As per Precedence Research, the internet of medical things (IoMT) market size is predicted to hit US$ 146.1 billion by 2029 and growing at a CAGR of 15.9% from 2021 to 2030.
As per Precedence Research, the internet of medical things (IoMT) market size is predicted to hit US$ 146.1 billion by 2029 and growing at a CAGR of 15.9% from 2021 to 2030.
Growth Factors
The increasinginvestments in the adoption of internet of things (IoT) technology in the healthcare or medical sector is significantly driving growth of internet of medical things market. The internet of medical things (IoMT)helps in reducing the healthcare costs by offering efficient and advance technology in patient care services. The adoption of internet of things in the medical sector is expected to grow at a burgeoning pace compared to any other sector or industry. The increasing government and corporate expenditure in the automation and digitization of the healthcare sector is improving operational efficiency and reducing the costs, which is exponentially driving global IoMT market. The IoMT technology facilitates in faster and real-time data sharing, which is fueling its adoption in the healthcare sector. The rising demand for the telehealth among the healthcare providers and the consumers is contributing towards the development of the internet of medical things market. The growing inclination of the global healthcare industry towards the digital technologies is supporting the rising demand for the IoMT technology across the globe.
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Report Highlights:
- Depending on the product type, the smart wearables was the dominant segment in 2020. This growth is attributed to the risingpopularity of several wearable devices among the consumers especially in the developed regions like Europe and North America. Furthermore, the launches of new wearable devices with innovative features is further fueling the segment’s growth. For example, Neurometrix developed Quell, a neuromodulation wearable device that offers relief to the patients from several chronic pains by tapping into the sensory nerves of the patients.
- On the basis of end user, the hospitals & clinics was the leading segment in 2020. This can be attributed to the increased government and corporateinvestments to integrate innovative digital technologies in the medical sector that helps in improving the operational efficiency of the hospitals and clinics by reducing costs, improvesthe care services, and increases the profitability. These are the major growth drivers of this segment.
- Depending on the application, the patient monitoring segment is anticipated to exhibit highest CAGR during the forecast period. The rising volume of patients due to the growing prevalence of numerous chronic diseases and rapidly growing geriatric population are collectively boosting the growth of the patient monitoring segment. As per the US CDC, there were around 45 million outpatient surgeries, more than 900 million physician visits, and about 155 million emergency department visits in 2019, in US.
- North America was the leading internet of medical things market in 2020. The major markets in like US and Canada are characterized with the presence of strong and developed healthcare infrastructure, advance IT infrastructure, and developed telecommunication systems. The higher demand for the advanced and innovative technologies in the healthcare sector of North America has resulted in the dominance of this region.
- Asia Pacific is estimated to be the most lucrative market and will witness the highest CAGR during the forecast period. The increasing government investments on the development of healthcare infrastructure is significantly driving the market growth. Furthermore, the growing adoption of medical wearable devices among the populationdue to the growing health consciousness and increasing personal disposable income is expected to foster the growth of the IoMT market in Asia Pacific region.
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Future of IoMT Market
The surging popularity of the telehealth across the healthcare sector is fueling the demand for the IoMT technology. The increased preferences towards the digital technologies for improving the patient care services and the rising investments in the development of Smart Hospitals in the developing regions is expected to have a positive and significant impact on the market growth in the foreseeable future.
COVID-19 Impact Analysis:
- The COVID-19 pandemic significantly boosted the adoption of the telehealth, which spiked the demand for the IoMT technology in the medical sector.
- The increasing investments by the healthcare sector in the adoption of digital technologies is expected to continue for long term.
- Growing penetration of internet and rising adoption of the smartphones owing to the COVID-19 pandemic has accelerated the IoMT market growth significantly.
Key Developments in the Marketplace:
- In June 2021,CONNEQT entered into a partnership with and LifeQfor offering health related information to the users of wearable devices.
- In May 2021, Medtronic introduced SonarMed, an airway monitoring technology, which monitors endotracheal tube obstruction in real time.
Segments Covered in the Report
By Product Type
- Smart Wearables
- Point of Care Kits
- Home Use Devices
By End User
- Hospitals & Clinics
- Home Care
- Research Institutes
By Application
- Telemedicine
- Patient Monitoring
- Medication Management
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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