Internet of Medical Things Market is segmented by Product Type (Home-Use Medical Equipment, Point-Of-Care Devices, and Smart Wearable Gadgets), by Application (Real-Time Monitoring, Data Assortment & Analysis, Remote Medical Assistance, and Tracking & Alerts) for End Users (Homecare, Research Institutes, and Hospitals & Clinics) and Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa, Rest of World)
Internet of Medical Things Market size was estimated at $72.5 billion in 2021 and is expected to reach $333.13 billion by 2031, growing at a CAGR of 21% during the forecast period of 2022 to 2031.
Internet of Medical Things Market
The internet of medical things is described as a network of interconnected devices that uses connectivity to enable the exchange of data. The internet of medical things allows healthcare workers to streamline the medical procedure and complete tasks in an efficient manner. It also assists health practitioners to perform their job efficiently by providing critical data about the patients medical condition. Moreover, it helps to improve patient outcomes and reduces the burden of healthcare workers. Medical devices integrated with the internet can perform various tasks such as remote patient monitoring, treatment progress observation, record of vaccines, and many other functions. The main objective of the internet of medical things is to enable the healthcare professionals to be more watchful and connect with patients proactively.
Internet of Medical Things Market Growth and Trend
Worldwide flourishing internet penetration and cloud computing is propelling the internet of medical things market demand to a great extent. Emergence of deep learning, analyzing tools, and artificial intelligence has paved the path for expansion of the internet of medical things market. In addition, the internet of medical things empowers the healthcare institutes with a centralized platform to efficiently manage their healthcare services. The growing focus of medical institutions to automate healthcare services and to improve diagnosis and treatment of patients is driving the demand for internet of medical things in the global market. Another vital factor that is positively affecting the growth of the market is the real-time monitoring of patient’s health condition, based on criticality medical professionals can decide the mode and level of treatment. The outbreak of the Covid-19 pandemic has given a boost to the internet of medical things market. The need to monitor the patients remotely to contain the spread of virus has led to the significant growth in the demand for the internet of medical things globally.
Internet of Medical Things Market Segmentation
The global internet of medical things market is segmented based on product type, application, and end-user. Based on product type, the market is divided into home-use medical equipment, point-of-care devices, and smart wearable gadgets. The point-of-care devices segment is expected to witness rapid growth in the years ahead due to increasing cases of hypertension, obesity and rising preference for self-health management. By application, the global internet of medical things market is segregated into real-time monitoring, data assortment & analysis, remote medical assistance, and tracking & alerts. The real-time monitoring segment is projected to experience fastest-growth as it enables the doctors to proactively watch the medical condition of the patients and decide the treatment level and mode on time. In terms of end-users, the market is divided into homecare, research institutes, and hospitals & clinics. The hospitals and clinics segment is expected to hold a significant share in the market. The segmental growth can be attributed to the escalating need to manage huge data generated by the healthcare sector every day.
Internet of Medical Things Market Country Analysis
North America is the largest shareholder of the global internet of medical things market. The regional growth can be attributed to the widespread acceptance of the technology by various medical institutions in the region. However, the Asia Pacific is anticipated to grow at the highest CAGR value during the forecast period. The growing focus of the government to promote the use of technology in healthcare sectors to improve the services is propelling the regional growth.
Internet of Medical Things Market Share and Competition
The leading companies operating in the global internet of medical things market are Medtronic (US), GE Healthcare (US), Koninklijke Philips N.V. (Netherlands). Other prominent players in the market include Honeywell Life Care Solutions (US), BIOTRONIK (Germany) are the leading players in the market. Other players include Boston Scientific Corporation (US), Johnson & Johnson Services, Inc. (US), Siemens AG (Germany), Omron Healthcare, Inc. (Japan), BioTelemetry, Inc. (US), AliveCor, Inc. (US), iHealth Lab, Inc. (US), AgaMatrix (US), Abbott Laboratories (US), Stanley Healthcare (US), and Hillrom-Welch Allyn (US).
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
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Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2022 - 2031)
• Home-Use Medical Equipment
• Point-Of-Care Devices
• Smart Wearable Gadgets
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Real-Time Monitoring
• Data Assortment & Analysis
• Remote Medical Assistance
• Tracking & Alerts
End-Users Analysis (Revenue, USD Million, 2022 - 2031)
• Research Institutes
• Hospitals & Clinics
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Internet of Medical Things Market Companies
• GE Healthcare
• Koninklijke Philips N.V.
• Honeywell Life Care Solutions
• Boston Scientific Corporation
• Johnson & Johnson Services, Inc.
• Siemens AG
• Omron Healthcare, Inc.
• BioTelemetry, Inc.
• AliveCor, Inc
• iHealth Lab, Inc.
• Abbott Laboratories
• Stanley Healthcare
• Hillrom-Welch Allyn
• United States Internet of Medical Things Industry Research Report
• Europe Internet of Medical Things Industry Research Report
• Asia Pacific Internet of Medical Things Industry Research Report
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