Market Research Report
Internet of Medical Things (IoMT) Market with COVID-19 Impact Analysis, By Product Type, By Application Type, By End-User and By Region - Size, Share, & Forecast from 2021-2027
|Internet of Medical Things (IoMT) Market with COVID-19 Impact Analysis, By Product Type, By Application Type, By End-User and By Region - Size, Share, & Forecast from 2021-2027|
Published: December 1, 2021
AnalystView Market Insights
Content info: 310 Pages
Delivery time: 2-3 business days
The global Internet of Medical Things (IoMT) market size was USD 31,170.8 Million in 2020, expanding at a CAGR of 30.8% over the period 2021-2027.
The Internet of Medical Things (IoMT) is a combined infrastructure of medical devices, software applications, and healthcare systems and services that is rapidly transforming the role of medical technology in healthcare. The Internet of Medical Things helps healthcare organizations streamline their clinical operations, manage workflows, and expand remote patient care.
The growth of the internet of medical things (IoMT) market is primarily driven by the increasing adoption of sensor-based, wearable, or standalone device technologies for patient monitoring and resource management. The increasing expenditure on the adoption of internet of things technology in the healthcare sector is the primary driving force behind the internet of medical things market. By providing efficient and developed technology inpatient care services, the internet of medical things reduces costs for both patients and the government. According to Goldman Sachs, the Internet of Medical Things (IoMT) market will save the healthcare industry USD 300 billion in annual costs, primarily through remote patient monitoring and improved medication adherence.
Additionally, businesses, as well as government agencies, are actively investing in Internet of Medical Things (IoMT) market technology. According to the McKinsey study, Internet of Medical Things deployments in the healthcare industry will grow faster than in any other industry. According to the study, the Internet of Medical Things (IoMT) market will have a global economic impact of USD 1.6 trillion by 2025.
Furthermore, the COVID-19 outbreak has resulted in an exponential increase in demand for Internet of Medical Things devices, which has subsequently impacted the global market. It has compelled government officials, healthcare providers, and individuals to change or adapt to new priorities. For example, this has resulted in a massive uptake and investment in the Internet of Medical Things and other technologies to combat the impact of COVID-19.
Internet of Medical Things (IoMT) market is segmented on the basis of product type, application, end-user, and region.
In terms of product type, the market is divided into smart wearable devices, home-use medical devices, and point-of-care kits. In 2020, the smart wearable devices segment dominated the market. This can be attributed to the increasing popularity of various wearable devices among the population, particularly in developed markets. Furthermore, the inclusion of innovative features in wearable devices is propelling the segment forward. For example, Neurometrix created the Quell neuro-modulation wearable device, which relieves chronic pain by stimulating sensory nerves. Another segment in the market is point-of-care kits, which accounted for the highest CAGR of around 30 percent in the global Internet of medical things (IoMT) market during the forecast period.
Depending upon the application, the internet of medical things market is segmented into Real-time Monitoring, End-To-End Connectivity, Data Assortment and Analysis, Tracking and Alerts, Remote Medical Assistance. The segment end-to-end connectivity dominated the global market in 2020. A larger market share can be attributed to the global trend of telemedicine and telehealth due to the widespread use of the internet and telecommunication technology. Additionally, the COVID-19 pandemic has leveraged the importance of digital technologies.
While the tracking and alerts application segment is expected to hold the CAGR of nearly 31% during the forecast period. The growing use of wearable devices such as smartwatches and wearable patches by end-users and healthcare professionals to monitor daily activities or drug responses is expected to boost this segment's market share in the near future.
The market for the internet of medical things is fragmented, with players such as GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers accounting for a significant share in 2020. To strengthen their global positions, the top market players focus on strategies such as acquisitions, collaborations, and new product development and launches. Medtronic, for example, announced CE approval for InPen Smart fingersticks for diabetes calibration in May 2021, a smartphone app connects the smart pen to real-time CGM.
The scope of this report covers the market by its major segments, which include as follows: