Global Internet of Medical Things (IoMT) Market, By Device Type (Wearable Devices, Stationary Devices, Implantable Devices, and Other Device Types), By Application (Patient Monitoring, Telemedicine, Medication Management, and Other Applications), By End-User (Hospitals and Clinics, Home Healthcare, Pharmaceutical Companies, and Research Organizations), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the global Internet of Medical Things market size was valued at US$ 48.7 billion and expected to grow US$ 370.9 billion. Between 2023 and 2032, this market is estimated to register a CAGR of 23.15%.

The Internet of Medical Things (IoMT) is an interconnected network of medical equipment, software applications, and health systems that share store, and exchange health data. IoMT encompasses wearable devices, as well as remote monitoring systems, implanted devices, and other smart devices that can interact with healthcare providers to improve patient outcomes, lower healthcare costs and enhance care quality. Through IoMT technology healthcare providers can monitor patients more precisely while gathering data that helps diagnose and treat medical conditions more accurately. Patients also have a voice in their health through IoMT technology; they can access their data to make informed decisions regarding their care plan.

Key Takeaways

• Market Growth: The IoMT market is set to grow at a CAGR of 23.15% from 2022 to 2032, reaching a value of USD 370.9 billion.
• Technological Advancements: Advances in AI, machine learning, and cloud computing enhance IoMT’s efficiency and security, driven by regulations like HIPAA and GDPR.
• Rising Chronic Diseases: Increasing cases of chronic illnesses, including diabetes and cardiovascular diseases, boost IoMT adoption for real-time monitoring.
• Patient Empowerment: IoMT empowers patients with real-time health data, promoting informed decision-making and improved self-management of chronic conditions.
• Security Concerns: IoMT’s collection and transmission of sensitive health data raise privacy and security concerns, including the risk of cyber-attacks.
• High Patient Volumes: Emerging economies like China and India witness IoMT growth due to a rising geriatric population, increased per capita incomes, and high patient volumes.
• Trending Technologies: AI, machine learning, edge computing, blockchain, and smart sensors are reshaping healthcare delivery through IoMT.
• Dominant Segments: Wearable devices hold the largest IoMT market share at 45%, while patient monitoring and telemedicine applications lead in adoption.

Driving Factors

An Increase in Technological Advancement in Connected Devices Drives the Market.

The global Internet of Medical Things (IoMT) has seen dramatic progress due to advances in technology such as artificial intelligence, machine learning, and cloud computing. IoMT has become more efficient and effective at providing healthcare services due to regulatory requirements like HIPAA (Health Insurance Portability and Accountability Act) and GDPR (General Data Protection Regulation), leading to the development of secure yet dependable IoMT solutions that abide by these regulations.

Increase in Chronic Diseases. There has been an astronomic rise in people suffering from chronic illnesses like diabetes, hypertension, and cardiovascular diseases. IoMT allows healthcare providers to monitor patients in real-time and provide early intervention, decreasing hospitalization rates and improving patient outcomes. Patient Empowerment. IoMT gives patients more control over their healthcare by giving them up-to-the-minute information about their status. They may also use IoMT devices for tracking physical activities and diet which could help manage chronic conditions better.

Restraining Factors

Security And Privacy Concerns Are the Reason for Restraint.

In the global Internet of medical things, several restraints need to be considered. Security and Privacy Concerns, IoMT devices collect and transmit sensitive health data, which makes them vulnerable to cyber-attacks and data breaches. This poses a significant risk to patients’ privacy and could lead to identity theft or other harmful consequences. Some other restraints are Interoperability Challenges, Regulatory Compliance, Limited Infrastructure, Ethical Concerns & Financial Constraints. It is crucial to address these challenges to ensure that IoMT solutions are safe, effective, and accessible for patients and healthcare providers.

Growth Opportunities

High Patient Volumes Will Boost the Healthcare Industry.

The global Internet of medical things is also boosting due to growing healthcare industries in several emerging economies such as China, South Africa, India, and Brazil. The rapidly increasing geriatric population, rising per capita incomes, high patient volumes, and spiking awareness among individuals are driving the need for enhancing the healthcare industries in these nations. There are several major opportunities for IoMT are predictive analysis which generates large amounts of data that can be analyzed using advanced analytics tools. Telemedicine involves remote consultations and diagnosis of patients. Wearable devices are becoming more affordable, and user-friendly. Remote monitoring can help detect potential health issues. As technology continues to advance the opportunities for IoMT will increase.

Trending Factors

AI machine learning and its integration is becoming common.

In the Internet of medical things (IoMT), several trends are shaping how healthcare delivery will evolve in the future. AI and machine learning technologies are rapidly improving, while their integration into IoMT devices is becoming increasingly commonplace. Edge computing involves processing data locally rather than sending it off-site to a central server. Blockchain, on the other hand, is an open and decentralized ledger technology that ensures secure and transparent data sharing. Virtual and augmented reality technologies are becoming more advanced, allowing for the use of IoMT to enhance medical training, simulate surgeries, and provide patient education. Smart sensors embedded in IoMT devices collect real-time data to enable healthcare providers to make more informed decisions. These sensors can detect everything from heart rate to blood glucose levels and are suitable for wearable devices, implants, and other IoMT solutions.

Type Analysis

Wearable Medical Devices Are Expected to Be the Dominator in The Market

Based on type, the market for the Internet of medical things is segmented into wearable, stationary, and implantable devices. Among these types, the device types that hold the largest share of the Internet of Medical Things (IoMT) market are wearable medical devices 45%. Wearable medical devices include devices such as fitness trackers, smartwatches, and other portable health monitoring devices that can track vital signs and other health metrics. These devices are increasingly being used to monitor patients’ health in real-time and provide healthcare workers with valuable data that can be used to improve patient outcomes and personalize care.

Other types of IoMT devices include implantable medical devices such as pacemakers and insulin pumps, as well as smart hospital beds, medication dispensers, and other connected devices that can help improve the overall efficiency and quality of healthcare delivery. It is the largest growing device type in IoMT.

Application Analysis

Patient Monitoring Is Expected to Be the Dominator in The Market

By application, the market is further divided into patient monitoring, telemedicine, and medication management. The patient monitoring segment is estimated to hold a significant share of the global Internet of medical things market, with a market share of 36.6%. Patient monitoring devices can provide continuous patient monitoring, allowing healthcare providers to detect changes in a patient’s health status and intervene quickly if necessary. They can also be used to remotely monitor patients, allowing for more frequent monitoring and reducing the need for hospital visits.

Telemedicine applications are a promising tool for improving access to healthcare and delivering more efficient and effective healthcare services. It is the fastest-growing application that enables remote consultations between healthcare providers and patients, typically through video or audio calls, chat messaging, or other forms of communication. These applications allow patients to connect with healthcare providers from anywhere, at any time, without having to physically visit a healthcare facility.

End-User Analysis

Hospitals And Clinics Are Expected to Be the Dominators in The Market

Based on end-user, the market is segmented into hospitals and clinics, home healthcare, pharmaceutical companies, and research organizations. Among these end-users, hospitals and clinics are currently the largest end-user segment in the IoMT market, as healthcare providers continue to adopt IoMT devices to improve patient care and reduce healthcare costs. These devices can help healthcare providers remotely monitor and manage patient care. IoMT devices can be used to track vital signs, manage chronic diseases, and monitor patients in real time, allowing healthcare providers to provide more personalized and efficient care.

The home healthcare segment is also growing rapidly, as patients become more comfortable with using IoMT devices to manage their health conditions from home. These devices can help patients manage their health conditions from home. IoMT devices can be used to monitor chronic conditions such as diabetes, heart disease, and respiratory conditions, and can help patients track their health metrics and manage their medications.

Key Market Segments

Based on Type

• Wearable Devices
• Stationary Devices
• Implantable Devices
• Other Device Types

Based on Application

• Patient Monitoring
• Telemedicine
• Medication Management
• Other Applications

Based on End-User

• Hospitals and Clinics
• Home Healthcare
• Pharmaceutical Companies
• Research Organizations

Regional Analysis

North America is expected to be the dominant region in the market.

The regions are categorized into North America, Eastern Europe, Western Europe, APAC, Latin America, and Middle East & Africa. North America is estimated to be the dominator in the global Internet of Things market, with the largest market share of 35.8%. The dominance of North America is due to the high adoption of advanced healthcare technologies, increasing demand for remote patient monitoring, and the presence of major market players in the region. Furthermore, the availability of well-established healthcare infrastructure, increasing healthcare expenditure, and rising awareness about the benefits of IoMT devices are other key factors driving the growth of the IoMT market in North America.

However, the Asia-Pacific region is also expected to witness significant growth in the IoMT market due to the increasing population, rising incidence of chronic diseases, and the emergence of several start-ups in the region. The growing demand for healthcare services and increasing healthcare expenditure in emerging economies such as China and India are also driving the growth of the IoMT market in the Asia-Pacific region.

Key Regions

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

The key members in the worldwide IoMT market contribute essentially by giving various types of items and expanding their geographical presence across the globe. The central participants of the market are Apple, Inc., IBM Corp., Cisco Frameworks, Inc., GE Medical Services, Koninklijke Philips N.V., Medtronic PLC, and Siemens Medical Services GmbH, among others. These market players take on various advertising techniques like consolidations and acquisitions, Research and development, item dispatches, and geological extensions to create more income and to stay seriously on the lookout.

Listed below are some of the most prominent Internet of medical things industry players.

Market Key Players

• Philips Healthcare
• Medtronic
• GE Healthcare
• Cisco Systems
• IBM
• Qualcomm Life
• Google
• Apple
• Life Fuels, Inc.
• Meru Health, Inc.
• Sony
• Breathometer Inc.
• Carre Technologies Inc.
• Nike
• Honeywell International
• Wimm Labs
• Amiigo
• Sano Intelligence

Recent Developments

• In 2022, medical care suppliers will meet this developing need through two creative arrangements: 5G organizations and edge processing. With speeds going from 10 Gbps to 20 Gbps, 5G transports imperative data progressively, preparing the clinical workforce to make ideal, all-around informed choices.
• In 2021, key players in the IoMT market are entering into strategic partnerships and collaborations to expand their product portfolio and market reach. For example, in 2021, Siemens Healthineers announced a collaboration with Google Cloud to develop an AI-based platform for healthcare providers.
• In 2020, several regulatory developments are shaping the IoMT market, including introducing the European Medical Device Regulation and expanding the U.S. Food and Drug Administration’s digital health program.
• With the COVID-19 pandemic, there has been a significant increase in the adoption of telehealth solutions, which use IoMT devices for remote patient monitoring and diagnosis.

Report Scope