Rising Demand for Internet of Medical Things (IoMT) Market

24 August 2021 | Tuesday | News

The global internet of medical things (IoMT) market was valued at USD 44,565.6 million in 2018 and is expected to reach USD 254,233.6 million in 2026, growing at a CAGR of 24.4% during the forecast period. Growing need for advance data monitoring application, changing lifestyles, growing awareness among end users are expected to drive the growth of the internet of medical things (IoMT) market.
Image Source : Public Domain

Image Source : Public Domain

The internet of medical things has significantly revolutionized the traditional paper-based to data management to real-time patient data and remote patient monitoring. IoMT promotes high living standard and personalized care with the help of data-based remedies. IoMT is an interdependent system which controls the end-user applications via device connectivity, data transfer, real-time data collection, and analysis. The emergence of this technology provides a verity of solutions to the end-users. These advantages are expected to boost the adoption of IoMT and increase the market size over the forecast period.

The Internet of Medical Things Market report has been segregated based on distinct categories, such as product type, application, end-user, and region. Each segment is evaluated based on CAGR, share, and growth potential.

List of Top Key Players in Internet of Medical Things Market Report are:  

  • GE healthcare
  • Koninklijke Philips N.V.
  • Medtronic MiniMed.
  • LifeFuels Inc.
  • Meru Health.
  • Breathometer Inc.
  • Carre Technologies Inc.
  • Apple
  • Honeywell International
  • IBM Corp.
  • Wimm Labs
  • Sony
  • Nike
  • Amiigo
  • Sano Intelligence
  • iRhythm
  • Hexoskin

 Internet of Medical Things Industry 2021 Market Research Report provides exclusive vital statistics, data, information, trends, and competitive landscape details in this niche sector. This report provides the status of the Internet of Medical Things market forecast till 2026. Likely, the report also focuses on global major manufacturers of Internet of Medical Things market share providing information such as company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. Upstream raw materials and equipment and downstream demand analysis are also carried out.

Internet of Medical Things Market Segmentation by Product Type:

  • Smart Wearable Devices
  • Home-Use Medical Devices
  • Point-Of-Care Kits

Internet of Medical Things Market Segmentation by Application:

  • Real Time Monitoring
  • End-To-End Connectivity
  • Data Assortment and Analysis
  • Tracking And Alerts
  • Remote Medical Assistance

The report diversifies the global geographical expanse of the Internet of Medical Things market into five prominent regions such as Europe, APAC, MEA, North and South America.

IoMT provides fitness and wellness tracker as well as medication reminder for patients, thus the changing lifestyles and growing awareness among end-users boosts the adoption of these technologies. Also, to improve patient participation during decision making and real-time monitoring, IoMT boosts the interaction between man and machine. Advantages such as optimal utilization of resources, reduce emergency medical response time, and fewer follow-ups leading to reduced morbidity and financial burden are prime contributors to the growth of the globe IoMT market.

However, challenges such as data security and hacking, lack of standard communication protocols, lack of medical expertise, and data overload on healthcare facilities, are expected to hamper the growth of the global internet of medical things (IoMT) market during the forecast period. Moreover, the limited awareness and misconception towards the usage of these technologies in developing or underdeveloped regions are the prime challenges in the global internet of medical things (IoMT) market throughout the forecast period.

Key Findings:

  • Based on the product, the smart wearable devices accounted for approximately 27% of the share in the global Internet of medical things (IoMT) market in 2018
  • Based on the application, the tracking and alerts segment is expected to grow at a CAGR of around 31% throughout the forecast period
  • North America accounted for nearly 43% share of the global internet of medical things (IoMT) market in 2018

Recent News:

  • In Feb 2019, GE Healthcare entered into a strategic collaboration with Decisio Health a company focused on clinical surveillance and data visualization.
  • In Apr 2019, Technology services industry body Nasscom has partnered with GE Healthcare to encourage start-ups to work on digital healthcare solutions in India.
  • In Sept 2018, Intuitive Surgical and InTouch Health has entered into multi-year licensing service agreement for IoMT Services

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