PUBLISHER: The Business Research Company | PRODUCT CODE: 1769572
PUBLISHER: The Business Research Company | PRODUCT CODE: 1769572
The internet of medical things (IoMT) encompasses a network of interconnected medical devices and applications that collect, analyze and transmit health data over the internet. These devices range from wearable fitness trackers to advanced implantable devices, all aimed at enhancing patient care, improving health outcomes and reducing healthcare costs. IoMT enables real-time monitoring, remote diagnostics and personalized treatment plans, making healthcare more proactive and accessible.
The internet of medical things (IoMT) market consists of sales, by entities (organizations, sole traders, or partnerships), of internet of medical things (IoMT) that are utilized by a diverse group of users, including healthcare providers, patients and government authorities. Healthcare providers use these devices for monitoring patient vitals, managing chronic diseases and streamlining hospital operations. Patients employ IoMT devices to track their health metrics, receive medication reminders and communicate with healthcare professionals remotely.
The global internet of medical things (IoMT) market was valued at $24,820.95 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 26.00%.
Increased Prevalence Of Chronic Diseases
During the historic period, the increased prevalence of chronic diseases supported the growth of the internet of medical things (IoMT) market. IoMT devices enable real-time monitoring of vital signs, allowing patients with chronic conditions to manage their health from home. This supports remote patient care, reducing hospital visits and easing pressure on healthcare systems. The data collected helps detect trends, predict complications and personalize treatment plans. Additionally, IoMT tools like reminders and tracking apps enhance patient engagement and promote long-term disease control. For instance, in December 2024, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases and 2.0 million deaths from diabetes. Therefore, the increased prevalence of chronic diseases drove the growth of the internet of medical things (IoMT) market.
Advancing Ambulatory Cardiac Care With Unified Monitoring Platforms
Major companies operating in the internet of medical things (IoMT) market are focusing on developing comprehensive ambulatory cardiac monitoring solutions to enable continuous, real-time tracking of heart activity outside clinical settings. These solutions aim to improve early detection of cardiac anomalies, enhance diagnostic accuracy and support timely medical interventions. For instance, in May 2024, Vivalink, a US-based company specializing in digital health solutions, particularly in wearable health monitoring devices, launched a comprehensive technology solution designed to enhance mobile cardiac telemetry (MCT) and Holter monitoring. This turnkey system features a reusable ECG (electrocardiogram) patch with a 14-day rechargeable battery and up to 30 days of data storage, ensuring extended monitoring without frequent device changes. A provisioned mobile gateway, integrated with a patient app, facilitates seamless data transmission and patient engagement. The solution employs advanced arrhythmia detection algorithms capable of identifying over 15 common arrhythmias and ectopic beats, providing clinicians with timely and actionable insights. By unifying MCT and Holter monitoring into a single platform, Vivalink's solution reduces operational complexity and costs, offering a scalable approach to ambulatory cardiac care.
The global internet of medical things (IoMT) market is fairly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up to 41.94% of the total market in 2024.
Internet Of Medical Things (IoMT) Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global internet of medical things (IoMT) market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for internet of medical things (IoMT)? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The internet of medical things (IoMT) market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider internet of medical things (IoMT) market; and compares it with other markets.