Internet of Medical Things Market Size, Share, Analysis, Trends, Growth, Forecasts 2032

Global Internet of Medical Things Market: Insights

The global Internet of Medical Things Market size was valued at USD 47.12 Billion in 2023 and is predicted to reach USD 597.17 Billion by the end of 2032. The market is expected to grow with a CAGR of 32.6% during the forecast period. The report analyzes the global Internet of Medical Things Market's growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Labeling Equipment MarketInternet of Medical Things industry.

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Global Internet of Medical Things Market: Overview

Breakthroughs in deep learning, machine learning, cloud computing, big tools, and internet of things has paved way for expansion of internet of medical things industry in recent years. Moreover, internet of medical things scenario involves utilization of clinical sensors, wearable equipment, computing frameworks, and clinical modules. Apparently, internet of medical things is projected to bring paradigm shift in healthcare industry with former having ability for unraveling endless gaps in healthcare services and thus improving diagnosis & treatment for patients. Furthermore, internet of medical things also abbreviated as IoMT can assist physician in monitoring health condition of patients on real-time basis and thereby deciding mode & level of treatment for these patients.

Moreover, internet of medical things helps in avoiding unnecessary hospitalizations for patients. Reportedly, nearly more than 50% of healthcare organizations across globe have accepted IoT and additional 27% of healthcare firms are set to use IoT by 2021. With COVID-19 outbreak, internet of medical things market is likely gain prominence in coming decade as IoMT utilization in healthcare sector reduces recurrence of patient and doctor contact. From pregnancy testing kits to surgical devices, artificial joints to MRI scanners, medical technology designs and manufactures a plethora of products. Furthermore, IoMT-a connected infrastructure of healthcare services & tools- is that technology, which helps all the aforementioned products for generating, collecting, analyzing, and transmitting information.

Global Internet of Medical Things Market: Growth Factors

Escalating need for improving patient healthcare outcomes, reducing surging healthcare costs, and enhancing efficiency of healthcare services will boost internet of medical things market trends. Apart from this, internet of medical things technology is predicted to help healthcare firms’ coin new ways of engaging with patients along with empowering them. This will further contribute significantly towards expansion of internet of medical things market over years to come. Apparently, internet of medical things (IoMT) is projected to minimize unnecessary consultation with physicians through sharing of medical information via a secured & robust network.

In addition to this, intelligent transit healthcare schema makes use of internet of medical things for remote monitoring of patients, thereby expanding scope of internet of medical things market in the years to come. Onset of industry 4.0 has lucratively influenced growth of internet of medical things market with industry 4.0 producing high-caliber clinical devices which can be altered as per medical requirements. Furthermore, it helps in reducing social insurance costs and bringing improvement in various kinds of medical therapies. Nevertheless, IoMT devices are prone to vulnerabilities such as hacking and can prove harmful for patients. This, in turn, can put brakes on growth of internet of medical things industry in foreseeable future.

Key Insights

• As per the analysis shared by our research analyst, the global Internet of Medical Things Market is estimated to grow annually at a CAGR of around 32.6% over the forecast period (2024-2032).
• In terms of revenue, the global Internet of Medical Things Market size was valued at around USD 47.12 Billion in 2023 and is projected to reach USD 597.17 Billion by 2032.
• Based on the application, remote patient monitoring stands out as the most dominant application segment. This prominence is driven by the increasing demand for continuous health monitoring, especially for chronic disease management and post-acute care. The integration of wearable devices and connected health systems facilitates real-time data collection, enabling healthcare providers to make timely decisions and improve patient outcomes.
• Based on the product type, wearable medical devices are the leading segment in the IoMT market. These devices, including smartwatches, fitness trackers, and biosensors, have gained significant traction due to their ability to monitor vital signs, physical activity, and other health metrics. The convenience and accessibility of wearable technology have made them a preferred choice for both consumers and healthcare professionals.
• Based on the end-user, hospitals and clinics represent the most dominant segment in the IoMT market. These institutions are increasingly adopting IoMT solutions to enhance patient care, streamline operations, and reduce healthcare costs. The integration of connected devices in clinical settings allows for better diagnostics, treatment planning, and patient monitoring, leading to improved healthcare delivery.
• Based on the region, North America holds the largest share of the IoMT market. This dominance is attributed to the region's advanced healthcare infrastructure, high adoption rate of innovative technologies, and supportive regulatory environment. The presence of key market players and significant investments in healthcare IT further bolster the growth of the IoMT market in North America.

Global Internet of Medical Things Market: Report Scope

Global Internet of Medical Things Market: Segmentation Analysis

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The global internet of medical things market is segmented into product type, application, and end-user.

On basis of product type, market is sectored into home-use medical equipment, point-of-care devices, and smart wearable gadgets.

In terms of application, internet of medical things industry is classified into real-time monitoring, data assortment & analysis, remote medical assistance, and tracking & alerts.

Based on end-user, the market is divided into homecare, research institutes, and hospitals & clinics.

Region-wise, the internet of medical things market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Global Internet of Medical Things Market : Regional Analysis

North America To Contribute Majorly Towards Regional Market Share By 2032

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The growth of internet of medical things market in North America over forecast period can be attributed to large-scale presence of IoT service providers in countries such as the U.S. Apart from this, access to strong healthcare infrastructure in the region will benefit expansion of internet to medical things industry in sub-continent over forecasting years. In addition to this, massive spending on healthcare IT activities by governments of Canada and the U.S. will further prompt growth of internet of medical things market in region.

Global Internet of Medical Things Market: Competitive Insights

Key players influencing market growth and profiled in our report include:

• Boston Scientific Corporation
• Welch Allyn
• Cisco Systems
• SAP SE
• GE Healthcare
• Medtronic Corporation
• Microsoft Corporation
• IBM Corporation
• Koninklijke Philips N.V.
• iRhythm Technologies

Global Internet of Medical Things Market: Segmentation

The report segments the global internet of medical things market as follows:

By Application

• Data Assortment & Analysis
• Real-Time Monitoring
• Remote Medical Assistance
• Tracking & Alerts

By Product Type

• Home-Use Medical Equipment
• Point-of-Care Devices
• Smart Wearable Gadgets

By End-User

• Homecare,
• Research Institutes
• Hospitals & Clinics

Global Internet of Medical Things Market: Regional Segment Analysis

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa