As per the research report, the global Internet of Medical Things Market was valued at US$ 51.2 billion in 2019 and is projected to expand significantly with a CAGR of 18.5% from 2021-2027. The Internet of Medical Things (IoMT) is the incorporation of medical devices and applications that can connect to healthcare IT systems utilizing networking skills. It reduces excessive hospital visits and burden on health care systems by connecting patients to their physicians and allowing the transfer of medical data over a protected network. The advancement of artificial intelligence (AI), especially the rise of machine learning technology, is driving the IoMT's ability to help reduce the cost of care while improving its effectiveness. The growing investment for health care IoMT solutions, an increasing number of connected medical devices, and the rising utilization of smartphones are expected to drive the growth of the market.
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The expansion of the IoMT ecosystem is paving the way for other emerging innovations too such as kiosks that provide care providers with connectivity. Regardless of a patient’s location or condition, an evolution of the IoMT ecosystem would become increasingly impactful. And even the most remote locations are expected to benefit from better access to care as connected medical devices continue to find their way into the hands of both patients and clinicians. Health information systems have also resulted in the rapid growth of mobile computing, wireless networking, sensor networks, and embedded systems entering the age of ubiquitous computing. This has led to the constant growth of applications and devices (i.e., wearable devices) for providing new pervasive health services, which are rapidly being adopted worldwide. According to the Research survey “2017 Trends in the Internet of Things”:
67% of responding IT professionals revealed that their companies had either already deployed an IoT solution, or had an IoT system in trial
21% of respondents stated that their companies intended to deploy IoT solutions within a year, with 11% claiming their companies’ plans for implementing IoT were over a year away
Boston Scientific Corporation, Cisco Systems, GE Healthcare, IBM Corporation, iRhythm Technologies, Koninklijke Philips N.V., Medtronic, Microsoft Corporation, SAP SE, and Welch Allyn are some of the prominent players operating in the global Internet of Medical Things market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst component type, the medical devices segment holds the major share”
Based on component type, the market is fragmented into medical devices, systems and software, services, and connectivity technology. The medical devices dominated the market with a share of 36.6% in 2019 and are expected to maintain their dominance during the forecast period owing to the rising tremendous attention due to their capabilities, including devices benefitting patients living with chronic illness, rising interest in medical technology companies for the generation of medical devices.
“Amongst application, telemedicine is expected to dominate the market during the analyzed period”
Based on application, the market is mainly into telemedicine, clinical operations, and workflow management, connected imaging, inpatient monitoring, medication management, and others (fall detection, sportsmen care, and public safety). In 2019, Telemedicine accounted for a maximum market revenue share of 31.2% and is expected to remain dominant during the analyzed period owing to the growing advancements in telecommunications, increase in patient awareness, shortage of medical staff, and rising need to expand healthcare access. However, Inpatient Monitoring is anticipated to grow with the highest CAGR over the forecast period.
“Amongst end-user, Hospitals, Surgical Centers, and Clinics are expected to dominate the market during the analyzed period”
Based on end-user, the market is fragmented into hospitals, surgical centers, and clinics, clinical research organizations, and others (institutes, R&D labs, government organizations). In 2019, the hospitals, surgical centers, and clinics accounted for the maximum market share with 74.9% and are expected to be the leading segment of the Internet of Medical Things market during the forecast period due to the increasing usage of IoT and digital technology in hospitals as these provide improved functional and operational efficiency.
“North America represents one of the largest markets of Internet of Medical Things market”
For a better understanding of the market dynamics of the Internet of Medical Things market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), Middle East & Africa and South America have been conducted. North America dominated the market and generated revenue of US$ 16.6 billion in 2019 owing to the rising adoption of healthcare IT solutions, the presence of key players, legislative initiatives, and accessibility of advanced healthcare IT infrastructure. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.
The Internet of Medical Things Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
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