The global internet of medical things (IoMT) market size is expected to reach around US$ 172.4 billion by 2030 from US$ 39.3 billion in 2020 and is expected to grow at an impressive double-digit rate of 15.9% from 2021 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global internet of medical things (IoMT) market for the period 2017-2030, wherein 2021 to 2030 is the forecast period and 2020 is considered as the base year.
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The rising expenditure in the adoption of internet of things technology in the healthcare sector is the major driving force of the internet of medical things market. The internet of medical things reduces the costs for the patient and the government by providing efficient and developed technology in the patient care services. The internet of things technology in the healthcare sector is expected to be the fastest as compared to that of any sector/industry.
The rising government and private expenditure in the digitization and automation of the healthcare sector to reduce cost and improve operational efficiency is one of the major drivers of the global IoMT market. The effectiveness of the IoMT devices in the quick and real-time data transferring is a major benefit that can help in providing improved patient care services. The recent outbreak of the COVID-19 pandemicled the digital transformation in the healthcare industry at a rapid rate in the recent year. This has boosted the adoption of IoMT technology across the globe.
Furthermore, the rising developmental strategies adopted by the key market players are anticipated to open new growth avenues and provide lucrative opportunities in the upcoming future. For instance, CONNEQT and LifeQ entered into a partnership in June 2021, for providing health related information to the wearable device users.
Scope of the Internet of Medical Things Market
| Report Coverage | Details |
| Market Size in 2020 | USD 39.3 Billion |
| Growth Rage From 2021 to 2030 | CAGR of 15.9% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Regional Scope |
|
| Companies Covered | GE healthcare, LifeFuels, Inc., Apple, Inc., Koninklijke Philips N.V., Honeywell International, Medtronic MiniMed, Inc., Meru Health, Inc., Sony, Breathometer Inc., Carre Technologies Inc., Nike, Inc., IBM Corp., Wimm Labs, Amiigo, Sano Intelligence |
North America dominated the market in 2020. The major markets in North America like US and Canada have a strong and developed healthcare infrastructure, IT infrastructure, and telecommunication system. These are the major drivers of the IoMT market in the North American region. Moreover, increasing popularity of various smart devices and clinical wearable devices among the population have rapidly boosted the market growth in the region.
Asia Pacific is estimated to be the most opportunistic market. The rising government expenditure on developing healthcare and IT infrastructure is the significant factor that is driving the market growth. Moreover, the surging adoption of healthcare wearable devices among the youth owing to the rising health consciousness and rising disposable income is expected to be the major drivers of the IoMT market in Asia Pacific.
Rising inclination towards data and digital technologies is posed with the threat of cyberattack and data breaches. The increased risks of data breach and cyberattack may result in the financial losses and loss of patient’s life. This is major factor that may hinder the market growth during the forecast period.
The rapid growth of the telemedicine has significant contribution in the growth of the IoMT market. The telemedicine emerged as a result of the technological advancements in the digital technology field and has been increasingly adopted across the various healthcare units around the globe. The real-time data sharing and effective communication owing to the use of telemedicine is changing the face of the healthcare industry by improving the efficiency of the healthcare sector in patient care.
Based on the product type, the smart wearables segment dominated the market in 2020. This can be attributed to the growing traction of various wearable devices among the population especially in the developed markets. Moreover, introduction of innovative features in the wearable devices is further boosting the segment growth. For instance, Neurometrix developed a neuromodulation wearable device named Quell, which provides relief from various chronic pains by tapping into the sensory nerves.
Based on the end user, the hospitals & clinics dominated the market in 2020. This is attributable to the increased efforts and investments of the government and the private players to integrate latest and digital technologies in the healthcare sector to improve the operational efficiency of the hospitals and clinics, improve patient care services, and increase profitability. These efforts have resulted in the rapid adoption of the IoMT in hospitals and clinics.
Based on the application, the patient monitoring segment is expected to register highest CAGR during the forecast period. The rising number of patients owing to the increased prevalence of chronic diseases and growing geriatric population is boosting the growth of this segment. According to the CDC, in 2019, there were 45 million outpatient surgeries, over 900 million physician visits, and 155 million emergency department visits in US. Therefore, rising number of patients is expected to drive this segment.
Why should you invest in this report?
If you are aiming to enter the global internet of medical things (IoMT) market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for internet of medical things (IoMT) are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Some of the prominent players in the global internet of medical things (IoMT) market include:
- GE healthcare
- Koninklijke Philips N.V.
- Medtronic MiniMed, Inc.
- LifeFuels, Inc.
- Meru Health, Inc.
- Breathometer Inc.
- Carre Technologies Inc.
- Apple, Inc.
- Honeywell International, Inc.
- IBM Corp.
- Wimm Labs
- Sony
- Nike
- Amiigo
- Sano Intelligence
- iRhythm
- Hexoskin
Market Segmentation:
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
Regional Analysis:
The geographical analysis of the global internet of medical things (IoMT) market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global internet of medical things (IoMT) Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global internet of medical things (IoMT) market in 2030?
- What is the expected CAGR for the internet of medical things (IoMT) market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global internet of medical things (IoMT) market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Internet of Medical Things Market
5.1. COVID-19 Landscape: Internet of Medical Things Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Internet of Medical Things Market, By Product
8.1. Internet of Medical Things Market, by Product Type, 2021-2030
8.1.1. Smart Wearables
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Point of Care Kits
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Home Use Devices
8.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Internet of Medical Things Market, By Application
9.1. Internet of Medical Things Market, by Application, 2021-2030
9.1.1. Telemedicine
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Patient Monitoring
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Medication Management
9.1.3.1. Market Revenue and Forecast (2019-2030)
9.1.4. Others
9.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Internet of Medical Things Market, By End User
10.1. Internet of Medical Things Market, by End User, 2021-2030
10.1.1. Hospitals & Clinics
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Home Care
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Research Institutes
10.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Internet of Medical Things Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product (2019-2030)
11.1.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.3. Market Revenue and Forecast, by End User (2019-2030)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.4.3. Market Revenue and Forecast, by End User (2019-2030)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.1.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.1.5.3. Market Revenue and Forecast, by End User (2019-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.3. Market Revenue and Forecast, by End User (2019-2030)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.4.3. Market Revenue and Forecast, by End User (2019-2030)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.5.3. Market Revenue and Forecast, by End User (2019-2030)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.6.3. Market Revenue and Forecast, by End User (2019-2030)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product (2019-2030)
11.2.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.2.7.3. Market Revenue and Forecast, by End User (2019-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.3. Market Revenue and Forecast, by End User (2019-2030)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.4.3. Market Revenue and Forecast, by End User (2019-2030)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.5.3. Market Revenue and Forecast, by End User (2019-2030)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.6.3. Market Revenue and Forecast, by End User (2019-2030)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product (2019-2030)
11.3.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.3.7.3. Market Revenue and Forecast, by End User (2019-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.3. Market Revenue and Forecast, by End User (2019-2030)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.4.3. Market Revenue and Forecast, by End User (2019-2030)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.5.3. Market Revenue and Forecast, by End User (2019-2030)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.6.3. Market Revenue and Forecast, by End User (2019-2030)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product (2019-2030)
11.4.7.2. Market Revenue and Forecast, by Application (2019-2030)
11.4.7.3. Market Revenue and Forecast, by End User (2019-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.3. Market Revenue and Forecast, by End User (2019-2030)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
11.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.4.3. Market Revenue and Forecast, by End User (2019-2030)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product (2019-2030)
11.5.5.2. Market Revenue and Forecast, by Application (2019-2030)
11.5.5.3. Market Revenue and Forecast, by End User (2019-2030)
Chapter 12. Company Profiles
12.1. GE healthcare
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Koninklijke Philips N.V.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Medtronic MiniMed, Inc.
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. LifeFuels, Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Meru Health, Inc.
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Breathometer Inc.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Carre Technologies Inc.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Apple, Inc.
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Honeywell International, Inc.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. IBM Corp.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
12.11. Wimm Labs
12.11.1. Company Overview
12.11.2. Product Offerings
12.11.3. Financial Performance
12.11.4. Recent Initiatives
12.12. Sony
12.12.1. Company Overview
12.12.2. Product Offerings
12.12.3. Financial Performance
12.12.4. Recent Initiatives
12.13. Nike
12.13.1. Company Overview
12.13.2. Product Offerings
12.13.3. Financial Performance
12.13.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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