Worldwide Internet of Medical Things (IoMT) Industry is Expected to Grow at a 24.6% CAGR Between 2022 to 2028: Innovation and Adoption of New IoMT Devices Drives Growth
Dublin, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Internet of Medical Things (IoMT) Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global market for IoMT is projected to have a considerable CAGR of around 24.6% during the forecast period.
The IoMT is a collection of medical devices and applications connected to healthcare IT systems via online computer networks in which data can be exchanged among other devices without requiring human-to-human or human-to-computer interaction.
These devices are used to improve healthcare quality while reducing the cost and time. Various IoMT applications in hospitals and clinics involve patient monitoring, X-ray machines, CT scans, and smart apps used to connect patients and doctors at remote places.
In the medical device industry, major growth has been observed as IoT based medical technology has been adopted widely in developed economies. The innovation of new IoMT devices and the adoption of these devices in healthcare organizations on large scale owing to the increasing need for patients' outcomes are the major factors driving the growth of the market. On the other hand, the large adoption of electronic health records (EHR) has been another major factor driving the market growth.
Besides, high costs of IoT based medical devices along with lack of skilled professionals towards IOT technology act as major restraints for the market growth.
The reason behind the high cost is the requirement of the installation of software, hardware, training fees, networking infrastructure, & IT support. Moreover, increasing technological advancement supported by start-ups and rising demand for point of care medical devices is expected to drive the market growth during the forecast period.
COVID-19 Impact on the global IoMT Market
The global IoMT market is positively hit by the impact of the COVID-19 pandemic. The increase in the number of patients affected with many diseases including coronavirus has increased the demands and use of IoMT devices to increase the patient outcomes and to monitor and maintain the data related to patient medication, this led to an increase in market growth.
The global IoMT market is segmented based on component, application, and end-user. Based on component, the market is categorized into medical devices, and software & services. Based on application, the market is classified into patient monitoring, telemedicine, connected imaging, drug development, and others.
Among these, the use of IoMT devices in the patient monitoring segment is expected to grow significantly during the forecast period. As these devices are coupled with advanced technology through which patient diagnosis and medication can be monitored through smart devices from remote locations. The IoMT market based on end-user divided into hospitals & clinics, research institutes & academics, and homecare.
Hospitals and Clinics further projected to dominate the global IoMT market
Based on end-users, the hospitals, and clinics segment projected to dominate the market during the forecast period. As the use of IoMT device in healthcare sectors are gaining popularity in the last few years. The IoMT devices find their applications in patient monitoring, telemedicine, connected imaging, drug development, among others.
The advantages provided by IoMT devices such as real-time monitoring, improved drug management, improved patient outcomes, and a reduction in medical expenditure are making them more demand in healthcare sectors.
Thus, hospitals and clinics are the largest end-users of these devices. More than 70% of the organization use the IoMT to maintain and record the data related to the patients. The increasing advancements in these technologies and growing healthcare sectors coupled with IoMT devices are expected to increase the market growth.
Geographically, the global IoMT market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)).
Among these, Asia-Pacific is expected to be the fastest growing region during the forecast period owing to rising digitalization in the healthcare sector and increasing adoption of EHR in emerging countries. The rise in disposable income, increase in awareness regarding technological advancement in IoMT devices, and increasing demand for better patient outcomes are the major factors driving regional growth.
North America is estimated to dominate the global IoMT Market
Geographically, North America dominated the global IoMT market in 2020, and it is expected to grow with a significant CAGR during the forecast period. The well-established healthcare infrastructure and IT industry is the factor that drives the market growth.
The high prevalence of the chronic disease has increased the use of IoMT devices in the region, and new launches in IoMT by major players are expected to boost the market during the forecast period. Besides, the increase in R&D expenditure and technological advancements are the factors that are also fueling the market prospects in the region.
Market Players Outlook
The key players in the global IoMT market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market are Apple, Inc., Boston Scientific Corp., IBM Corp., Cisco Systems, Inc., GE Healthcare, Koninklijke Philips N.V., Medtronic PLC, Siemens Healthcare GmbH, among others.
These market players adopt different marketing strategies such as mergers & acquisitions, R&D, product launches, and geographical expansions to generate more revenue and to remain competitive in the market. For instance, in February 2021, Hillrom announced the acquisition of contact-free continuous monitoring technology from EarlySense. The deal was done for $30 million. The acquisition will aid Hillrom to build a differentiated suite of connected solutions with EarlySense's next-generation AI-based sensing technologies specifically for remote patient care and to improve patient outcomes.
The Report Covers
Market value data analysis of 2020 and forecast to 2027.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global Internet of Medical Things (IoMT) market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
3. Competitive Landscape
3.1. Key Company Analysis
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of Covid on key players
4. Market Determinants
5. Market Segmentation
5.1. Global IOMT MARKET, By Component
5.1.1. Medical Devices
5.1.2. Software and Services
5.2. Global IOMT MARKET, By Application
5.2.1. Patient Monitoring
5.2.3. Connected Imaging
5.2.4. Drug Development
5.2.5. Others (Fitness and Wellness Measurement)
5.3. Global IOMT MARKET, By End-User
5.3.1. Hospitals and Clinics
5.3.2. Research Institutes and Academics
6. Regional Analysis
6.1. North America
6.1.1. United States
6.2.7. Rest of Europe
6.3.4. South Korean
6.3.5. Rest of Asia-Pacific
6.4. Rest of the World
6.4.1. Latin America
6.4.2. Middle East& Africa
7. Company Profiles
7.1. Adheretech, LLC
7.2. AliveCor, Inc.
7.3. Apple, Inc.
7.4. BioSerenity SAS
7.5. Boston Scientific Corp.
7.6. Carre Technologies Inc.
7.7. CenTrak, Inc.
7.8. Cisco Systems, Inc.
7.9. Cue Health Inc.
7.10. EarlySense, Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/4p7h4f-internet?w=12
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