With a 29.5% compound annual growth rate, the Internet of Medical Things (IoMT) market


Pune, India, October 10, 2022 (GLOBE NEWSWIRE) – World Medical Internet of Things Market The volume is expected to reach US$187.60 billion by 2028 and shows a compound annual growth rate of 29.5% during the forecast period. The increasing spending on Internet of Things in healthcare and increasing technology advancement in healthcare information technologies is expected to boost the market growth. Fortune Business Insights™ presented this information in its report, “Internet of Medical Things (IoMT) Market, 2021-2028.” The market size reached 41.17 billion US dollars in 2020.
The adoption of the 4G network has created profitable growth opportunities for the market. The introduction of high-speed networks is likely to boost the telehealth industry and boost market growth. The increasing adoption of 5G networks is also expected to amplify market growth in the coming years.

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The scope and segmentation of the Internet of Medical Things (IoMT) Market Report:

Report coverage details
prediction period From 2021 to 2028
Forecast period from 2021 to 2028 compound annual growth rate 29.5%
2028 Value Drop 187.60 billion US dollars
base year 2020
Market size in 2020 41.17 billion US dollars
Historical data about 2017 to 2019
number of pages 166

Drivers and restrictions-
Increase investments in IoT in healthcare to support market growth
The Internet of Health (IoMT) can reduce healthcare costs for governments and patients. Medtech companies with the Medical Internet of Things focus on transforming the delivery of advanced healthcare to patients. Investments in the healthcare industry have increased dramatically during the pandemic. Increasing investments in the Internet of Things to transform the healthcare sector are expected to fuel the growth of the global Internet of Medical Things (IoMT) market.
Advances in mobile technology and telecom industry are expected to create profitable growth opportunities for the market. The adoption of the 4G network has created profitable growth opportunities for the market. The introduction of high-speed networks and the increasing adoption of 5G technology is likely to boost the telehealth industry and promote market growth.
However, the risks of cyber attacks and data breaches loom large and may hinder market growth.

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Impact of COVID-19
The humanitarian crisis has hit the healthcare industry hard. However, the online demand for medical things has seen astronomical growth during the pandemic due to rapid digitization. Investments in healthcare have increased diversly during the pandemic. Virtual Consulting has seen an amazing growth during the outbreak due to the fear of contracting the virus. According to Onometra’s article, nearly 48% of medical devices are connected via the Internet of Things (IoT) in India. These numbers are expected to rise to 68% soon. The market is expected to witness tremendous growth in the coming years.

fragmentation-
On the basis of product, the market is segmented into external wearable medical devices, implantable medical devices, and fixed medical devices. On the basis of application, the market is segmented into patient monitoring, drug management, telemedicine, and others. On the basis of the end user, the market is segmented into government authorities, patients, healthcare providers, and others. Geographically, the market is categorized into five main regions – North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Report coverage-

  • The report provides a comprehensive assessment of the prospective market.
  • The report includes Porter’s Five Forces Analysis to forecast the Infallible Market.
  • The report highlights different market segments. product, application, end user and others.
  • The report highlights growth strategies for companies to navigate the COVID-19 pandemic.
  • The report highlights the latest industry developments, new product launches, key market trends, and more.

regional insights-
Increased product launches to boost growth in North America
North America is expected to capture the largest share of the global Internet of Medical Things (IoMT) market share. The increasing launch of innovative products and the increasing adoption of remote patient monitoring devices is expected to fuel the growth of the market. In addition, strong sales of IoT products and solutions in the US are likely to stimulate market growth.
Europe is expected to experience the second highest growth in the global market due to increased government initiatives to promote the adoption of IoT solutions in the healthcare industry.
The Asia Pacific region is expected to experience growth with the highest compound annual growth rate (CAGR). Rising healthcare expenditures and strong government support for the adoption and launch of Internet of Things (IoMT) devices are expected to boost market growth.
The Middle East, Africa and Latin America region is likely to achieve significant growth due to improved investments in the healthcare industry and a growing awareness of IoT devices and solutions.

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Competitive scene-
Major Players Confirm New Product Launch To Increase Market Growth
The market is somewhat fragmented and includes several major players, including Johnson & Johnson, Medtronic, Siemens Healthline and Koninklijke Philips NV, with the largest shares in the market. The major players focus on developing new products, patents, technological advances, acquisitions, mergers, etc. to generate greater revenue and improve their presence in the market. Recently, Philips and Cognizant signed a collaborative agreement in July 2021 to develop end-to-end digital solutions. This collaboration aims to accelerate clinical trials and enhance patient care.

Industry Developments-

  • September 2020: Philips unveils the Philips Avent electric breast pump, Philips Sonicare teledentistry, and others to enhance services for patients in home care settings.

The major players in the Medical Internet of Things (IoT) market are:

  • Boston Scientific Foundation (Marlborough, USA)
  • General Electric (GE Healthcare) (Chicago, US)
  • Johnson & Johnson Services, Inc. (New Brunswick, United States)
  • Medtronic (Dublin, Ireland)
  • Koninklijke Philips NV (Amsterdam, Netherlands)
  • Siemens Healthineers AG (Munich, Germany)
  • Cisco (San Jose, USA)
  • IBM (Armonk, US)
  • Hill-Rom Services, Inc (Welch Allyn) (Indiana, US)
  • BIOTRNIK (Berlin, Germany)

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table of contents :

  • an introduction
    • Search scope
    • Market segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • market dynamics
    • Market Drivers
    • market restrictions
    • Market Opportunities
  • the main ideas
    • Financing Startups: An Overview
    • Technological advances in Internet of Things devices
    • A snapshot of the ways IoMT affects healthcare
    • New application areas: an overview
    • Key Industry Developments – Mergers, Acquisitions and Partnerships
    • New product launch
    • Key Industry Trends
    • Impact of COVID-19 on the global IoMT market
    • Key trends accelerated by COVID-19
  • Global Internet of Medical Things (IoMT) Market Analysis, Insights And Forecast, 2017-2028
    • Main results / summary
    • Market Analysis, Insights and Forecasts – By Product
      • Fixed medical devices
      • Implanted medical devices
      • External wearable medical devices
    • Market analysis, insights and forecasts – by application
      • telemedicine
      • medication management
      • patient monitoring
      • Aharon
    • Market analysis, insights and forecasts – by the end user
      • health care providers
      • Patients
      • Government authorities
      • Aharon
    • Market analysis, insights and forecasts – by geographic region
      • North Amarica
      • Europe
      • Asia Pacific
      • Latin america
      • Middle East and Africa
  • North America Internet of Medical Things (IoMT) Market Analysis, Insights and Forecasts, 2017-2028
    • Main results / summary
    • Market Analysis, Insights and Forecasts – By Product
      • Fixed medical devices
      • Implanted medical devices
      • External wearable medical devices
    • Market analysis, insights and forecasts – by application
      • telemedicine
      • medication management
      • patient monitoring
      • Aharon
    • Market analysis, insights and forecasts – by the end user
      • health care providers
      • Patients
      • Government authorities
      • Aharon
    • Market Analysis, Insights and Forecasts – By Country
  • Europe Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2017-2028
    • Main results / summary
    • Market Analysis, Insights and Forecasts – By Product
      • Fixed medical devices
      • Implanted medical devices
      • External wearable medical devices
    • Market analysis, insights and forecasts – by application
      • telemedicine
      • medication management
      • patient monitoring
      • Aharon
    • Market analysis, insights and forecasts – by the end user
      • health care providers
      • Patients
      • Government authorities
      • Aharon
    • Market analysis, insights and forecasts – by country/sub-region
      • United kingdom
      • Germany
      • France
      • Spain
      • Italia
      • Scandinavian countries
      • Rest of Europe

Toc Continue…

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Frequently ask a question:

  1. What is the value of the Internet of Medical Things (IoMT) market?
  • The Internet of Medical Things (IoMT) market size is expected to reach US$187.60 billion by 2028 and show a compound annual growth rate of 29.5% during the forecast period.
  1. What are the main factors driving the market?
  • Increasing investments in Medical Internet of Things (IoT) market in healthcare to support market growth

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