Westford USA, April 25, 2023 (GLOBE NEWSWIRE) -- The Internet of Medical Things (IoMT) market is projected to achieve a value of USD 260.33 billion by 2030, with a CAGR of 28.9% during the forecast period (2023-2030), according to the latest report by SkyQuest. The market is expected to experience significant growth in North America and Asia Pacific due to the rising healthcare costs, increasing prevalence of chronic diseases, growing aging population and technological advancement, increased adoption of wearable devices, and government initiatives. SkyQuest's report indicates that IoMT has the potential to save $300 billion annually in the cost of the healthcare industry.
Additionally, the research shows that IMT can significantly manage chronic diseases, as World Health Organization estimates that by 2030, chronic diseases will account for 75% of all debts worldwide. It can provide real-time data, monitoring and analysis to healthcare providers.
Browse in-depth TOC on "Internet of Medical Things (IoMT) Market"
- Pages - 242
- Tables - 92
- Figures - 66
IoMT devices in today's time can monitor patient health in real-time, reduce hospital stage and improve the accuracy of diagnosis. Moreover, it can track inventory, automate processes, and streamline workflows, leading to cost savings for healthcare providers and r consumers. The IO MT market is expected to grow significantly in future, driven by the increasing adoption of wearable device advancement in technology and remote patient monitoring
Prominent Players in Internet of Medical Things (IoMT) Market
- Philips Healthcare
- GE Healthcare
- Cisco Systems
- IBM Watson Health
- Medtronic
- Honeywell Life Care Solutions
- Siemens Healthineers
- Abbott Laboratories
- Johnson & Johnson
- Boston Scientific Corporation
- Cerner Corporation
- Oracle Corporation
- Microsoft Corporation
- Qualcomm Life
- Koninklijke Philips N.V.
- Allscripts Healthcare Solutions
- Qualcomm Life
- Apple Inc.
- ResMed
- Proteus Digital Health
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Telemedicine Segment to Drive Higher Sales Due to the Increasing Demand for Remote Monitoring, Virtual Consultations
The rapid development of the Internet of Medical Things (IoMT) market in 2021 was largely driven by the construction and infrastructure segment, according to recent analysis. This trend is expected to continue from 2022 to 2030 due to the increasing demand for remote monitoring, virtual consultations, and e-prescriptions. SkyQuest's report shows that 65% of healthcare executives prioritize investment in digital health technologies.
Furthermore, according to research analysis, North America is predicted to become a major player in the Internet of Medical Things (IoMT) market from 2022 to 2030. SkyQuest projects a CAGR of 18.2% for the region during the forecast period, driven by increasing adoption of advanced technologies, the presence of major players in the region, and the growing demand for connected healthcare devices. The Center for Medicare and Medicaid Services (CMS) introduced a program called Connected Care, which aims to expand telehealth services to patients with chronic conditions.
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Wearable medical device Segment to Exhibit Strong Growth Due to Increasing Wearables for Remote Patient Monitoring
The demand for wearable medical devices has made it the dominant segment in the Internet of Medical Things (IoMT) market in 2021 and is expected to maintain its lead from 2022 to 2030. This trend is being driven by the increasing adoption of wearables for remote patient monitoring and advancements in sensor technologies.
Moreover, the Asia Pacific has emerged as a significant force in the Internet of Medical Things (IoMT) market and is expected to continue its dominance by 2030. SkyQuest has projected substantial growth in the market for this region, with a CAGR of 20.07% during the forecast period. The region's growth can be attributed to its increasing investments in the healthcare sector, rising demand for advanced medical devices, and government initiatives to promote digital health. Additionally, various government initiatives are supporting the market's growth, such as the Chinese government's "Healthy China 2030" plan, which aims to improve the quality of healthcare services in the country, and is expected to drive the adoption of IoMT solutions in the healthcare sector.
A comprehensive analysis of the major players in the Internet of Medical Things (IoMT) market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Internet of Medical Things (IoMT) Market
- Integrated Media Technology has announced its plans to acquire Magnum International for $11M, with the payment to be made through the issuance of approximately 3.6M ordinary shares in the company at $3.03 per share. However, the acquisition of Magnum is subject to certain conditions, including the satisfactory completion of a due diligence process on the legal and financial aspects of Magnum.
- GE Healthcare, a company that provides medical technology, diagnostics, and digital solutions, has launched an AI-powered Cath lab called Optima IGS 320, which is "Made in India," to improve cardiac care in India. The Cath lab is manufactured at Wipro GE Healthcare's new factory in Bengaluru and utilizes GE's proprietary AutoRight technology. This technology is the first neural network-based interventional image chain and utilizes artificial intelligence to automatically optimize image and dose parameters in real-time, allowing clinicians to concentrate on patient care.
Key Questions Answered in the Internet of Medical Things (IoMT) Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
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