Internet of Medical Things (IoMT) Global Market Report 2024

The global internet of medical things (iomt) market has grown exponentially in recent years. It will grow from $64.48 billion in 2023 to $79.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to aging population, increased network connectivity, increasing investment in healthcare, government initiatives.

The global internet of medical things (iomt) market is expected to see exponential growth in the next few years. It will grow to $192.02 billion in 2028 at a compound annual growth rate (CAGR) of 24.6%. The growth in the forecast period can be attributed to rollout of 5g networks, telemedicine expansion, prevalence of chronic diseases, growing popularity of wearable devices, increasing adoption of electronic health records. Major trends in the forecast period include remote surgery, predictive healthcare, advancements in healthcare technology, artificial intelligence (AI) and machine learning (ML) integration, smart hospitals.

The growing adoption of connected medical devices is set to drive the expansion of the Internet of Medical Things (IoMT) market. Connected medical devices are specialized equipment capable of wireless communication and data sharing, facilitating patient monitoring, diagnostics, and treatment. These devices enable real-time monitoring, efficient data collection, and improved healthcare delivery, leading to enhanced patient outcomes, reduced hospitalizations, and increased operational efficiency within healthcare systems. For example, a survey conducted by Statistics Canada in June 2021 revealed that in 2020, 25% of Canadians used the Internet for health and fitness tracking, such as step counting and meal planning, while 69% sought health-related information online. Additionally, 14% of Canadians reported using wearable smart devices with Internet connectivity, such as smartwatches, FitBits, or glucose monitors. Consequently, the rising use of connected medical devices propels the growth of the Internet of Medical Things (IoMT) market.

The growing prevalence of IoT devices is poised to propel the expansion of the Internet of Medical Things (IoMT) market. The Internet of Things (IoT) refers to a network of physical objects or things equipped with sensors, software, and connectivity features, enabling data collection and exchange over the Internet. Within the realm of healthcare, the Internet of Medical Things (IoMT) encompasses essential IoT devices designed to simplify the gathering, transmission, and analysis of health-related data for a wide range of medical and healthcare applications. For instance, as of January 2022, data from the GSM Association, a UK-based non-profit industry organization, projected a substantial increase in global IoT connections, surging to 23.3 billion by 2025 from the 15.1 billion connections reported in 2021. Consequently, the mounting adoption of IoT devices drives the growth of the Internet of Medical Things (IoMT) market.

Data breaches present a significant impediment to the expansion of the Internet of Medical Things (IoMT) market during the forecast period. Within the healthcare sector, data breaches raise profound concerns regarding the security and confidentiality of patient information. Given that IoMT devices play a crucial role in collecting and transmitting sensitive medical data, such breaches can undermine trust in the technology's capacity to protect patient privacy effectively. For example, data from October 2021, as reported by Infosecurity Magazine, a Canada-based publication, indicates that more than 80% of healthcare businesses in the UK had experienced a ransomware attack in the preceding year. Consequently, data breaches pose a challenge to the growth of the Internet of Medical Things (IoMT) market.

Major players in the internet of medical things (IoMT) market prioritize the integration of innovative technological and connectivity solutions to maintain their market standing. A case in point is Medtronic PLC, an Ireland-based medical device company specializing in internet of medical things (IoMT) technology, which introduced the SonarMed airway monitoring system in May 2021. This groundbreaking system offers continuous monitoring of endotracheal tube (ETT) obstruction and position verification in newborns and infants. It provides healthcare professionals with real-time, invaluable information, allowing them to make more informed and life-saving decisions for their youngest patients.

In February 2021, Koninklijke Philips N.V., a Netherlands-based health technology company, completed the acquisition of BioTelemetry for $2.8 billion. This acquisition aligns perfectly with Philips' strategic vision of revolutionizing healthcare delivery by combining its prominent position in hospital patient monitoring with BioTelemetry's leadership in cardiac diagnostics and remote monitoring solutions outside the hospital. BioTelemetry Inc. is a US-based company specializing in remote cardiac diagnostic and monitoring devices, making it a valuable addition to Philips' internet of medical things (IoMT) technology portfolio.

Major players in the internet of medical things (iomt) market are Google LLC, Microsoft Corporation, Johnson & Johnson Services Inc., Siemens Healthineers AG, Roche Diagnostics Corporation, Cisco Systems Inc., Qualcomm Life Inc., Abbott Laboratories, Oracle Corporation, Honeywell International Inc., Medtronic PLC, Becton Dickinson and Company, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Zebra Technologies Corp., Smith & Nephew PLC, Otsuka America Pharmaceutical Inc., ResMed Inc., AptarGroup Inc., DexCom Inc., Masimo Corporation, iRhythm Technologies Inc., Merative L.P., Capsule Technologies Inc., Owlet Baby Care Inc., AgaMatrix Inc., AliveCor.

North America was the largest region in the internet of medical things (IoMT) market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in internet of medical things (IoMT) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the internet of medical things (IoMT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

IoMT primarily comprises four main categories of devices are wearable devices, stationary devices, implantable devices, and other miscellaneous devices. Wearable devices, which are compact electronic devices worn on the body, often in the form of accessories or clothing, serve the purpose of collecting and transmitting data for various applications, including health monitoring, communication, and activity tracking. These devices find utility in various applications, such as data collection and analysis, real-time monitoring, remote medical assistance, tracking, and issuing alerts. These applications cater to diverse end users, including healthcare providers, patients, government authorities, and others.

This report provides internet of medical things (IoMT) market statistics, including internet of medical things (IoMT) industry global market size, regional shares, competitors with an internet of medical things (IoMT) market share, detailed internet of medical things (IoMT) market segments, market trends and opportunities and any further data you may need to thrive in the internet of medical things (IoMT) industry. This internet of medical things (IoMT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The internet of medical things (IoMT) market consists of revenues earned by entities by providing consulting and implementation services, patient engagement and telemedicine and virtual care. The market value includes the value of related goods sold by the service provider or included within the service offering. The internet of medical things (IoMT) market also includes sales of ECG (Electrocardiogram) monitors, neurostimulators and fitness trackers, which are used in providing internet of medical things (IoMT) services. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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