Newark, April 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the internet of medical things [IoMT] market will grow to USD 61.56 billion in 2022 and reach USD 516.40 billion by 2032. In just ten years, increasing concerns towards health and related activities, the rising developmental strategies adopted by the key market players, lack of medical expertise, and data overload on healthcare facilities are also anticipated to drive market growth during the forecast period. Additionally, the increasing demand for cloud-based solutions from multiple industrial verticals, including the healthcare industry, is also helping to boost the market growth.
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Key Insight of the Internet of Medical Things [IoMT] Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the Internet of medical things [IoMT] market. Key factors favouring the growth of the Internet of medical things [IoMT] market in North America includes the well-established healthcare infrastructure and IT industry, increasing demand for better patient outcomes, increased R&D expenditure, and technological advancements helping stimulate market growth. Further, the increase in awareness regarding technological advancement in IoMT devices and the high prevalence of the chronic disease is expected to drive market growth in this region.
The device management segment is expected to augment the internet of medical things [IoMT] market during the forecast period.
The platform segment is divided into device management, application management, and cloud management. The device management segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increasing investment in the industry and more flexible medical regulations for testing and approving these devices.
The hardware segment market size was USD 25.41 billion in 2022
The component segment is divided into hardware, software, and services. The hardware segment market size was USD 25.41 billion in 2022 due to the availability of high-speed connectivity.
The tracking and alerts segment is anticipated to dominate the market by 34.03% in 2032.
The application segment is divided into data assortment and analysis, end-to-end connectivity, real-time monitoring, remote medical assistance, and tracking and alerts. By 2032, the tracking and alerts segment will likely dominate the market due to the increasing acceptance of data analytics.
The smart wearable devices segment accounted for the largest market share of 41.25% in 2022.
The product segment is divided into home-use medical devices, smart wearable devices, and point-of-care kits. The smart wearable devices segment accounted for the largest market share of 41.25% in 2022 due to the increasing deployment of AGVs and advanced mobile robotics in many industries.
The on-premise segment market size was USD 35.24 billion in 2022
The mode of service delivery segment is divided into on-premise and cloud. The on-premise segment is anticipated to dominate the market over the forecast period owing to the increasing adoption of the industrial Internet of Things (IIoT).
The hospital's segment market size was USD 17.95 billion in 2022
The end-user segment is divided into homecare, clinics, hospitals, research institutes & academics, and others. The hospital segment is anticipated to dominate the market over the forecast period owing to the advantages of IoMT devices like real-time monitoring and improved drug management.
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Market Dynamics
Driver: The rising demand for connected devices:
Technological development and better access to personal healthcare are driving factors of market growth. The global Internet of Medical Things (IoMT) market is anticipated to expand due to increased demand for connected instruments in the healthcare industry. Moreover, the increasing usage of wearable or stand-alone devices for patient monitoring, sensor-based technologies, and asset management are also helping to drive market growth over the forecast period.
Restraint: The lack of skilled professionals:
The lack of skilled professionals towards IOT technology is one of the hampering factors in the market growth. Moreover, the lack of infrastructure facilities & qualified specialists in the hospital and medical sectors is expected to hinder the market growth.
Opportunity: The extensive adoption of electronic health records (EHR):
The increasing demand for point-of-care medical devices in countries, along with the introduction to technologically advanced healthcare services, is an opportunity factor for market growth. Further, the rapid telecommunications improvements, such as the advent of 4G LTE, are also helping to boost the market growth over the projection period. Moreover, the ever-increasing demand for quality standards and services, coupled with government initiatives for adopting electronic health records in small-scale facilities, is expected to propel the market growth over the forecast period.
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Some of the major players operating in the internet of medical things [IoMT] market are:
• Koninklijke Philips N.V.
• GE healthcare
• LifeFuels Inc.
• Carre Technologies Inc.
• Breathometer Inc.
• Wimm Labs
• Honeywell International
• Medtronic MiniMed
• IBM Corp.
• Meru Health
• Nike
• Apple
• Sano Intelligence
• Hexoskin
• Sony
• iRhythm
• Amiigo
Key Segments cover in the market:
By Platform:
• Device Management
• Application Management
• Cloud Management
By Component:
• Hardware
• Software
• Services
By Application:
• Data Assortment and Analysis
• End-To-End Connectivity
• Real-Time Monitoring
• Remote Medical Assistance
• Tracking and Alerts
By Product:
• Home-Use Medical Devices
• Smart Wearable Devices
• Point-of-Care Kits
By Mode of Service Delivery:
• On-Premise
• Cloud
By End-User:
• Homecare
• Clinics
• Hospitals
• Research Institutes & Academics
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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