Pune, India, Oct. 10, 2022 (GLOBE NEWSWIRE) — The world internet of medical things market The size is expected to reach USD 187.60 billion by 2028 and grow at a CAGR of 29.5% during the forecast period. Rising expenditure on IoT in healthcare and increasing technological advancements in healthcare information technology are expected to drive the market growth. Fortune Business Insights™ 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 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to improve the telehealth industry and drive the growth of the market. The increasing adoption of 5G networks is also expected to amplify the market growth in the coming years.
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Scope and Segmentation of the Internet of Medical Things (IoMT) Market Report:
| Report cover | Details |
| Forecast period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 29.5% |
| 2028 value projection | $187.60 billion |
| base year | 2020 |
| Market size in 2020 | $41.17 billion |
| Historical data for | 2017 to 2019 |
| Number of pages | 166 |
Drivers and Constraints-
Growing Investments in IoT in Healthcare to Fuel Market Growth
The Internet of Health Things (IoMT) can reduce healthcare costs for governments and patients. Medical technology companies with the medical Internet of Things are focused on transforming the delivery of advanced healthcare to patients. Investments in the health sector have increased significantly during the pandemic. Growing investments in IoT to transform the healthcare industry are expected to drive the growth of the global Internet of Medical Things (IoMT) market.
Developments in mobile phone technology and telecommunications industry are expected to create lucrative growth opportunities for the market. The adoption of 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks and the increasing adoption of 5G technology are likely to improve the telehealth industry and drive the growth of the market.
However, the risks of cyberattacks and data breaches are significant and may hamper the growth of the market.
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Impact of COVID-19
The humanitarian crisis has hit the health sector hard. However, the demand for medical internet of things has grown astronomically during the pandemic due to rapid digitization. Investments in health care have multiplied during the pandemic. Virtual consultation has seen a striking growth during the epidemic due to the fear of contracting the virus. According to an article by Onometra, there are about 48% of medical devices connected via Internet of Things (IoT) in India. These numbers are expected to increase to 68% shortly. The market is expected to experience immense growth in the coming years.
Segmentation-
On the basis of product, the market is divided into portable external medical devices, implanted medical devices and stationary medical devices. Based on application, the market is segmented into patient monitoring, medication management, telemedicine, and others. On the basis of end user, the market is fragmented into government authorities, patients, healthcare providers, and others. Geographically, the market is categorized into five major regions: North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Report cover-
- The report offers a comprehensive assessment of the prospected market.
- The report incorporates Porters Five Forces analysis for foolproof market prediction.
- The report highlights different market segments; product, application, end user and others.
- The report highlights business growth strategies to weather the COVID-19 pandemic.
- The report highlights the latest industry developments, new product launches, key market trends, and more.
Regional outlook-
Increase product launches to drive growth in North America
North America is expected to gain the largest share of the global Internet of Medical Things (IoMT) market share. The increasing launch of ingenious products and increasing adoption of remote patient observation devices are expected to drive the market growth. Additionally, robust sales of IoMT products and solutions in the United States are expected to drive the market growth.
Europe is expected to witness the second highest growth in the global market owing to the increase in government initiatives to drive the adoption of IoMT solutions in the healthcare sector.
Asia-Pacific is expected to grow with the highest CAGR. Rising healthcare expenditures and strong government support for the approval and launch of IoMT devices are expected to support the market growth.
The Middle East, Africa, and Latin America are expected to witness tremendous growth due to improved healthcare investment and growing awareness of IoMT devices and solutions.
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Competitive Landscape-
Key players are emphasizing new product launches to generate growth in the market
The market is quite fragmented with several key players including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips NV with the largest market shares. The major players are focusing on developing new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate higher revenue and improve their market presence. More recently, Philips and Cognizant signed a collaboration agreement in July 2021 to develop end-to-end digital solutions. This collaboration aims to accelerate clinical trials and improve patient care.
Industry Developments-
- September 2020: Philips unveiled the Philips Avent electric breast pump, Philips Sonicare teledentistry and others to improve patient services in home care facilities.
The major players in the Internet of Medical Things market are:
- Boston Scientific Corporation (Marlborough, USA)
- General Electric Company (GE Healthcare) (Chicago, USA)
- Johnson & Johnson Services, Inc. (New Brunswick, USA)
- Medtronic (Dublin, Ireland)
- Royal Philips NV (Amsterdam, Netherlands)
- Siemens Healthineers AG (Munich, Germany)
- Cisco (San Jose, USA)
- IBM (Armonk, USA)
- Hill-Rom Services, Inc (Welch Allyn) (Indiana, USA)
- BIOTRONIK (Berlin, Germany)
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Contents :
- Introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Summary
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Startup funding: overview
- Technological Advances in IoMT Devices
- Overview of the impact of IoMT on healthcare
- New fields of application: overview
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- New product launches
- Key industry trends
- Impact of COVID-19 on the global IoT market
- Key trends accelerated by COVID-19
- Global Internet of Medical Things (IoMT) Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Product
- Fixed medical devices
- Implanted medical devices
- Portable external medical devices
- Market Analysis, Outlook and Forecast – By Application
- Telemedecine
- Medication management
- Patient monitoring
- Others
- Market Analysis, Outlook and Forecast – By End User
- health care providers
- The patients
- Government authorities
- Others
- Market Analysis, Outlook and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Internet of Medical Things (IoMT) Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Product
- Fixed medical devices
- Implanted medical devices
- Portable external medical devices
- Market Analysis, Outlook and Forecast – By Application
- Telemedecine
- Medication management
- Patient monitoring
- Others
- Market Analysis, Outlook and Forecast – By End User
- health care providers
- The patients
- Government authorities
- Others
- Market Analysis, Outlook and Forecast – by Country
- Europe Internet of Medical Things (IoMT) Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Product
- Fixed medical devices
- Implanted medical devices
- Portable external medical devices
- Market Analysis, Outlook and Forecast – By Application
- Telemedecine
- Medication management
- Patient monitoring
- Others
- Market Analysis, Outlook and Forecast – By End User
- health care providers
- The patients
- Government authorities
- Others
- Market Analysis, Outlook and Forecast – By Country/Sub-Region
- UK
- Germany
- France
- Spain
- Italy
- Scandinavia
- The rest of Europe
Knock Continue…
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Frequently Asked Questions :
- How much is the Internet of Medical Things (IoMT) market worth?
- The Internet of Medical Things (IoMT) market size is expected to reach USD 187.60 billion by 2028 and grow at a CAGR of 29.5% during the forecast period.
- What are the key factors driving the market?
- Growing Investments in the Healthcare Internet of Medical Things Market to Fuel Market Growth
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