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The internet of medical things (IoMT) market size was USD 41.17 billion in 2020 and is projected to grow from USD 30.79 billion in 2021 to USD 187.60 billion in 2028, at a CAGR of 29.5% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with the internet of medical things witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a positive growth of 71.3% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The technological advancements in healthcare information technologies (healthcare IT) have led to significant transformations in the healthcare sector. The internet of medical things is a system of several medical devices connected either to a network or each other and involved in the exchange of health data without any need for human-to-machine interaction. These systems and devices are connected to the internet, and this allows remote patient monitoring and diagnosis. Additionally, the advantages of IoMT are that it helps in understanding patient health keenly, and delivering value-based care to the patients is beneficial to the patient, payers, and providers.
In the current global internet of medical things market scenario, several factors and trends add major impetus to the IoMT market growth. The growing partnerships among key players and end-users coupled with the launch of innovative products to spur growth. For instance, in June 2021, LifeQ and CONNEQT Inc announced a partnership agreement with an aim to provide health insights for wearable device users. The CONNEQT band offers an additional fingertip photoplethysmography (PPG) sensor and complements the heart-health-focused offering of the band.
COVID-19 Pandemic: Market to Witness Positive Impact Owing to Rise in Number of Virtual Medical Consultations
The impact of COVID-19 is clearly visible in the healthcare sector as it is at the epicenter of this unprecedented global pandemic challenge. COVID-19 outbreak has led to exponential growth in the demand for IoMT devices, which subsequently impacted the global market. The pandemic is acting as a catalyst for digital transformation owing to the expansion of applications and opportunities. It has forced government authorities, healthcare companies, and individuals to change or adapt to new priorities.
Additionally, connected devices have enabled individuals to monitor their health, get virtual diagnoses, and manage their health more efficiently despite the restrictions imposed due to the pandemic. Virtual consultation (telemedicine and telehealth) has scaled up robustly, intending to diagnose, monitor, and provide necessary care to the patients by avoiding the risk of infections.
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Rigorous Developments in Telecommunication Sector and Mobile Phone Technology Supporting Lucrative Market Growth
Rapid advancements in the telecommunication sector, such as the introduction of 4G LTE, provided several opportunities for the IoMT industry to flourish. Owing to the introduction of such facilities, developing regions that lacked proper communication capabilities will have the opportunity to experience an enhanced network facility, thereby witnessing the benefits of the internet of medical things technology. For instance, in March 2020, Google Cloud announced a collaboration agreement with AT&T to develop 5G edge computing solutions.
Introducing such faster network capabilities will empower the telehealth industry to deliver a better experience for their patients and thereby boost product demand. Hence, such developments will strongly support the global market growth across the forecast period.
Increased Spending on IoT in Healthcare to Propel Global Market
The internet of health things helps to reduce patient costs significantly, thereby reducing the burden of healthcare costs on patients and governments. The relationship between IoMT and medtech companies is valuable in strengthening the healthcare organizations to accomplish better outcomes, improve efficiency and deliver advanced care to the patients. Companies are aiming to empower and transform the care given to patients.
Additionally, companies are actively focusing on investing in IoT technology along with government organizations. According to the McKinsey study, the IoT deployments in the healthcare industry are expected to grow faster than any other industry. Also, the study states that IoMT is likely to have a global economic impact of USD 1.6 trillion by 2025. Moreover, the World Telecommunication Development Conference projected that by the end of 2020, 40% of the IoT technology would be healthcare-driven. This is expected to bolster the internet of medical things market growth.
Surging Risk of Data Breach/Cyberattacks to Restrict Adoption of IoMT Technology
Advanced technology always poses the threat of data security. The medical devices companies are continuously focusing on identifying the threats and minimizing the risk associated with them. Professionals state that IoMT devices are challenging to monitor and protect from cyberattacks than any other wireless tools. Without the integration of a proper security solution, the device is exposed to data breaches and cyberattacks.
Thus, the increasing attacks on healthcare data are likely to hinder the demand for such advanced technologies.
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Stationary Medical Device Segment to Hold Leading Market Share
Based on the product, the global market is segmented into stationary medical devices, implanted medical devices, and wearable external medical devices.
The stationary medical devices segment held the dominant share of the global market in 2020 due to the launch of new products. It increased uptake of the internet of things (IoT) by several countries worldwide to develop the healthcare infrastructure. Moreover, the launch of initiatives by the government to increase the uptake of medical devices is playing a crucial role in the increase of product sales of digitally based medical devices. For instance, in September 2020, the U.S. FDA announced the launch of Digital Health Care of Excellence within the Center for Devices and Radiological Health (CDRH). This step is anticipated to be important in advancing digital health technology.
The wearable external medical devices segment is anticipated to expand at a higher CAGR during the forecast period. Growing awareness among the population about the importance of wearables for real-time monitoring of health conditions has led to strong growth. Specifically, amid the pandemic, wearable’s growth has grown due to the fear of infections during hospital visits.
Rising Prevalence of Chronic Diseases to Fastest Growth of Patient Monitoring Segment
Based on application, the market is classified as telemedicine, medication management, patient monitoring, and others.
The telemedicine segment held the dominating share in 2020. A higher market share is attributable to the emerging trend of telemedicine and telehealth globally due to the high usage of the internet and telecommunication technology. Additionally, the COVID-19 pandemic has leveraged the importance of digital technologies, thus forcing the adoption of telemedicine solutions. The World Health Organization (WHO) recommended telemedicine in its “strengthening the health system response to COVID-19” policy. In response to this, the governments of several countries are focusing on having telemedicine programs. This is expected to fuel the growth of the segment.
The patient monitoring segment is expected to expand at a higher CAGR during the forecast period. The rising prevalence of several chronic diseases and increased waiting times to consult a specialist are the significant reasons contributing to the segment's growth.
Healthcare Providers Segment to hold Highest Share among End Users
The global market is classified into healthcare providers, patients, government authorities, and others.
The healthcare providers segment is projected to hold the leading position by the end of the forecast period. This segment's dominance can be mainly attributable to the uptake of IoT-based medical devices such as connected medical technology devices, monitors, implanted medical devices, and monitoring medical devices to provide quality care to the patients. Furthermore, the adoption of telehealth-based solutions by doctors, physicians for patient management and virtual assistance is stimulating the growth of the segment. Thus, the telemedicine tools have reduced the burden on the hospitals, and similarly, during the pandemic, it has helped reduce the risk of infections.
The government authorities segment is likely to witness strong growth during the forecast period. Amid the COVID-19, many healthcare government agencies have deployed IoMT solutions intending to streamline their workflow and deliver value-based service to the consumers.
North America Internet of Medical Things Market Size, 2020 (USD Billion)
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The market in North America stood at USD 13.53 billion in 2020 and is anticipated to continue to dominate the global market during the forecast period. The regional growth is majorly attributable to the increasing adoption of remote patient monitoring devices and the launch of novel products. Additionally, strong sales of the Internet of Medical Things solutions and products in the U.S are owing to high demand amid the pandemic boosting the growth of the segment during the forecast period. For instance, one of the key players in the global market, Philips, recorded a growth of 22.0% in the connected care business segment in 2020 compared to 2019.
Europe is anticipated to be the second-most dominant region in terms of market share. Improving government initiatives to incorporate advanced technologies to boost the IoMT products adoption is one of the chief factors contributing to the expansion of the market in Europe. For instance, through the HORIZON 2020 funding program in Europe, the government invested around USD 1.17 Billion for the R&D of digital technologies with a larger share invested in the healthcare sector.
The market in the Asia Pacific is estimated to grow at the highest CAGR, especially the increasing healthcare spending and pool of opportunities available for company expansion is majorly contributing to the faster growth of the region. Moreover, strong government support in Asian countries for launch and approval of internet of medical things devices to aid in the region's revenue growth. For instance, in August 2020, China’s JD Health announced the telemedicine service ‘family doctor’ launch to deliver immediate patient care to the population.
Latin America and the Middle East & Africa are projected to expand significantly during the forecast period. Emerging the healthcare sector, developing healthcare infrastructure, and increasing awareness about several internet of things applications are expected to augment the growth of the market in these regions during 2021-2028.
GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers, are Key Players in Market
The internet of medical things market is fragmented, with players, such as GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers accounting for a substantial share in 2020. The top market players focus on strategies, such as acquisitions, collaborations, and new product developments and launches to strengthen their positions globally.
Other key players with an important presence in the global market, include Boston Scientific Corporation, Hillrom, Abbott, BIOTRONIK, Roche, IBM, CISCO systems, Omron Healthcare, Ypsomed AG, BD, NeuroMetrix Inc, LifeQ, Connect Inc. These companies are expected to focus on new product launches, acquisitions, and collaborations to increase their market share during the forecast period.
An Infographic Representation of Internet of Medical Things (IoMT) Market
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The internet of medical things market report provides detailed industry analysis and focuses on key aspects, such as an overview of the advanced product, the rising prevalence of several diseases, key countries, and pricing analysis. Additionally, it includes an overview of reimbursement scenarios for treatment, key industry developments such as mergers, partnerships, & acquisitions, the impact of COVID-19 on the market, and brand analysis. Besides these, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years. The report also covers regional analysis of different segments.
Value (USD billion)
Product; Application; End User; and Region
By End User
Fortune Business Insights says that the global market size was USD 41.17 billion in 2020 and is projected to reach USD 187.60 billion by 2028.
In 2020, market value in North America stood at USD 13.53 billion.
Registering a CAGR of 29.5%, the market will exhibit steady growth in the forecast period (2021-2028).
The stationary medical devices segment is expected to lead this market during the forecast period.
The increasing spending on IoT in healthcare is the major factor driving the growth of the market.
GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers are some of the major players in the global market.
North America dominated the market in terms of share in 2020.
The reduction of healthcare cost and improvements in patient outcome has accelerated the utilization of the products around the globe are expected to drive the adoption of the products.
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