Fort Collins, Colorado, Oct. 02, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Internet of Things Market Size, Growth, Share, Statistics Report, By Product Type (Stationery, Implanted, Wearable), By Application (Telemedicine, Medication Management, Patients Monitoring), By End-use, By Region, and Segment Forecasts, 2023-2032."
According to DataHorizzon Research, the internet of things market size was valued at USD 52.1 Billion in 2022 and is expected to reach USD 645.7 Billion by 2032 with a CAGR of 28.7%. The Internet of Medical Things can be defined as the collection of medical devices and applications that are connected through online computer networks. Telemedicine can be defined as the process of remotely monitoring patients at home. It makes contacting medical facilities easier for people living in the countryside. IoMT increases the data available to the caretakers. The captured data relays the insights to enable better decision-making capability.
There are numerous benefits of IoMT, including a patient monitoring system, accessibility, cost control, positive patient experience, enhanced precision, and logistics. Medical equipment is widely used across industries, patients, healthcare providers, and government authorities. This helps save time and cost, it is beneficial for older people to track their vitals at home. Smartphone penetration across the globe has increased rapidly.
IOMT enhances patient safety, helps reduce medical errors, checks chronic diseases, and helps improve drug management. It also provides accurate diagnosis at a lower cost and hence improves healthcare. Patients can instantly send reports or diagnoses to doctors to initiate the treatment. Organizations using IoMT devices keep track of the patient’s data, followed by real-time monitoring and active alerts in case of emergency. These factors will likely help the market for the Internet of medical things grow steadily.
With the population's rising disposable incomes, smart devices are now affordable. Cost improvement is one of the major factors for the market growth. An increase in the number of smartphones has augmented the subscription for healthcare apps in countries like India, China, Bangladesh, and some Latin American countries.
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Report Snapshot:
| Report Title | Internet of Medical Things Market |
| Market Size in 2022 | USD 52.1 Billion |
| Market Size by 2032 | USD 645.7 Billion |
| CAGR from 2023 to 2032 | 28.7% |
| Largest Market | North America |
| Forecast Period | 2023 to 2032 |
| Historic Period | 2021 |
| Base Year | 2022 |
| Report Scope & Coverage | Market Size, Market Estimations, Competitor Analysis, Trends, and Growth Factors |
| By Product Type | Stationery, Implanted, Wearable |
| By Application | Telemedicine, Medication Management, Patients Monitoring |
| By End-use | Individuals, Health Care Providers, Government Hospitals & Clinics, Private Hospitals & Clinics |
| Region | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. |
| Countries Covered | U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, UAE, Saudi Arabia, and South Africa, among others |
| Major Market Players | Medtronic, Cisco, IBM Corporation, SAP SE, Infosys, Qualcomm, Johnson & Johnson, Philips, EKso Bionics, BL Healthcare |
Internet of Medical Things Market Report Highlights:
- The global Internet of Medical Things market size is anticipated to grow to USD 645.7 billion at a CAGR of 28.7% by 2032.
- The Internet of Medical Things market growth is projected to increase in the forthcoming years, attributed to the increase in digital devices with auto-enabled modes. Besides, healthcare is a wide consumer of digital devices to monitor and track patient data. In addition, the IoMT offers patients seamless communication with healthcare professionals without any wait time.
- Based on application, the Internet of Medical Things market is dominated by telemedicine and wearables.
- Based on end-use, healthcare providers dominate the market owing to the high-end use.
- North America is the leading region for the Internet of Medical Things, with the U.S. and Canada accounting for a major share. The region has witnessed a huge growth in the adoption of IoT in the healthcare industry. Asia Pacific is a fast-growing market for the Internet of Medical Things based on the rise in digitization inthe healthcare industry.
- Some prominent players in the Internet of Medical Things market report include Medtronic, Cisco, IBM Corporation, SAP SE, Infosys, Qualcomm, EKso Bionics, and BL Healthcare.
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Key Developments in the Industry:
- In 2023, Ordr, a leading provider of connected device security, partnered with Integra e-quip Ltd, leading medical device asset management in the U.K. Through this partnership, the companies intend to accelerate the security solutions and clinical asset management to healthcare companies in the U.K.
- In 2023, the industry witnessed a huge growth in cybersecurity threats, geopolitical instability, supply-chain issues, and chip shortages. Therefore, to address security concerns in the medical IoT, several vendors rely on VISO trust, a dedicated automated platform to mitigate potential risks and enhance security layers for connected devices.
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Internet of Medical Things Market Report Segmentation:
Internet of Medical Things Market, By Product (2023-2032)
- Stationery
- Implanted
- Wearable
Internet of Medical Things Market, By Application (2023-2032)
- Telemedicine
- Medication Management
- Patients Monitoring
Internet of Medical Things Market, By End-use (2023-2032)
- Individuals
- Healthcare Providers
- Government Hospitals & Clinics
- Private Hospitals & Clinics
Internet of Medical Things Market, By Region (2023-2032)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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