Internet of Medical Things Market Garner Above US$ 370.9 Bn in 2032 | Driven by Increasing Use in Medical Industry

New York, April 14, 2023 (GLOBE NEWSWIRE) — According to Market.us, The global Internet of Medical Things market size accounted for US$ 48.7 billion in 2022 and it will expand to US$ 370.9 billion in 2032. Between 2023 and 2032, this market is estimated to register a CAGR of 23.15%. Internet of Medical Things (IoMT) refers to an interconnected system of medical devices, software applications, and healthcare systems that work together to collect, store and share health information. With IoMT technology, real-time monitoring of patients and data collection for faster diagnoses and treatments are possible. Moreover, patients gain empowerment through access to their health records which allows them to be more involved in decision-making around their care plans.

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Key Takeaway:

• By type, in 2022, the Internet of Medical Things market was dominated by the wearable medical device segment due to its increased usage.
• By application, the patient monitoring segment dominated the largest market share in application type analysis and accounted for the largest revenue share in the Internet of Medical Things market in 2022.
• By end-user, the hospitals and clinics segment dominated the largest market share in end-user type analysis
• In 2022, North America dominated the market with the highest revenue share of 35.8%.
• APAC is anticipated to have the highest CAGR among all the regions.
• APAC is expected to grow at a greater pace owing to affordable prices, increasing incidence of chronic diseases, as well as hospitals and clinics, among others factors.

Factors affecting the growth of the Internet of Medical Things market?

There are several factors that can have an impact on the growth of the Internet of Medical Things market. Some of these factors include:

• Advancement in technology: Advances in technology, such as improved sensors, wireless connectivity, and cloud computing, are driving the growth of the IoMT industry by enabling more sophisticated and reliable medical devices and systems.
• Increasing demand for healthcare services: The global population is aging, and the prevalence of chronic diseases is increasing, leading to a greater demand for healthcare services. IoMT can help to address this demand by improving the efficiency and quality of healthcare delivery.
• Government initiatives and policies: Government initiatives, such as funding for research and development and regulatory frameworks for medical devices, can support the growth of the IoMT industry by creating a favourable environment for innovation and investment.
• Data privacy and security concerns: As the amount of health data collected by IoMT devices increases, data privacy and security concerns become more pressing. Addressing these concerns is critical to ensuring the continued growth of the IoMT industry.
• Integration with existing healthcare systems: The successful integration of IoMT devices and systems with existing healthcare systems and workflows is essential for realizing the full potential of IoMT technology.

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Market Growth

Factors such as the rising prevalence of chronic diseases, rising healthcare costs, technological advances, and an increasing need for remote patient monitoring are propelling growth in this market. Furthermore, the COVID-19 pandemic has hastened the adoption of IoMT devices and systems, as they have proven to be beneficial tools for remote patient monitoring and managing virus spread. Geographically, North America is expected to lead the IoMT market, followed by Europe and Asia-Pacific. Overall, analysts anticipate significant growth in this space over the coming years due to technological developments, rising healthcare demand, and shifting healthcare delivery models.

Regional Analysis

The global Internet of Things Market can be divided into regions such as North America, Eastern Europe, Western Europe, APAC, Latin America, and Middle East & Africa. North America holds the leading position with a market share of 35.8% among these regions. Furthermore, North America’s well-developed healthcare infrastructure, increased healthcare spending and growing awareness about the advantages of IoMT devices are driving growth in this market. The IoMT market is expected to witness significant growth in the Asia-Pacific region due to factors such as an increasing population, an increase in chronic illnesses, and the emergence of start-ups within this region. Furthermore, rising healthcare demands and higher spending among emerging economies like India and China are fuelling the expansion of this sector within the Asia-Pacific.

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Scope of the Report

Market Drivers

The global impact of the Internet of medical things is being amplified by key factors, including technological innovations. IoMT has become more efficient and effective at providing healthcare services thanks to advanced technologies like artificial intelligence, machine learning, and cloud computing. Regulations such as the Health Insurance Portability and Accountability Act (HIPAA) and the General Data Protection Regulation (GDPR) have reinforced the need for secure, dependable IoMT solutions. The prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular illnesses has seen a marked rise. The Internet of Medical Things (IoMT) gives healthcare providers the power to monitor patients in real-time, which allows for early intervention, reduced hospitalization rates and improved patient outcomes. Furthermore, IoMT empowers patients by giving them up-to-date information about their health status as well as tools to track physical activities and diet – ultimately leading to improved management of chronic conditions.

Market Restraints

Some potential market restraints for IoMT include concerns around data privacy and security, regulatory compliance, interoperability challenges, and the high costs associated with implementing and maintaining IoMT solutions. Some other restraints are Interoperability Challenges, Regulatory Compliance, Limited Infrastructure, Ethical Concerns & Financial Constraints.

Market Opportunities

IoMT presents numerous opportunities in the healthcare space, such as improving patient outcomes, cutting healthcare costs, increasing operational efficiency, and increasing patient engagement and satisfaction. Other potential applications of IoMT include remote patient monitoring, personalized medicine, population health management, and driving innovation and collaboration within the healthcare industry. The Internet of Medical Things (IoMT) Market is experiencing tremendous growth due to the rapid expansion of healthcare industries in emerging economies such as China, South Africa, India, and Brazil. These nations are facing an increase in demand for improved healthcare services due to an aging population, rising per capita incomes, high patient volumes, and greater awareness among individuals. This has created a need for modernizing and improving healthcare industries within these countries.

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Report Segmentation of the Internet of Medical Things Market

Type Insight

Wearable medical devices are currently dominating the market due to several factors. The increasing prevalence of chronic diseases and the need for continuous monitoring and management of these conditions is driving the demand for wearable medical devices in the market. They enable real-time monitoring of various health parameters such as heart rate, blood pressure, and activity levels, providing valuable insights into an individual’s health status.

Application Insight

The patient monitoring segment is a dominant segment in the medical device market due to several reasons. Patient monitoring devices are essential for providing continuous and accurate information on patients’ vital signs, allowing healthcare professionals to detect and respond to changes in a patient’s condition in real time. The COVID-19 pandemic has further accelerated the adoption of patient monitoring devices, with many healthcare providers turning to remote patient monitoring solutions to manage patient care while reducing the risk of exposure to the virus.

End User Insight

The hospitals and clinics segment holds the top spot in the global market for 2021 and contributed more than 50% of the revenue. This segment has seen rapid growth due to the increased number of patients visiting hospitals and clinics, which helps the healthcare providers remotely monitor and manage patients. Home healthcare segment is growing rapidly as patients become more comfortable with using IoMT devices.

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Market Segmentation

Based on Type

Based on Application

• Patient Monitoring
• Telemedicine
• Medication Management
• Other Applications

Based on End-User

• Hospitals and Clinics
• Home Healthcare
• Pharmaceutical Companies
• Research Organizations

By Geography

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

• • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

Major players are continuously working towards the development of new-generation technologies

Some of the major players include:

• Philips Healthcare
• Medtronic
• GE Healthcare
• Cisco Systems
• IBM
• Qualcomm Life
• Google
• Apple
• Life Fuels, Inc.
• Meru Health, Inc.
• Sony
• Breathometer Inc.
• Carre Technologies Inc.
• Nike
• Honeywell International
• Wimm Labs
• Amiigo
• Sano Intelligence

Recent Development of the Internet of Medical Things Market

• In 2022- Medical care suppliers will meet this developing need through two creative arrangements: 5G organizations and edge processing. With speeds going from 10 Gbps to 20 Gbps, 5G transports imperative data progressively, preparing the clinical workforce to make ideal, all-around informed choices.
• In 2021- Key players in the IoMT market are entering into strategic partnerships and collaborations to expand their product portfolio and market reach. For example, in 2021, Siemens Healthineers announced a collaboration with Google Cloud to develop an AI-based platform for healthcare providers.
• In 2020, several regulatory developments are shaping the IoMT market, including introducing the European Medical Device Regulation and expanding the U.S. Food and Drug Administration’s digital health program.

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