The Global Internet of Medical Things (IoMT) Market Size valued for USD 36.6 Billion in 2021 and is anticipated to reach USD 325.3 Billion by 2030 with a CAGR of 27.5% from 2022 to 2030.

A subset of the Internet of Things (IoT), also known as the "healthcare IoT," is the Internet of Medical Things (IoMT). It is a networked structure made up of healthcare systems and services, software applications, and medical devices that transmit real-time data. Today's internet-connected devices are intended to improve efficiencies, lower care costs, and drive better healthcare outcomes. Companies are utilizing the prospects of Internet of Medical Things technologies as computing power and wireless capabilities improve.

IoMT tools are changing rapidly healthcare delivery due to their ability to collect, analyse, and transmit health data. These applications are helping patients and clinicians track and prevent chronic illnesses, and they are poised to shape the future of care.

Internet of Medical Things (IoMT) Market Dynamics

IoMT has a wide range of effects on the medical field. The most noticeable changes can be seen when using IoMT in the home, on the body, in the community, and in hospitals. The Internet of Medical Things (IoMT) is widely used in applications that use connected devices to monitor patients. The use of IoT devices in medical procedures improves the effectiveness of medical staff and medical operations.

In order to improve the performance of their solutions, IoMT solution providers offer solutions that include software applications, medical device infrastructure, health systems, and professional services. These interconnected devices aid in the generation, collection, analysis, and transmission of data to a centralized system for additional use.

The pandemic sped up the digital transformation in the healthcare sector, and this is anticipated to have a very long-term impact that could completely alter the sector's future. The advantages of IoMT devices, which include real-time monitoring, improved drug management, better patient outcomes, and lower medical costs, have increased their demand in the healthcare industry. Rapid developments in the telecommunications field, like the rollout of 4G LTE, gave the IoMT industry many chances to grow. By introducing such facilities, developing nations that previously lacked adequate communication infrastructure will have the chance to benefit from improved network infrastructure and the internet of medical things. For instance, Google Cloud and AT&T announced a collaboration agreement to develop 5G edge computing solutions in March 2020.

Internet of Medical Things (IoMT) Market Insights

Product type, services, application, and end-user are the three segments of the market for Internet of Medical Things (IoMT). Based on the product type, the market is segmented into three categories: smart wearable devices, home-use medical devices, and point-of-care kits. Services segment is further categorized into on-premise based services and cloud-based services. The application segment covers real-time monitoring, end-to-end connectivity, data assortment & analysis, tracking & alerts, and remote medical assistance. Furthermore, the end-user segment is bifurcated into hospitals & clinics, research institutes & academics, and homecare.

Global Internet of Medical Things (IoMT) Market Geographical Competition

North America led the IoMT market in terms of revenue share (%) in 2021, and it is expected that the region will continue to dominate the market from 2022 to 2030. The presence of international players is the main driver of the region's expansion.

The IoMT market is anticipated to grow at the fastest rate in Asia-Pacific, with a significant CAGR (%) over the forecast period of 2022 to 2030. The main drivers of the expansion of the regional market are the rapidly growing economies of the area, including China and India.

Global Internet of Medical Things (IoMT) Industry Segment Analysis

Internet of Medical Things (IoMT) Market By Product Type

·         Smart Wearable Devices

·         Home-Use Medical Devices

·         Point-Of-Care Kits

Internet of Medical Things (IoMT) Market By Services

·         On-Premise Based Services

·         Cloud-Based Services

Internet of Medical Things (IoMT) Market By Application

·         End-to-End Connectivity

·         Real-Time Monitoring

·         Data Assortment & Analysis

·         Tracking & Alerts

·         Remote Medical Assistance

Internet of Medical Things (IoMT) Market By End-User

·         Hospitals & Clinics

·         Research Institutes & Academics

·         Homecare

Internet of Medical Things (IoMT) Market Leading Companies

The players profiled in the report are Boston Scientific Corporation, Cisco Systems Inc., General Electric Company, Honeywell Care Solutions, IBM Corporation, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., Medtronic Inc., Microsoft Corporation, NeuroMetrix, Inc., and Siemens Healthcare GmbH.

Internet of Medical Things (IoMT) Market Regions