IoMT Market to Reach USD 142.45 Billion by 2026; Technological Advancements in Healthcare Information Technology Will Augment Growth

The global internet of medical things market size is expected to reach USD 142.45 billion by 2026. This is ascribable to the rising prevalence of chronic diseases and the advent of technological advancements in the healthcare and medical sector. This information is presented in a recent study by Fortune Business Insights™. As per the report titled, “Internet of Medical Things (IoMT) Market Size, Share & Industry Analysis, By Product Type (Stationary Medical Devices, Implanted Medical Devices, Wearable External Medical Devices), By Application (Telemedicine, Medication Management, Patient Monitoring, Others), By End User (Healthcare Providers, Patients, Government Authorities, Others) and Regional Forecast, 2019-2026,” the market was USD 18.75 billion in 2018 and is likely to rise at an exponential CAGR of 28.9 % within the forecast period, 2019 to 2026.

Non-invasive Contact Lens Launched by ‘Sensimed’ will Help Market Gain Momentum

Sensimed announced the launch of a medical device called ‘sensimed triggerfish monitoring and sensor system’ in Japan in September 2018. The system has been approved by the Ministry of Health, Labour, and Welfare and aims to offer an automated recording of constant ocular dimensional change for more than 24 hours. In 2010, this product received the CE mark and also received approval from the Food and Drug Administration in the year 2016. Such innovations are likely to add impetus to the overall Internet of Medical Things Market.

 To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844

Increasing Number of Product Launches to Boost Market

The increasing prevalence of diabetes and cardiovascular diseases is a major growth driver promoting the IOMT market growth. Besides this, the market is driven by the rising awareness about technological advancements and the increasing demand for effective treatment management and constant drug monitoring. Smart healthcare devices also help in monitoring parameters such as blood pressure, weight, blood sugar, and the concentration of electrolyte present in the patient. This reduces the overall cost reduction by cutting down the expenses of periodic health check-ups. Furthermore, the increasing number of product launches by the IoMT companies are prognosticated to aid in the expansion of the market in the forecast duration.

Heavy Investment in Research and Development by Players to Intensify Market Competition

At present, the internet of health things is gaining popularity across the world. This is attributable to the significant reduction in patients’ healthcare costs. Several IoMT companies are planning to invest heavily in research and development activities to launch new products such as internet of health things in the market. A lead analyst at Fortune Business insights said,” The market is expected to rise at a significant rate on account of the presence of major companies and their strategic presence across all geographies.

Significant industry developments of the Internet of Medical Things Market include:

• November 2017 – The United States Food and Drug Administration approved an Abilify Mycite, a digital medicine system by Proteus Digital Health and Otsuka Pharmaceutical Co. Ltd. This drug-device consists of oral aripiprazole tablets by Otsuka that are implanted with an Ingestible Event Marker (IEM) sensor, developed by Proteus. The Abilify MyCite Application, used on a smartphone, will display the patient’s information coupled with a web-based portal for medical practitioners to receive a summary of the aripiprazole ingestion over a particular period.

Significant players of the IOMT Market include:

• Siemens Healthcare GmbH


• Biotronik


• GENERAL ELECTRIC COMPANY (GE Healthcare)


• Boston Scientific Corporation


• Koninklijke Philips N.V.


• Medtronic


• Johnson & Johnson Services, Inc.


• Cisco Systems, Inc.


• Welch Allyn


• IBM Corporation


• Others

Further Report Findings

• North America bagged the largest internet of health things market with a revenue of USD 5.87 billion earned in 2018. This is attributable to the rising prevalence of chronic diseases such as diabetes, heart disorders, and others.


• Asia Pacific will witness significant growth on account of increasing per capita income of consumers and technological advancements in IoMT devices in the region.


• On the basis of application, the patient monitoring segment will enjoy a dominant position in the market, owing to the increase in research and development activities for introducing new patient monitoring devices.

The global Internet of Medical Things (IoMT) market can be segmented as: