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The global internet of medical things (IoMT) market size stood at USD 18.75 billion in 2018 and is projected to reach USD 142.45 billion by 2026, exhibiting a CAGR of 28.9% during the forecast period.
In this era, the technological advancements in healthcare information technology (healthcare IT) has paved the way for extensive modernization in healthcare. This includes the concept of internet of medical things (IoMT), which refers to a system of interrelated devices that are connected either to a network or to each other, engaging in the exchange of data without any need for human-to-machine interaction. Thus, internet of medical things (IoMT) are a set of electronic devices that can share information amongst themselves and these devices are connected to the internet, directly, through another IoMT, or both. Market trends such as the decreasing costs of sensor technology has enabled internet of medical things companies to build more economical devices. Some of the application areas of the global internet of medical things market includes clinical and home monitoring of patients, wearable healthcare devices such as fitness wearables and recent additions include sleep monitors, brain sensors, and infant monitoring.
In the current global internet of medical things (IoMT) market scenario, there are a number of factors and trends adding major impetus to the IoMT market growth. There is an increase in awareness with respect to the technological advancements in healthcare which is further leading to higher rate of adoption of these devices. The adoption of smart healthcare through the internet of medical things (IoMT) devices is further anticipated to increase the internet of medical things market size.
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The various advantages of the internet of medical things (IoMT) devices such as improved patient outcomes due to real-time monitoring, significantly decreased medical costs, and improved drug management is expected to contribute to the IoMT market growth. Improved efficiencies of IoMT devices, increasing research and development of advanced devices, and greater awareness have contributed substantially to the introduction of new smart medical devices. The internet of medical things (IoMT) trends and challenges includes improved patient experience, dramatic reduction in healthcare errors, concerns about patient privacy and data security resulting from security breaches.
“Increased Awareness and Innovation of New Internet of Medical Things (IoMT) devices is likely to propel Global Market”
Two of the crucial drivers for accelerating the internet of medical things market are the rising number of technological advancements in IoMT devices and the corresponding increase in product launches. These new product launches are often highly efficient in terms of improving the patient outcomes through constant monitoring of activities. The internet of health things also contribute to the significant reduction in patient costs, thereby reducing the burden of healthcare costs on patients and governments. For instance, key companies such as Siemens, GE, and Philips use IoMT platform for critical functions such as remote diagnostics, predictive maintenance, and for installation of performance upgrades on their imaging devices.
“Increasing Need for Improved Patient Outcomes to Drive the Global Market”
Other critical driving factors are the increased need for better patient outcomes globally and the increasing demand for more effective treatment management. Various IoMT devices offer very promising alternatives for the treatment and management of chronic diseases such as diabetes and cardiovascular diseases such as hypertension, and cardiac failure. IoMT devices often aid in the monitoring of parameters such as blood sugar, blood pressure, weight, and electrolyte concentrations in an individual. The global market may be considered attractive for R&D and new technological advancements. Furthermore, the nature of chronic diseases renders them almost incurable and the rising prevalence of chronic diseases is further increasing the need for better treatment outlook for patients. This has led to the development of huge unmet needs in the market and is anticipated to be one of the other key driving factors in the global IoMT market.
“Wearable External Medical Devices Segment to Generate the Highest Growth Rate During the Forecast Period”
On the basis of product type, the market can be segmented into stationary medical devices, implanted medical devices, and wearable external medical devices.
The stationary medical devices segment is estimated to hold a dominant IoMT market share, especially due to their status as critical devices used for diagnostic purposes. Their increasing integration with other healthcare applications is also leading to more accurate clinical decisions and more advanced imaging capabilities. This segment includes key imaging devices such as magnetic resonance imaging (MRI) devices, CT scanners, and also X-ray and mammography devices.
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The segments that have contributed to the steady internet of medical things market growth are the implanted medical devices, and wearable external medical devices segments. Wearable external medical devices accounted for the highest CAGR due to their increasing application areas, increased popularity, and new product launches. Implanted medical devices segment also includes critical medical devices such as pacemakers, hip replacements, nerve stimulators, and defibrillators.
“Patient Monitoring to Exhibit a Significant CAGR by 2026”
On the basis of application, the market can be segmented into telemedicine, medication management, patient monitoring, and others. In terms of application, the patient monitoring segment is anticipated to grow at a faster CAGR due to the increasing application areas of patient monitoring and the increasing R&D in this application area by IoMT key market players. For instance, recent applications in this segment includes virtual patient monitoring such as the placement of sensors under the patient’s bed for the monitoring of vital signs. Some of the other critical application segments include telemedicine and medication management.
Telemedicine segment is anticipated to account for the highest IoMT market share on account of its diverse and wide-ranging applications such as remote follow-ups by clinicians, hyper-specialty care, effective management of chronic disorders, and newer applications such as virtual mental healthcare and lifestyle support. Considering the above trends, along with the increase in the treatment and management of diverse chronic diseases are expected to support the market growth in the forthcoming years.
“Healthcare Providers Segment to hold the Highest Share Among End Users”
On the basis of end user, the market for internet of medical things (IoMT) can be segmented into healthcare providers, patients, government authorities, and others. The healthcare providers segment is anticipated to hold the dominant share in the market because these devices are better monitored and can be used more effectively in complex application areas under the supervision of trained healthcare providers.
The Patient segment is anticipated to hold the second largest share because these IoMT devices are increasingly being used by healthy individuals for sleep analysis and monitoring of other vital parameters such as blood sugar. Government authorities segment is anticipated to experience the highest CAGR due to increased government initiatives which enables greater implementation of patient benefits such as cost reduction.
North America generated a revenue of USD 5.87 billion in 2018 and is anticipated to emerge dominant in the global market during the forecast period. The high prevalence of chronic diseases, coupled with new product launches across the region, will drive the market in the region. Besides this, the increasing research and development initiatives, coupled with rising awareness of technological advancements and high presence of risk factors such as diabetes in the general population, are expected to drive the market in North America during the forecast period.
North America Internet of Medical Things (IoMT) Market Size, 2018
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Asia Pacific is expected to witness the highest growth in the market. Due to the increasing disposable incomes across the region, there is a greater awareness with respect to technological advancements in IoMT devices. Increasing prevalence of chronic diseases from the key countries in the region and the increasing demand for better patient outcomes is also anticipated to drive the internet of medical things market growth across the region.
On the other hand, Europe is projected to witness significant growth in the market because of increased adoption of technologically advanced IoMT devices, and higher healthcare expenditure. The high growth countries, including the U.K., France, and Germany would contribute to the growth of the European market. The Latin America market for internet of medical things is anticipated to undergo a robust growth due to the increasing prevalence of chronic diseases, coupled with increased awareness about the advent of technology in medical sciences. The Middle East and Africa is expected to witness steady growth in the future due to the increasing awareness, and disposable incomes.
“Market Players like GENERAL ELECTRIC COMPANY (GE Healthcare), IBM Corporation, and Cisco Systems, Inc. to Strengthen Market Position”
The global market is dominated by some internet of medical things companies due to their strong product portfolio of smart devices, and key strategic decisions. These include a group of leading companies with wider geographic presence and continuous R&D resulting in strong regulatory approvals and product launches. In the same instance, a number of other companies are also present in the market. The global market is in a position of high and robust growth, has a heavy presence of emerging companies, and is highly diverse in terms of latest application areas.
An Infographic Representation of Internet of Medical Things (IoMT) Market
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The increasing awareness of technological advancements in IoMT devices, lifestyle changes, and new product launches based on advanced technologies are expected to increase the global IoMT market growth.
Along with this, the report on the internet of medical things market provides an extensive analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are the start-ups funding, technological advancements in IoMT devices, key industry developments, new product launches, new application areas: overview, and key industry trends. Along with this other key insights includes key strategies adopted by market leaders, competitive landscape, and company profiles.
Value (USD billion)
By Product Type
By End User
Fortune Business Insights says that the global market was USD 18.75 billion in 2018 and is projected to reach USD 142.45 billion by 2026.
In 2018, the market was valued at USD 18.75 billion.
Rising at a CAGR of 28.9%, the market will exhibit strong growth in the forecast period (2019-2026)
Stationary medical devices segment is expected to be the leading segment in this market during the forecast period.
Increasing demand for better patient outcomes and numerous product launches will drive the growth of the global market.
GENERAL ELECTRIC COMPANY (GE Healthcare), IBM Corporation, and Cisco Systems, Inc. are the top players in the market.
North America is expected to hold the highest share in the market.
Increased awareness regarding technological advancements, increasing prevalence of chronic diseases, increased research initiatives and new product launches would drive the adoption.
Adoption of advanced internet of medical things (IoMT) devices, new product launches, advances in technology, increasing global prevalence of chronic diseases, new application areas, and increased awareness amongst individuals are the hyper-market trends.
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