Market Snapshot
Internet of Medical Things (IoMT) is a collection of medical devices and applications connected to healthcare IT systems through online computer networks. Medical devices equipped with Wi-Fi networks allow machine-to-machine communication which is the basis of IoMT technology. The IoMT devices link to cloud platforms such as Amazon Web Services or Microsoft’s Azure where the data is captured, stored, and subsequently analyzed.
Global Internet of Medical Things (IoMT) Market is expected to register a CAGR of 25.6% during the review period, 2019–2025.
The rising number of connected devices and the need for cost reduction in medicinal delivery are key factors driving the growth of the IoMT market. Moreover, the need for enhancing healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others are some of the promising areas of market advancement in IoMT devices. However, the lack of proper IoT technology skills across healthcare organizations is anticipated to hinder the growth of the IoMT market.
With several advantages like enhanced patient safety, reduced medical errors, seamless transfer of electronic health records (EHR), better disease management, remote monitoring of chronic diseases, and improved drug management, IoT medical devices have the potential to transform healthcare and improve patient outcomes while reducing costs and aiding healthcare providers in making informed care decisions with greater speed and ease.
Key Players
The Global Internet of Medical Things (IoMT) Market is characterized by the presence of several regional and local providers. Some of the key players in the market are GE Healthcare, Koninklijke Philips N.V., Medtronic plc, Cisco Systems, Inc., IBM Corporation, Siemens AG, Welch Allyn, Inc., Boston Scientific Corporation, Johnson & Johnson Services, Inc., Biotronik, Agamatrix, Sciencesoft, KORE Wireless, Telit, and STANLEY Healthcare among others.
Key Developments
- June 2019: TCS, a leading global IT services organization, in partnership with SAP, launched an Intelligent Field Inventory Management (iFIM) solution. This solution is used to leverage IoT and blockchain to help medical device manufacturers streamline surgical kit handling.
- January 2019: Cynerio, an IoMT startup, raised a USD 7 million funding from the investors Accelmed, RDC, and MTIP. The company is planning to expand its healthcare-focused cybersecurity platform in the US.
Market Segmentation
The Global Internet of Medical Things (IoMT) Market has been segmented based on Component, Product Type, Application, Connectivity Technology, and Region.
By Component, the market has been segmented into medical devices, systems and software, and services.
By Product Type, the market has been divided into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators, and others.
By Application, the market has been divided into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and others.
By Connectivity Technology, the market has been divided into Wi-Fi, Bluetooth low energy, ZigBee, near field communication, and others.
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Regional Analysis
Geographically, the global Internet of Medical Things (IoMT) market has been categorized into four regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is expected to dominate the market with the largest share during the forecast period owing to the increasing number of smartphone users, greater penetration of 4G technology, and the need to address the increasing healthcare costs in the region. Asia-Pacific is expected to advance at the highest CAGR during the forecast duration owing to the government initiatives for the promotion of eHealth and the growing demand for quality healthcare products and services.
Key Questions Addressed by the Report
- What was the historic market size (2018)?
- What will be the growth rate by 2025?
- Who are the key players in this market?
- What are the strategies adopted by key players?
Frequently Asked Questions (FAQ) :
The global internet of medical things (IoMT) market is predicted to display 25.6% CAGR from 2019 to 2025.
Rise of connected devices, low costs of healthcare services, and transmission of data to servers and online databases are major drivers of the global IoMT market?
Lack of technical personnel is the major challenge of the global internet of medical things (IoMT) market.
North America can lead in the global IoMT market.
Koninklijke Philips N.V., KORE Wireless, Cisco Systems, Inc., Welch Allyn, Inc., Agamatrix, Medtronic plc, Telit, IBM Corporation, Boston Scientific Corporation, Biotronik, Sciencesoft, Johnson & Johnson Services, Inc., GE Healthcare, Siemens AG, and STANLEY Healthcare are key players in the global internet of medical things market.
