Market Analysis and Insights:
The market for Global Internet of Medical Things was estimated to be worth USD 144.32 billion in 2022, and from 2023 to 2030, it is anticipated to grow at a CAGR of 20.35%, with an expected value of USD 668.17 billion in 2030.
The IoMT industry is experiencing growth driven by various factors influencing the healthcare sector. The primary catalyst is the increasing integration of connected medical devices and wearables, offering real-time monitoring and data collection for informed decision-making and personalized patient care.
Demand is also propelled by the expanding elderly population and the prevalence of chronic illnesses, leading to a need for IoMT solutions that facilitate remote patient monitoring and management, reducing hospital visits. Technological advancements like artificial intelligence and machine learning further boost the IoMT market by enhancing data analysis, predictive analytics, and diagnostic accuracy. Additionally, government initiatives endorsing technology use in healthcare and significant investments by key industry players are spurring market expansion. However, obstacles concerning data security, interoperability challenges, and regulatory issues could impede market growth progress. Ultimately, the IoMT market is focused on enhancing patient outcomes, improving healthcare accessibility, and elevating operational efficiency across the healthcare landscape.
Internet of Medical Things Market Scope:
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 668.17 billion |
| Growth Rate | CAGR of 20.35% during 2023-2030 |
| Segment Covered | By Component, By Development, By Application, By End-use, By Product, By Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Medical Things (IoMT) sector encompass Cisco Systems Inc., General Electric Company, IBM Corporation, Koninklijke Philips NV, Medtronic PLC, Microsoft Corporation, Qualcomm Technologies Inc., Siemens AG, Honeywell International Inc., and Johnson & Johnson. |
Market Definition
The Internet of Medical Things (IoMT) is comprised of a system of linked medical devices and software programs designed to gather and share health information for the purpose of remote monitoring, diagnosis, and healthcare administration. This innovative technology has the capacity to transform the healthcare industry through the provision of individualized and streamlined patient care services.
The Internet of Medical Things (IoMT) holds a significant role in transforming the field of healthcare through its ability to enhance patient care, increase operational efficiency, and support proactive disease management. By integrating medical devices, sensors, and wearables with internet connectivity, healthcare providers are able to gather and analyze real-time data, enabling remote monitoring, personalized treatment plans, and early identification of health issues. This advancement empowers patients to engage actively in their healthcare journey, reducing the need for hospitalizations, easing the burden on healthcare systems, and ultimately leading to improved outcomes.
Furthermore, IoMT enables seamless communication and data sharing among healthcare professionals, resulting in precise diagnoses, streamlined processes, and better patient results. Embracing IoMT technologies holds vast potential for the healthcare sector to deliver accessible, cost-effective, and high-quality care to a wider population.
Key Market Segmentation:
Insights On Key Component
Services
Services are expected to dominate the Global Internet of Medical Things Market. With the increasing adoption of IoT in the healthcare sector, the demand for various services related to the implementation, maintenance, and management of IoT solutions is anticipated to rise significantly. These services encompass a wide range of activities, including consultancy, support and maintenance, system integration, and data analytics. By providing expertise in integrating IoT devices and platforms, ensuring data security and privacy, and enabling seamless connectivity, services play a crucial role in driving the successful implementation and operation of Internet of Medical Things solutions. Thus, services are poised to dominate the market by offering comprehensive and value-added solutions to the healthcare industry.
Hardware
Hardware is a vital component of the Internet of Medical Things ecosystem. It includes various devices such as sensors, wearable devices, medical devices, and connectivity devices. While services are expected to dominate the market, hardware plays a pivotal role in enabling the collection, transmission, and analysis of medical data. However, the hardware part is likely to face challenges such as high costs, interoperability issues, and technological limitations. Despite these challenges, hardware remains a crucial element in the Internet of Medical Things market, driving advancements in remote patient monitoring, diagnosis, and personalized healthcare.
Software
Software, another significant component within the Internet of Medical Things market, includes various applications, platforms, and analytics tools that facilitate the management and analysis of medical data. While services are expected to dominate the market, software plays a crucial role in enabling interoperability, data integration, and advanced analytics. It provides healthcare professionals with real-time insights, decision-making support, and remote patient monitoring capabilities. Additionally, software solutions help streamline workflows, enhance patient outcomes, and improve operational efficiency in healthcare organizations. Therefore, although services are expected to dominate the market, software remains an essential part within the Internet of Medical Things ecosystem.
Insights On Key Development
Cloud
The cloud based deployment is expected to dominate the Global Internet of Medical Things market. Cloud-based solutions provide numerous benefits in terms of scalability, storage capacity, accessibility, and cost-effectiveness. With the increasing adoption of IoT in the healthcare sector, cloud-based platforms provide the necessary infrastructure to support the vast amount of data generated by medical devices and systems. Additionally, cloud-based solutions allow for real-time monitoring, remote patient management, and data analytics, enabling healthcare providers to deliver more efficient and personalized care. As a result, the Cloud part is anticipated to dominate the Global Internet of Medical Things market.
On-premise
While the Cloud is expected to dominate the Global Internet of Medical Things market, the On-premise part also holds significance. On-premise solutions entail hosting and managing the IoT infrastructure within the healthcare facility itself. This part appeals to organizations with strict data privacy and security concerns, as it provides greater control over sensitive patient information. Furthermore, some healthcare providers may prefer on-premise solutions due to existing infrastructure investments or regulatory requirements. However, the adoption of on-premise solutions may be limited compared to cloud-based solutions, as they may require higher upfront costs, maintenance, and limited scalability.
Insights On Key Application
Connected Imaging
Connected Imaging is expected to dominate the Global Internet of Medical Things Market. This part involves the integration of medical imaging devices and technologies with IoT capabilities, allowing for real-time data transmission and analysis. With the increasing demand for advanced medical imaging solutions, such as MRI, CT, and ultrasound, the adoption of Connected Imaging applications is expected to rise significantly. The ability to remotely access, share, and analyze medical images in real-time enhances diagnostics, treatment planning, and collaboration among healthcare professionals. Furthermore, Connected Imaging offers benefits like improved patient outcomes, reduced healthcare costs, and enhanced workflow efficiency. As a result, this part is poised to dominate the Global Internet of Medical Things Market.
Telemedicine
Telemedicine is another significant application of the Global Internet of Medical Things Market. Telemedicine involves the use of IoT-enabled devices and technologies to provide remote clinical services to patients. Its adoption has increased tremendously due to factors such as the growing demand for remote healthcare delivery, rise in chronic diseases, and the need for better healthcare access in rural and underserved areas. Telemedicine applications enable healthcare providers to remotely monitor patients, diagnose conditions, prescribe medications, and provide virtual consultations. The convenience, cost-effectiveness, and accessibility of Telemedicine make it a promising part within the Global Internet of Medical Things Market.
Clinical Operations & Workflow Management
Clinical Operations & Workflow Management is another application that holds great potential in the Global Internet of Medical Things Market. This part involves the application of IoT technology to optimize healthcare operations, streamline workflows, and improve overall efficiency in healthcare settings. IoT-enabled devices, such as smart sensors, wearables, and asset tracking systems, help in real-time monitoring of medical equipment, tracking patient flow, managing inventory, and automating various administrative tasks. Clinical Operations & Workflow Management applications can lead to improved patient care, reduced wait times, enhanced resource allocation, and better decision-making. Hence, this part is expected to play a crucial role in the growth of the Global Internet of Medical Things Market.
Medication Management
Medication Management is another application that holds significant potential in the Global Internet of Medical Things Market. This part focuses on using IoT technology to enhance medication adherence, reduce medication errors, and improve patient safety. IoT-enabled devices, such as smart pill dispensers, medication reminder systems, and connected packaging, help patients and healthcare providers in monitoring and managing medication regimens. These devices can provide reminders for medication schedules, track adherence, and send alerts in case of missed doses or potential drug interactions. By improving medication management, this part can contribute to better patient outcomes and the reduction of healthcare costs associated with medication-related issues.
Inpatient Monitoring
Inpatient Monitoring is an important application of the Global Internet of Medical Things Market. It involves the use of IoT technology to monitor and collect real-time data on patients within hospital settings. IoT-enabled devices, such as connected vital sign monitors, wearable sensors, and medical-grade wearables, enable continuous tracking of patient vital signs, activity levels, and other physiological parameters. The ability to remotely monitor patients' conditions and detect early signs of deterioration can significantly improve patient safety, reduce the need for manual measurements, and enable timely interventions. Inpatient Monitoring applications have the potential to enhance patient outcomes, optimize resource utilization, and streamline healthcare delivery within hospital settings.
Insights On Key End-use
Hospitals
Hospitals are expected to dominate the global Internet of Medical Things (IoMT) market. With the increasing adoption of digital healthcare solutions, hospitals are actively implementing IoMT technologies to enhance patient care, improve operational efficiency, and streamline healthcare processes. Hospitals, being the primary healthcare providers, have a larger scale of operations and the need for advanced connectivity and data-sharing capabilities. They require IoMT solutions for real-time patient monitoring, remote diagnosis, asset management, and inventory tracking, among others. The integration of IoMT in hospitals enables better patient outcomes, reduces healthcare costs, and contributes to the overall improvement of healthcare services.
Homecare
In the global IoMT market, the homecare is expected to play a significant role. With the growing trend of healthcare decentralization and increasing preference for remote monitoring and personalized healthcare services, IoMT technologies are becoming essential for homecare settings. IoMT devices such as wearable sensors, remote patient monitoring systems, and connected medical devices enable individuals to access continuous healthcare monitoring and management from the comfort of their homes. Homecare providers and caregivers benefit from IoMT solutions as they enhance patient safety, enable timely interventions, and facilitate effective remote communication between patients and healthcare professionals. The homecare is expected to witness substantial growth due to the increasing aging population, rising chronic diseases, and the ongoing pandemic that has accelerated the adoption of remote healthcare services.
Clinics
Clinics are expected to have a considerable presence in the global IoMT market. As healthcare providers offering outpatient services, clinics can leverage IoMT technologies to enhance the overall patient experience and optimize clinical workflows. IoMT solutions enable clinics to implement remote patient monitoring systems, digital health platforms, and telemedicine services, thereby improving access to healthcare, reducing waiting times, and enhancing patient engagement. Clinics can efficiently collect and analyze patient data, monitor vital signs remotely, and proactively intervene in case of any health concerns. The integration of IoMT in clinics also facilitates seamless collaboration between healthcare professionals, enables better coordination of care, and enhances overall operational efficiency.
Research Institutes & Academics
Research institutes and academic organizations play a vital role in advancing healthcare technology and knowledge. While they might not dominate the global IoMT market in terms of adoption or revenue, these entities contribute significantly to the development and innovation of IoMT solutions. Research institutes and academic organizations engage in collaborative research projects, clinical trials, and educational programs related to IoMT. They contribute to the evolution of IoMT technologies by conducting cutting-edge research, creating standards, and nurturing talent in the field. Their involvement ensures that the IoMT market continues to grow and evolve with new advancements and breakthroughs.
Others
The other end use encompasses a diverse range of entities that do not fall under the previously mentioned parts. This category may include ambulatory surgical centers, long-term care facilities, rehabilitation centers, and other healthcare providers outside the main hospital, homecare, clinic, and academic sectors. Although the growth potential of this category depends on various factors, including regional healthcare systems and specific use cases, it is expected that these other healthcare providers will gradually integrate IoMT technologies to improve patient care, operational efficiency, and healthcare delivery in their respective settings. As the IoMT market matures and healthcare digitization progresses, the adoption of IoMT solutions among these entities is likely to increase.
Insights On Key Product
Wearable External Medical Devices
Wearable external medical devices are expected to dominate the global Internet of Medical Things (IoMT) market. These devices, which can be worn on the body, offer a wide range of applications and benefits in the healthcare industry. With the increasing adoption of IoT technology and the rise in demand for remote patient monitoring, wearable external medical devices offer a convenient and non-invasive way to track and monitor various health parameters. They provide real-time data collection, analysis, and transmission, enabling healthcare professionals to make accurate diagnoses and informed treatment decisions. Moreover, the growing popularity of wearable fitness trackers among consumers has further boosted the market for wearable external medical devices. Therefore, it is expected that this part will dominate the global IoMT market.
Stationary Medical Devices
Stationary medical devices are another important part within the IoMT market. These devices include hospital equipment and diagnostic machines that are not portable or directly worn by patients. Though they may not be as prevalent as wearable external medical devices, stationary medical devices play a crucial role in healthcare settings. They are used for various purposes such as monitoring vital signs, conducting diagnostic tests, and providing therapeutic treatments. Stationary medical devices have been widely adopted in hospitals and clinics, contributing to efficient patient care and better healthcare outcomes. However, due to their nature, they may not have the same level of market dominance as wearable external medical devices.
Implanted Medical Devices
Implanted medical devices, also known as medical implants, are devices that are surgically placed within the body. They are designed to monitor, assist, or replace bodily functions, and can have a significant impact on the quality of life for patients with chronic conditions or disabilities. While implanted medical devices play a crucial role in specific medical applications, they are not expected to dominate the global IoMT market. Implantation procedures are more invasive, require specialized surgical expertise, and may not be suitable or necessary for every patient. Consequently, the market for implanted medical devices is relatively smaller compared to wearable external and stationary medical devices in the context of the IoMT market.
Insights on Regional Analysis:
North America
North America is expected to dominate the Global Internet of Medical Things market. This region has a well-established healthcare infrastructure and technology adoption, making it the leading market for advanced medical devices and IoT. The presence of prominent market players, the high prevalence of chronic diseases, and strong government initiatives promoting the use of IoT in healthcare are the key factors driving the growth of the Internet of Medical Things market in North America. Additionally, technological advancements and increasing healthcare expenditure further contribute to the dominance of this region in the market.
Latin America
Latin America is seeing a growing adoption of IoT in healthcare, although it is not expected to dominate the Global Internet of Medical Things market. The region faces challenges such as limited healthcare infrastructure, lack of awareness about IoT technologies, and economic constraints. However, increasing investments in healthcare infrastructure and government initiatives promoting digital healthcare solutions are expected to drive market growth in Latin America. The rising prevalence of chronic diseases and the need for remote patient monitoring are creating opportunities for IoT in healthcare in this region.
Asia Pacific
Asia Pacific has a potential for growth in the Global Internet of Medical Things market, although it may not dominate. The region has a large population base, increasing healthcare expenditure, and growing awareness about advanced healthcare technologies. The implementation of digital health initiatives by governments, along with a rising geriatric population and the burden of chronic diseases, is driving the adoption of IoT in healthcare. However, challenges such as data security concerns, lack of interoperability standards, and fragmented healthcare systems hinder the rapid growth of the Internet of Medical Things market in Asia Pacific.
Europe
Europe has a strong potential to drive the growth of the Global Internet of Medical Things market. The region has a mature healthcare system, advanced technological infrastructure, and supportive government regulations. Market players in Europe are investing in innovative IoT solutions and collaborating with healthcare providers to improve patient care and reduce healthcare costs. The increasing need for remote patient monitoring, telemedicine, and personalized healthcare is expected to fuel the adoption of IoT in the healthcare sector in Europe. Although it may not dominate the market, Europe is likely to be a significant player in the Internet of Medical Things market.
Middle East & Africa
Middle East & Africa are emerging markets for IoT in healthcare. The region has a growing population and an increasing burden of chronic diseases, which creates a demand for advanced healthcare technologies. The governments in the Middle East & Africa are investing in digital health initiatives and expanding healthcare infrastructure, which will contribute to the adoption of IoT in healthcare. However, challenges such as limited healthcare resources, lack of awareness, and affordability issues may slow down the growth of the Internet of Medical Things market in this region. While not expected to dominate, Middle East & Africa have the potential for significant market growth in the future.
Company Profiles:
Prominent contributors in the worldwide Internet of Medical Things sector are tasked with creating and offering connectivity solutions, medical equipment, and software services that facilitate the assimilation and evaluation of medical information. Their significance lies in propelling the acceptance of IoT technologies in healthcare, advocating for remote patient surveillance, bettering healthcare results, and amplifying the general effectiveness of the medical sphere.
Prominent players in the Internet of Medical Things (IoMT) sector encompass Cisco Systems Inc., General Electric Company, IBM Corporation, Koninklijke Philips NV, Medtronic PLC, Microsoft Corporation, Qualcomm Technologies Inc., Siemens AG, Honeywell International Inc., and Johnson & Johnson. These organizations serve as key drivers in reshaping the healthcare sector through the utilization of cutting-edge technologies and connectivity platforms for medical equipment, healthcare provisions, and patient surveillance.
Engaging in robust research and development initiatives, strategic collaborations, acquisitions, and innovative product introductions, they aim to advance the implementation of IoMT in diverse medical landscapes. Cisco, GE, IBM, Philips, Medtronic, Microsoft, Qualcomm, Siemens, Honeywell, and Johnson & Johnson are steadfast in their efforts to enhance patient outcomes, facilitate remote healthcare provision, and bolster the overall efficacy of healthcare systems by incorporating IoMT solutions.
COVID-19 Impact and Market Status:
The worldwide market for Internet of Medical Things witnessed a substantial growth in demand as a result of the Covid-19 outbreak, fueled by ened adoption of remote patient monitoring, telehealth offerings, and the requirement for effective healthcare remedies.
The emergence of the COVID-19 pandemic has had a profound impact on the Internet of Medical Things (IoMT) sector. Due to the imperative for remote monitoring and the reduction of direct interactions within healthcare environments, there has been a marked increase in the acceptance and utilization of IoMT tools and services. This global health crisis has brought into sharp focus the critical significance of remote patient monitoring, telemedicine, and digital health platforms. Through the deployment of IoMT solutions such as wearables, sensors, and interconnected medical devices, healthcare providers have been able to effectively monitor patients' well-being from a distance, facilitate virtual consultations with medical professionals, and enhance the collection and analysis of data for diagnostic purposes. Moreover, the pandemic has expedited the advancement and implementation of intelligent healthcare infrastructures, encompassing remote patient monitoring systems, hospital automation, and telemedicine services. Nevertheless, the IoMT market has encountered obstacles related to data security and privacy issues, interoperability challenges, and the exigency for robust regulatory frameworks. Notwithstanding these impediments, the surge in demand for IoMT solutions amidst the COVID-19 emergency is anticipated to persist, given the healthcare sector’s ongoing commitment to embracing digital transformation.
Latest Trends and Innovation:
- In August 2020, Google Cloud announced a collaboration with Telefónica to launch a Healthcare Internet of Things (IoT) service in Spain, leveraging Google Cloud's experience in artificial intelligence and data analytics.
- In September 2020, Medtronic, a global leader in medical technology, acquired smart insulin pen manufacturer Companion Medical, expanding its portfolio of diabetes management solutions.
- In October 2020, GE Healthcare partnered with Microsoft to integrate its Edison HealthLink platform with Microsoft Azure, allowing healthcare providers to securely aggregate and analyze data from various sources using the cloud.
- In November 2020, Philips announced the acquisition of BioTelemetry, a leading remote cardiac monitoring company, strengthening Philips' position in the telehealth and remote patient monitoring market.
- In January 2021, Qualcomm announced its new Snapdragon 480 5G mobile platform, designed to enable affordable 5G smartphones with advanced camera and AI capabilities, targeting the growing demand for connected healthcare devices.
- In February 2021, Medtronic collaborated with IBM Watson Health to develop an AI-powered, closed-loop insulin pump system for personalized diabetes management.
- In March 2021, Siemens Healthineers acquired Varian Medical Systems, a leader in cancer care solutions, to expand its offerings in precision oncology and strengthen its position in the Internet of Medical Things (IoMT) market.
- In April 2021, Abbott Laboratories launched the NeuroSphere Virtual Clinic, a telehealth platform that allows doctors to remotely monitor patients with chronic pain and movement disorders using implanted medical devices.
- In June 2021, Cisco partnered with SAS to develop a healthcare analytics solution, leveraging Cisco's networking and security technologies combined with SAS' advanced analytics capabilities to enable real-time data-driven decision-making in healthcare settings.
- In July 2021, Medtronic acquired privately-held Aptus Health, a digital therapeutics and engagement solutions provider, to enhance its digital health offerings and patient engagement capabilities.
Significant Growth Factors:
The expansion of the Internet of Medical Things (IoMT) sector is propelled by advancements in technology, the rise in usage of wearable devices, the increasing need for real-time remote patient monitoring, and the growing demand for effective healthcare solutions.
The growth of the Internet of Medical Things (IoMT) market can be attributed to various factors. Firstly, the increasing utilization of wearable devices and sensors in the healthcare industry is a key driver of IoMT market growth. These devices offer real-time health monitoring, enabling early disease detection and prevention. Secondly, the growing demand for remote patient monitoring and telemedicine services is driving the expansion of the IoMT market. Advances in communication technologies allow patients to access healthcare services remotely, reducing hospital visits and improving patient outcomes. Thirdly, the rise in elderly population and prevalence of chronic diseases necessitate continuous remote monitoring, a need addressed effectively by IoMT solutions. Integrating artificial intelligence and machine learning into IoMT devices enhances their capabilities, facilitating accurate diagnosis and personalized treatment plans. Government initiatives promoting healthcare digitization and regulations ensuring patient data security and privacy also play a role in IoMT market growth. Further advancement in healthcare wearable devices and IoT-enabled medical equipment is fueling market expansion. Consequently, the Internet of Medical Things market is poised for significant growth in the foreseeable future.
Restraining Factors:
The intricate regulatory landscape and issues regarding data privacy and cybersecurity present notable obstacles to the expansion of the Internet of Medical Things sector.
The market for the Internet of Medical Things (IoMT) has experienced significant expansion in recent years due to the incorporation of digital technologies in the healthcare sector. However, several factors act as constraints that could slow down the market's advancement. Initial concerns revolve around data privacy and security in light of the increasing connectivity of medical devices, which ens the risks of data breaches and unauthorized access. Protection of patient information through robust security measures is imperative given the sensitive nature of medical data. Another challenge lies in the complexity of deploying IoMT solutions, as the integration of diverse devices, systems, and protocols demands a high degree of technical proficiency that may not be readily accessible within healthcare institutions. Furthermore, interoperability issues present a significant obstacle, as devices from different manufacturers may not be compatible, leading to integration challenges. A notable impediment is the substantial initial investment required to implement IoMT solutions, leading healthcare organizations to be cautious about investing significant resources without a clear return on investment. Lastly, the absence of standardized regulations and policies governing the use of IoMT devices poses a barrier to market growth and adoption. In conclusion, while the IoMT market holds promise, addressing concerns related to data privacy, security, implementation complexity, interoperability, and the establishment of standardized regulations is essential for its sustainable progression. Resolving these issues can create a more secure and efficient healthcare landscape, benefiting both patients and healthcare providers.
Key Segments of the Internet of Medical Things Market
Component Overview
• Hardware
• Software
• Services
Development Overview
• On-premise
• Cloud
Application Overview
• Telemedicine
• Clinical Operations & Workflow Management
• Connected Imaging
• Medication Management
• Inpatient Monitoring
• Others
End-use Overview
• Homecare
• Clinics
• Hospitals
• Research Institutes & Academics
• Others
Product Overview
• Stationary Medical Devices
• Implanted Medical Devices
• Wearable External Medical Devices
Regional Overview
North America
• US
• Canada
• Mexico
Europe
• Germany
• France
• U.K
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
Middle East and Africa
• Saudi Arabia
• UAE
• Rest of Middle East and Africa
Latin America
• Brazil
• Argentina
• Rest of Latin America
Frequently Asked Questions (FAQ) :
The application of the internet of medical things market Telemedicine, Clinical Operations & Workflow Management, Connected Imaging, Medication Management, Inpatient Monitoring, Others)
North America dominated the market for internet of medical things market and accounted for the largest revenue share.
The market value of internet of medical things market in 20230 was USD 668.17 billion