Global Internet of Medical Things Market Size, Share, and COVID-19 Impact Analysis, By Devices (Wearable Devices, Stationary Devices, Point-of-Care Kits, and Implantable Devices), By Application (Real-time Monitoring, End-to-end Connectivity, Data assortment & Analysis, and Tracking & Alerts), By End User (Hospitals, Research Institutes & Academics, and Clinics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
Global Internet of Medical Things (IoMT) Market Size is expected to be worth USD 46.90 billion in 2021 and is estimated to reach up to USD 172.40 billion by 2030, at a compound annual growth rate (CAGR) of 15.90% from 2022 to 2030.
The role of medical technology in healthcare is rapidly changing because to the Internet of Medical Things (IoMT), a network of connected medical equipment, software programs, and health systems and services. Health care organizations are using the internet of medical things to increase patient care from remote places and streamline clinical workflow management.
As a result of technology development and better access to personal healthcare, the global Internet of Medical Things (IoMT) industry has grown. A surge in connected device demand in the healthcare industry is anticipated to open up a number of prospects for market expansion. As a result, the market's future is likely to remain robust and advanced.
The healthcare industry is directly impacted by COVID-19 since it is the focal point of this unprecedented worldwide pandemic issue. The COVID-19 outbreak has significantly increased demand for IoMT devices, which has had an influence on the global market. Due to the increase of applications and opportunities, the pandemic is acting as a catalyst for digital transformation. Government agencies, healthcare providers, and people all had to adjust or modify their priorities.
Rapid Growth in Mobile Phone Technology and Telecommunication Sector Propel Market Growth
Rapid developments in the telecommunications field, such the rollout of 4G LTE, gave the IoMT industry many chances to grow. By introducing such facilities, developing nations that previously lacked adequate communication infrastructure will have the chance to benefit from improved network infrastructure and the internet of medical things. For instance, Google Cloud and AT&T signed a collaborative agreement to create 5G edge computing technologies in March 2020.
The telehealth sector will be able to provide patients with a better experience thanks to the introduction of such quicker network capabilities, which will increase product demand. Therefore, during the forecast period, such advancements will greatly boost the expansion of the global market.
Rising Government Spending on Healthcare Drive Market Growth
The IoMT helps to minimize lowers patient costs, which eases the financial strain of healthcare on both patients and governments. The partnership between IoMT and medtech firms benefits healthcare organizations by enabling them to achieve better results, increase efficiency, and provide patients with cutting-edge care. The goal of businesses is to transform and empower patient care. Additionally, government agencies, businesses are actively focusing on investing in IoT technology. The McKinsey study predicts that the healthcare sector will have the fastest growth in IoT deployments. The study also predicts that by 2025, IoMT will have a USD 1.6 trillion global economic impact. This is anticipated to drive the market growth during the forecast period.
Risk of Data Breach and Cyberattacks Hamper Market Growth
Data security is always a concern with advanced technologies. The manufacturers of medical equipment are constantly working to discover hazards and reduce the risk they pose. IoMT devices are reportedly more difficult to monitor and defend against intrusions than any other wireless equipment, according to experts. The gadget is vulnerable to data breaches and cyberattacks if a suitable security solution is not integrated.
The Global Internet of Medical Things Market is segmented by Devices, Application, End-user, and Region. Based on the Devices, the market is categorized into Wearable Devices, Stationary Devices, Point-of-Care Kits, and Implantable Devices. Based on Application, the market is categorized into Real-time Monitoring, End-to-end Connectivity, Data assortment & Analysis, and Tracking & Alerts. Based on End-user, the market is categorized into Hospitals, Research Institutes & Academics, and Clinics. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The Global Internet of Medical Things Market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The North America region is expected to dominate the market share owing to the widespread use of remote patient monitoring devices and the introduction of new goods. Strong sales of IoMT solutions and goods in the US are also attributable to the pandemic's high demand, which will fuel the segment's growth over the projection period.
Europe is predicted to be the second-most prominent region in the internet of medical things market due to the improvement of government initiatives to incorporate cutting-edge technology to encourage the use of IoMT goods. For instance, the government of Europe contributed over USD 1.17 billion through the HORIZON 2020 funding program for the research and development of digital technologies, with a greater portion going to the healthcare industry.
The Asia Pacific region is expected to witness the highest growth rate during the forecast period of the internet of things market due to rising healthcare spending and the abundance of chances for firm expansion. Additionally, there is considerable official backing in Asian nations for the introduction and approval of internet of things (IoT) medical equipment, which will help the region's economy flourish. For instance, China's JD Health announced in August 2020 the introduction of the telemedicine service "family doctor" to provide quick patient treatment to the populace.
LIST OF COMPANIES PROFILED:
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Hill-Rom Services, Inc.
- GE Healthcare
- Medtronic plc
- Cisco Systems, Inc.
- IBM Corporation
KEY INDUSTRY DEVELOPMENTS:
· May 2021- SonarMed airway monitoring technology was introduced by Medtronic. The technology assists in tracking endotracheal tube occlusion and instantaneously determining its location.
- February 2020- In order to aid hospital organisations in their defence against cybersecurity threats, GE Healthcare launched Skeye. Skeye is a new cybersecurity service offering that combines knowledge of medical devices, artificial intelligence, and process management technologies.
- Wearable Devices
- Stationary Devices
- Point-of-Care Kits
- Implantable Devices
- Real-time Monitoring
- End-to-end Connectivity
- Data assortment & Analysis
- Tracking & Alerts
- Research Institutes & Academics
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa