Global Internet of Medical Things (IoMT) Market is expected to register a CAGR of 25.6% during the review period, 2019–2025.
The Internet of Medical Things (IoMT) is an ecosystem of medical devices and applications connected to a health care information technology system using various networking technologies. It can reduce unnecessary hospital visits and the burden on health care systems of connecting patients to their physicians and allowing the transfer of medical data over a secure network. Major factors driving the growth of the market are the increasing penetration of connected devices and the need for cost reduction in medicinal delivery. However, the lack of proper IoT technology skills across healthcare organizations is anticipated to hinder the market growth of the IoMT market. Enhanced patient safety, reduced medical errors, seamless transfer of electronic health records (EHR), remote monitoring of chronic diseases, and improved drug management, are some of the advantages of the internet of medical things.
The global internet of medical things market is dominated by a few major players, however, new players are expected to enter the market due to new revenue opportunities in regions such as Asia-Pacific, the Middle East and Africa, and South America. The entry of new players is expected to increase the competition in the market.
The Global Internet of Medical Things (IoMT) Market Share has been segmented based on Component, Product Type, Application, Connectivity Technology, and Region.
Based on the component, the market has been segmented into medical devices, systems and software, and services. The medical devices segment has been further segmented into stationary medical devices, implanted medical devices, and wearable external medical devices. The systems and software segment has been sub-segmented into remote device management, network bandwidth management, data analytics, application security, and network security. The services segment includes deployment and integration, consulting, and support and maintenance. The wearable external medical devices segment is expected to grow at the highest CAGR during the forecast period owing to increasing per-capita income in developing countries and the ease-of-use and operation of medical devices.
By Product Type, the market has been segmented into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators, and others.
By Application, the market has been segmented into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and others. The telemedicine segment has been further segmented into store-and-forward telemedicine, remote patient monitoring, and interactive medicine.
By Connectivity Technology, the market has been segmented into Wi-Fi, Bluetooth low energy, ZigBee, near field communication, and others.
By Region, the global internet of medical things (IoMT) market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America is expected to dominate the market with the largest share, whereas, Asia-Pacific is expected to grow at the highest CAGR during the forecast duration.
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.
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.