Pune, India, Oct. 28, 2021 (GLOBE NEWSWIRE) -- The global IoMT Market size is projected to reach USD 187.60 billion by 2028 and exhibit a CAGR of 29.5% during the forecast period. The growing expenditure on IoT in healthcare and the increasing technological advancement in healthcare information technologies are anticipated to boost the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “IoMT Market, 2021-2028”. The market size stood at USD 41.17 billion in 2020.
The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to enhance the telehealth industry and empower market growth. The growing adoption of 5G networks is also expected to amplify the growth of the market in the upcoming years.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 29.5% |
| 2028 Value Projection | USD 187.60 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 30.79 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 166 |
| Segments covered | Stationary Medical Devices, Implanted Medical Devices, and Wearable External Medical Devices |
| Growth Drivers | North America is anticipated to gain the largest portion of the global IoMT Market share. |
| Europe is expected to witness the second-highest growth in the global market due to the rising government initiatives to boost the adoption of IoMT solutions in the healthcare industry. | |
| Asia Pacific is projected to witness growth with the highest CAGR. |
COVID-19 Impact
The humanitarian crisis has significantly struck the healthcare industry. However, the demand for the internet of medical things has witnessed astronomical growth during the pandemic due to rapid digitization. The investments in healthcare have increased manifold during the pandemic.
Virtual consultation has witnessed striking growth during the outbreak due to the fear of contracting the virus. As per an article by Onometra, there are approximately 48% of medical devices connected through the internet of things (IoT) in India. These numbers are expected to increase to 68% shortly. The market is projected to witness immense growth in the forthcoming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segmentation-
On the basis of product, the market is trifurcated into wearable external medical devices, implanted medical devices, and stationary medical devices. On the basis of application, the market is segmented into patient monitoring, medication management, telemedicine, and others. On the basis of end-user, the market is fragmented into government authorities, patients, healthcare providers, and others. Geographically, the market is classified into five major regions- North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints-
Growing Investments in IoT in Healthcare to Fuel Market Growth
The internet of health things (IoMT) can reduce healthcare costs for governments and patients. The medtech companies with the internet of medical things focus on transforming the delivery of advanced healthcare to patients. The investments in the healthcare industry have significantly increased during the pandemic. The increasing investments in IoT to transform the healthcare sector are anticipated to bolster the global IoMT Market growth.
The developments in mobile phone technology and the telecommunication industry are expected to create lucrative growth opportunities for the market. The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks and the growing adoption of 5G technology are likely to enhance the telehealth industry and empower market growth.
However, the risks of cyberattacks and data breaches loom large and may hinder the growth of the market.
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Regional Insights-
Increasing Product Launches to Boost Growth in North America
North America is anticipated to gain the largest portion of the global IoMT Market share. The increasing launch of ingenious products and the growing adoption of remote patient observation devices are expected to boost the growth of the market. Additionally, the robust sales of IoMT products and solutions in the U.S. are likely to stimulate the market’s growth.
Europe is expected to witness the second-highest growth in the global market due to the rising government initiatives to boost the adoption of IoMT solutions in the healthcare industry.
Asia Pacific is projected to witness growth with the highest CAGR. The rising healthcare expenditure and the strong government support for the approval and launch of IoMT devices are anticipated to bolster the growth of the market.
The Middle East & Africa, and Latin America are likely to gain considerable growth due to improving investments in the healthcare industry and the growing awareness for IoMT devices and solutions.
Amidst this crisis, Fortune Business Insights™ is continuously assessing the impact of COVID-19 pandemic on various sub-markets and is enabling the global organizations to strategize for the post-COVID-19 world to sustain growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.fortunebusinessinsights.com/healthcare-industry
Competitive Landscape-
Key Players Emphasize New Product Launches to Garner Growth in the Market
The market is fairly fragmented and comprises several key players, including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips N.V., with the largest shares in the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. Most recently, Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions. The collaboration is aimed to accelerate clinical trials and enhance patient care.
Industry Developments-
- September 2020: Philips unveiled Philips Avent electric breast pump, Philips Sonicare teledentistry, and others to enhance services to patients in homecare settings.
List of Key Players in IoMT Market:
- Boston Scientific Corporation
- General Electric Company
- Johnson & Johnson Services, Inc.
- Medtronic
- Koninklijke Philips N.V.
- Siemens Healthineers AG
- Cisco
- IBM
- Hill-Rom Services, Inc
- BIOTRONIK
Quick Buy - IoMT Market Research Report:
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Start-ups Funding: Overview
- Technological Advancements in IoMT Devices
- Snapshot by Ways the IoMT Impacts Healthcare
- New Application Areas: Overview
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- New Product Launches
- Key Industry Trends
- Impact of COVID-19 on Global IoMT Market
- Key Trends Accelerated by COVID-19
- Global IoMT Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America IoMT Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe IoMT Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Country/ Sub-region
- U.K.
- Germany
- France
- Spain
- Italy
- Scandinavia
- Rest of Europe
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