The global internet of medical things (IoMT) market size is projected to reach USD 187.60 billion by 2028 and exhibit a CAGR of 29.5% during the forecast period. The growing expenditure on IoT in healthcare and the increasing technological advancement in healthcare information technologies are anticipated to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Internet of Medical things (IoMT) Market, 2021-2028”. The market size stood at USD 41.17 billion in 2020.
The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to enhance the telehealth industry and empower market growth. The growing adoption of 5G networks is also expected to amplify the growth of the market in the upcoming years.
Key Players in the Internet of Medical
Things (IoMT) market are:
- Boston Scientific Corporation (Marlborough, the U.S.)
- General Electric Company (G.E. Healthcare) (Chicago, the U.S.)
- Johnson & Johnson Services, Inc. (New Brunswick, the U.S.)
- Medtronic (Dublin, Ireland)
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Siemens Healthineers AG (Munich, Germany)
- Cisco (San Jose, the U.S.)
- IBM (Armonk, the U.S.)
- Hill-Rom Services, Inc (Welch Allyn) (Indiana, the U.S.)
- BIOTRONIK (Berlin, Germany)
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Report Coverage-
The report
offers a comprehensive assessment of the prospected market.
The report
incorporates Porters’ Five Forces Analysis for an infallible market prediction.
The report
highlights different market segments; product, indication, end-user, and
others.
The report
highlights strategies of growth for companies to wade through the COVID-19
pandemic.
The report highlights the latest industry developments, new product launches, key market trends, and others.
Drivers & Restraints-
Growing Investments in IoT in Healthcare
to Fuel Market Growth
The internet of
health things (IoMT) can reduce healthcare costs for governments and patients.
The medtech companies with the internet of medical things (IoMT) focus on
transforming the delivery of advanced healthcare to patients. The investments
in the healthcare industry have significantly increased during the pandemic.
The increasing investments in IoT to transform the healthcare sector are
anticipated to bolster the global internet of medical things (IoMT) market growth.
The developments
in mobile phone technology and the telecommunication industry are expected to
create lucrative growth opportunities for the market. The adoption of the 4G
network has created lucrative growth opportunities for the market. The
introduction of high-speed networks and the growing adoption of 5G technology
are likely to enhance the telehealth industry and empower market growth.
However, the risks of cyberattacks and data breaches loom large and may hinder the growth of the market.
Read a Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844
COVID-19 Impact
The humanitarian
crisis has significantly struck the healthcare industry. However, the demand
for the internet of medical things (IoMT) has witnessed astronomical growth
during the pandemic due to rapid digitization. The investments in healthcare
have increased manifold during the pandemic. Virtual consultation has witnessed
striking growth during the outbreak due to the fear of contracting the virus.
As per an article by Onometra, there are approximately 48% of medical devices
connected through the internet of things (IoT) in India. These numbers are expected
to increase to 68% shortly. The market is projected to witness immense growth
in the forthcoming years.
Regional Insights-
Increasing Product Launches to Boost
Growth in North America
North America is
anticipated to gain the largest portion of the global internet of medical
things (IoMT) market share. The increasing launch of ingenious products and the
growing adoption of remote patient observation devices are expected to boost
the growth of the market. Additionally, the robust sales of IoMT products and
solutions in the U.S. are likely to stimulate the market’s growth.
Europe is
expected to witness the second-highest growth in the global market due to the
rising government initiatives to boost the adoption of IoMT solutions in the
healthcare industry.
Asia Pacific is
projected to witness growth with the highest CAGR. The rising healthcare
expenditure and the strong government support for the approval and launch of
IoMT devices are anticipated to bolster the growth of the market.
The Middle East & Africa, and Latin America are likely to gain considerable growth due to improving investments in the healthcare industry and the growing awareness for IoMT devices and solutions.
Competitive Landscape-
Key Players Emphasize New Product
Launches to Garner Growth in the Market
The market is fairly fragmented and comprises several key players, including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips N.V., with the largest shares in the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. Most recently, Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions. The collaboration is aimed to accelerate clinical trials and enhance patient care.
Industry Developments-
September 2020: Philips unveiled Philips Avent electric breast pump, Philips Sonicare teledentistry, and others to enhance services to patients in homecare settings.
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