, as well as blood pressure monitors are positioned close to a patient's body and ensure enhanced customer satisfaction by providing round-the-clock medical care and services.
The Internet of Medical Things (IoMT) Market value is expanding due to factors such as the increased focus on proactive patient participation and patient-centric management of chronic conditions, increased demand for mobile technology in healthcare globally, and increased concern and attention on patient safety. The increasing adoption of integrated devices in the healthcare industry boosts the use of diverse IoMT solutions, and technical improvements have fueled market demand. Meanwhile, the massive prices of IoMT technologies are impeding the IoMT market size.
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Global Internet of Medical Things (IoMT) Market Trends
The increased adoptions of information technology in the healthcare industry, as well as quick technical advancements, have considerably bolstered the worldwide internet of medical things market's growth. The internet of medical things facilitates the connection of numerous medical devices via internet connections. The expanding popularity of 5G technology, as well as increased investment in the creation of advanced 5G networks around the world, are projected to drive the IoMT market growth and use of the internet of healthcare devices across hospital facilities and families. The IoMT's most effective feature is that it transports and distributes data on the patient's condition without any human-to-machine interaction. Several IoMT technologies, such as wearable technologies, have evolved as an efficient solution for remote diagnosis and monitoring of a patient's condition. All of these variables are projected to boost demand for the IoMT among a wide range of end users throughout the world.
Furthermore, increasing development methods followed by leading market players are expected to create new growth as well as provide profitable chances in the near future. Furthermore, the current COVID-19 epidemic has functioned as a driver for the implementation of digital technologies in various sectors, including healthcare. The pandemic accelerated the technology innovation of the healthcare business, which is predicted to have a long-term impact that will change the face of the whole healthcare industry in the near future. Furthermore, greater government initiatives and corporate investments are increasing the rate of acceptance of advanced technology in the medical sector in order to deal with a pandemic crisis in the future. All of these reasons are projected to drive the global internet of medical things (IoMT) market revenue.
Internet of Medical Things (IoMT) Market Segmentation
Ameco Research has fragmented the global internet of medical things (IoMT) market by product type, services, application, and end-user. By product type, the industry is sub-divided into smart wearable devices, point-of-care kits, and home-use medical devices. In term of services, the market is classified into cloud-based services, and on-premise based services.
Based on the application, the market is divided into real-time monitoring, tracking & alerts, data assortment & analysis, end-to-end connectivity, and remote medical assistance. Additionally, in terms of end-user, the market is categorized into hospitals & clinics, homecare, and research institutes & academics. According to the internet of medical things (IoMT) market forecast, the hospitals & clinics segment is expected to grow extensively in the global market over the next few years.
Internet of Medical Things (IoMT) Market Regional Outlook
The global internet of medical things (IoMT) market is divided into several geographical regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East and Africa. According to an internet of medical things (IoMT) industry analysis, North America is predicted to hold the greatest share of the worldwide market throughout the projection period. This increase is due to patients' increased interest in effective management as well as the rising incidence of chronic conditions. The rising number of mobile phone users increased 4G technology adoption, and the requirement to address growing healthcare expenditures are projected to fuel market expansion in the future years. Other factors that contribute to this region's considerable share include the increasing acceptance of medical IT systems, the presence of key companies, and the availability of technologically advanced infrastructure.
Internet of Medical Things (IoMT) Market Companies
Some of the most notable worldwide internet of medical things (IoMT) market players is Boston Scientific Corporation, GENERAL ELECTRIC COMPANY (GE Healthcare), IBM Corporation, Koninklijke Philips N.V., Microsoft Corporation, Cisco Systems Inc., Honeywell Care Solutions, Johnson & Johnson Services, Inc., Medtronic Inc., NeuroMetrix, Inc., and Siemens Healthcare GmbH.
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