PUBLISHER: TechSci Research | PRODUCT CODE: 1068564
PUBLISHER: TechSci Research | PRODUCT CODE: 1068564
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The global Internet of Medical Things market is expected to grow at a CGAR of 19.48% in the forecast period, 2023-2027, to reach USD198521.00 million by 2027. An increase in the healthcare expenditure and rapid adoption of advanced technologies by the healthcare industry to improve patient care and services are expected to be the major drivers of the global internet of medical things market. Also, the development of the telecommunication sector in developing countries and the deployment of 5G technology are expected to bolster the global Internet of Medical Things market growth in the forecast period.
Ongoing technological advancements in the healthcare industry are transforming the healthcare industry. The Internet of Medical Things is a system of several medical devices connected with or with a network. It can provide real-time updates about the patient's health to healthcare authorities, improving the quality of service provided to the patient. The efforts to provide high-speed internet connection by the leading authorities in emerging economies are expected to improve telehealth services significantly. The surge in the focus of healthcare facilities to offer patient-centric care delivery, boost patient engagement and make healthcare services affordable are accelerating the market demand in the next five years. Also, favorable government policies and digitization trends of healthcare facilities are expected to accelerate the global Internet of Medical Things Market in the forecast period. However, growing concerns relating to data privacy and security may hamper the market growth in the forecast period.
The global Internet of Medical Things market is segmented into type, component, product type, technology, application, end user, company, and regional distribution. Based on component, the market is divided into medical devices, system & software, connectivity technology, and services. Medical devices dominated the market in 2021 by capturing a market share of 37.27% and are projected to maintain their dominance throughout the forecast period, 2023-2027. Increasing awareness about the benefits of adopting preventive healthcare practices and the availability of innovative and cost-effective medical devices are the factors bolstering the market demand.
GE Healthcare, Medtronic Plc., Johnson & Johnson, Koninklijke Philips N.V., Siemens Healthineers AG, Abbott Laboratories, Inc., Boston Scientific Corporation, IBM Corporation, Omron Healthcare, Inc., Cisco Systems, Inc., Hill-Rom Holdings, Inc., Ypsomed AG, Honeywell International Inc., Microsoft Corporation, Qualcomm Life Inc. are among the major market players operating in the global Internet of Medical Things market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2027
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of leading service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providing companies, distribution channels and presence of all major players operating in the global Internet of Medical Things market all over the world.
TechSci Research calculated the global Internet of Medical Things market size using a bottom-up approach, where data for various regions was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Internet of Medical Things service providers, suppliers, distributors, and other stakeholders. The report would enable the stakeholders in strategizing investments and capitalizing on emerging market opportunities.
Report Scope:
In this report, global Internet of Medical Things market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
On Body Segment
In Home Segment
In Hospital Segment
In Clinic Segment
Community Segment
Medical Devices
System & Software
Connectivity Technology
Services
Smart Wearable Devices
Home Use Medical Devices
Point of Care Kits
Bluetooth Low Energy (BLE)
Zigbee
Wifi
LPWAN
Others
Telemedicine
Clinical Operation & Workflow Management
Medication Management
Connected Imaging
Inpatient Monitoring
Others
Healthcare Providers
Patients
Government Authorities
Others
North America
Asia Pacific
Europe
South America
Middle East & Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global Internet of Medical Things market.
Available Customizations:
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information