Internet of Medical Things Market – By Product Type (Smart Wearable Devices, Home-Use Medical Devices, and Point-Of-Care Kits), By Services (On-Premise Based Ser-vices and Cloud-Based Services), By Application (Real-Time Monitoring, End-to-End Con-nectivity, Data Assortment & Analysis, Tracking & Alerts, and Remote Medical Assistance), By End User (Hospitals & Clinics, Research Institutes & Academics, and Homecare), By Region – Global Opportunity Analysis and Industry Forecast, 2020-2030

Internet of Medical Things Market size was valued at USD 72.5 billion in 2020, and is expected to reach USD 475.8 billion by 2030, registering a CAGR of 20.70 % from 2020 to 2030. Owing to advancement in technologies like nanotechnology, wireless technology, and computing devices has led to the growth of interconnected devices which keeps a track of all medical data. Internet of Medical Things (IoMT) market is growing rapidly due to the inter connectivity between the devices which works synchronously and can collect, analyze and transmit data of their own. Advancement in remote access technologies has also propelled the growth of IoMT and has given the confidence to patient and medical team to operate during the critical conditions. The IoMT has bought the physical and digital world altogether and has helped in understanding the behaviour and health factors of a patient. It also helps the healthcare industry to interact with their patients more efficiently which makes the operational activities easier and streamlined for the team. IoMT is helping in implementing new funding models for data and use of real-time data to drive the business which ultimately helps the end-users. IoMT has also helped in improving drug management, improving disease management, improves patient experiences and provides better experiences.

Market Segmentation:

The global IoMT market is segmented by product type into smart wearable devices, home-use medical devices, and point-of-care kits. By services the market is categorized into on-premise based services and cloud-based services. By application, the market is classified into real-time monitoring, end-to-end connectivity, data assortment & analysis, tracking & alerts, and remote medical assistance.  By end user, the market is analyzed by hospitals & clinics, research institutes & academics, and home care. By region the IoMT market is segmented into, Latin America, North America, Asia- Pacific, Europe and RoW.

Market Dynamics and Factors:

Owing to the use of wearable devices and point of care devices has boosted the market growth and has also promoted the adoption of IoMT. Reduction of expenses in various aspects like decrease in the drug cost, reduction in visiting cost by the patients, reduce infrastructure cost by healthcare companies have resulted in the IoMT market growth. However, concerns related to privacy issues like data theft, hacking and unauthorized access to the data stored in the cloud are major restraint in the IoMT market growth.

Geographic Scenario

North America is considered to be dominant in the IoMT market due to the emergence of new technologies, the introduction of new devices and products. North America region has generated a revenue of USD 13 billion during 2019 and is expected to generate the revenue of USD 45 billion by 2027. Asia Pacific market is expected to show the highest growth rate in the future due to a rise in income, rise in awareness of healthcare and medical equipment and diseases. Also, there has been a rise in the number of old population. Asia Pacific market is expected to generate a revenue of USD 40 billion by 2027. Europe is also expected to show growth during the forecast period and is expected to raise the revenue of USD 40 billion by 2027.

Competitive Scenario:

The key players in the IoMT market are Breathometer Inc., Medtronic, Meru Health, Inc., Boston Scientific Corporation, Atlas Wearables, Inc., Proteus Digital Health, NeuroMetrix, Inc., Honeywell International Inc., VitalConnect, Ekso Bionics, BL Healthcare, Inc, BioSerenity, Preventice Solutions, Inc., Lenovo, Vitls Inc., AliveCor, Inc. and Chrono Therapeutics Inc.

Internet of Medical Things Market Report Scope