What Has Been the Growth of the Internet Of Medical Things IoMT Market So Far?
The internet of medical things iomt market has seen considerable growth due to a variety of factors.
• The market size for the internet of medical things (IoMT) has seen considerable expansion in the past few years. It is projected to increase from $79.64 billion in 2024 to $97.73 billion in 2025, with a compound annual growth rate (CAGR) of 22.7%.
The surge during the historic period can be linked to an aging population, better network connectivity, elevated healthcare investment, and government initiatives.
What Is the Forecasted Market Size and Growth Rate for The Internet Of Medical Things IoMT Market Size In The Coming Years?
The internet of medical things iomt market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for the Internet of Medical Things (IoMT) is projected to experience significant expansion in the coming years. The estimated growth predicts the value will be at $244.4 billion in 2029 with a compound annual growth rate (CAGR) of 25.8%.
Several factors contribute to this projected growth in the forecast period, including the implementation of 5g networks, expanding telemedicine, prevalence of chronic illnesses, rising popularity of wearable technology, and wider use of electronic health records. The forecast period will likely see trends such as remote surgeries, predictive healthcare, advancements in healthcare technology, integration of artificial intelligence (AI) and machine learning (ML), and the development of smart hospitals.
What Factors Are Driving Growth In The Internet Of Medical Things IoMT Market?
The rise in the use of connected medical tools is anticipated to bolster the expansion of the internet of medical things (IoMT) market in the future. These are devices designed to share data and interface with other systems, often employing wireless technology to monitor, diagnose, or care for patients. Utilizing IoMT technologies, these devices offer real-time patient monitoring, data collection, and enhanced healthcare services, leading to superior patient outcomes, reduced hospital visits and improved operational efficiency in healthcare systems. For example, based on the figures from the UK National Health Service in December 2022, X-rays were the leading test with 21.8 million (an increase of 30%) followed by ultrasound at 10.1 million (up by 23%), CT scans at 6.7 million (up by 21%) and MRI scans at 3.8 million (a rise of 28%). Other imaging modalities also witnessed an upward trend: fluoroscopy rose by 23%, nuclear medicine by 22%, SPECT by 39%, PET-CT scans advanced by 20%, and medical photography by 11%. Consequently, the growth of the internet of medical things (IoMT) market is driven by the escalating use of connected medical devices. The growth of the Internet of Medical Things (IoMT) market is projected to be fueled by an increase in the adoption of Internet of Things (IoT) devices. IoT refers to a system of physical objects loaded with sensors, software, and connectivity features that enable them to gather and share data over the Internet. The Internet of Medical Things (IoMT) comprises key IoT devices that facilitate the collection, transmission and analysis of healthcare data for a variety of medical and health purposes. For instance, in January 2022, based on statistics from the GSM Association (a UK-based, non-profit industry association), it was projected that IoT connections worldwide would skyrocket to 23.3 billion by 2025, which is a significant jump from 15.1 billion established in 2021. Therefore, with the growing adoption of IoT devices, the expansion of the Internet of Medical Things (IoMT) market is envisaged.
What Are The Main Segments Of The Global Internet Of Medical Things IoMT Market?
The internet of medical things (IoMT) market covered in this report is segmented –
1) By Device Type: Wearable Devices, Stationary Devices, Implantable Devices, Other Devices
2) By Application: Data Assortment And Analysis, Real-Time Monitoring, Remote Medical Assistance, Tracking And Alerts, Other Applications
3) By End User: Healthcare Providers, Patients, Government Authorities, Other End Users
Subsegments:
1) By Wearable Devices: Smartwatches, Fitness Trackers, Health Monitoring Patches, Wearable ECG Monitors
2) By Stationary Devices: Smart Beds, Vital Sign Monitors, Connected Diagnostic Equipment, Telehealth Stations
3) By Implantable Devices: Pacemakers, Continuous Glucose Monitors, Neurostimulators, Drug Delivery Systems
4) By Other Devices: Home Health Monitoring Devices, Connected Inhalers, Medication Adherence Devices, Smart Thermometers
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How Are New Trends Impacting The Size Of The Internet Of Medical Things IoMT Market?
Prominent businesses in the Internet of Medical Things (IOMT) sector are concentrating on incorporating innovative technological solutions, such as AI-equipped cath labs, to tackle the high incidence of cardiovascular ailments in India. A cath lab enhanced with AI is a unique medical unit fitted with superior imaging technology and artificial intelligence, which boosts the accuracy and effectiveness of cardiac operations and aids in real-time fine-tuning of imaging parameters while encouraging less invasive procedures. For example, in September 2022, GE HealthCare Technologies, Inc., an American medical technology firm, rolled out its pioneering AI-equipped cath lab, the Optima IGS 320, with the objective of elevating cardiac care in India. Manufactured at a new plant in Bengaluru as part of the Production Linked Incentive (PLI) initiative, the Cath lab integrates GE's exclusive AutoRight technology driven by Edison, which refines imaging and dosage parameters in real-time. This technological breakthrough aids in dealing with the escalating issue of cardiovascular disorders in India, especially in the younger demographic, by enabling less invasive interventions. The Optima IGS 320 assists interventional cardiologists by providing intelligent imaging, thereby heightening precision and simplifying overall procedures.
Who Are the Key Players In The Internet Of Medical Things IoMT Market?
Major companies operating in the internet of medical things (IoMT) market are:
• Google LLC
• Microsoft Corporation
• Johnson & Johnson Services Inc.
• Siemens Healthineers AG
• Roche Diagnostics Corporation
• Cisco Systems Inc.
• Qualcomm Life Inc.
• Abbott Laboratories
• Oracle Corporation
• Honeywell International Inc.
• Medtronic PLC
• Becton Dickinson and Company
• Koninklijke Philips N.V.
• Stryker Corporation
• GE HealthCare Technologies Inc.
• Boston Scientific Corporation
• Zimmer Biomet Holdings Inc.
• Zebra Technologies Corp.
• Smith & Nephew PLC
• Otsuka America Pharmaceutical Inc.
• ResMed Inc.
• AptarGroup Inc.
• DexCom Inc.
• Masimo Corporation
• iRhythm Technologies Inc.
• Merative L.P.
• Capsule Technologies Inc.
• Owlet Baby Care Inc.
• AgaMatrix Inc.
• AliveCor.
What Is The Most Dominant Region In The Internet Of Medical Things IoMT Market?
North America was the largest region in the internet of medical things (IoMT) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in internet of medical things (IoMT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
