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Internet of Medical Things Market to Grow Nearly 15.9% through 2030

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According to the industry experts, The internet of medical things (IoMT) market garnered $ 39.3 billion in 2020 and is expected to generate $ 172.4 billion by 2030, manifesting a CAGR of 15.9% from 2021 to 2030.  The report contains 150+ pages with detailed analysis.

Internet of Medical Things Market Size 2020 to 2030

The base year for the study has been considered 2021, the historic year 2019 and 2020, the forecast period considered is from 2021 to 2030. The internet of medical things (IoMT) market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

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The rising expenditure in the adoption of internet of things technology in the healthcare sector is the major driving force of the internet of medical things market. The internet of medical things reduces the costs for the patient and the government by providing efficient and developed technology in the patient care services. The internet of things technology in the healthcare sector is expected to be the fastest as compared to that of any sector/industry.

The rising government and private expenditure in the digitization and automation of the healthcare sector to reduce cost and improve operational efficiency is one of the major drivers of the global IoMT market. The effectiveness of the IoMT devices in the quick and real-time data transferring is a major benefit that can help in providing improved patient care services. The recent outbreak of the COVID-19 pandemicled the digital transformation in the healthcare industry at a rapid rate in the recent year. This has boosted the adoption of IoMT technology across the globe.

Furthermore, the rising developmental strategies adopted by the key market players are anticipated to open new growth avenues and provide lucrative opportunities in the upcoming future. For instance, CONNEQT and LifeQ entered into a partnership in June 2021, for providing health related information to the wearable device users.

Internet of Medical Things Market Scope

This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, the Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes the market by key players and various segment. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

North America dominated the market in 2020. The major markets in North America like US and Canada have a strong and developed healthcare infrastructure, IT infrastructure, and telecommunication system. These are the major drivers of the IoMT market in the North American region. Moreover, increasing popularity of various smart devices and clinical wearable devices among the population have rapidly boosted the market growth in the region.

Asia Pacific is estimated to be the most opportunistic market. The rising government expenditure on developing healthcare and IT infrastructure is the significant factor that is driving the market growth. Moreover, the surging adoption of healthcare wearable devices among the youth owing to the rising health consciousness and rising disposable income is expected to be the major drivers of the IoMT market in Asia Pacific.

Rising inclination towards data and digital technologies is posed with the threat of cyberattack and data breaches. The increased risks of data breach and cyberattack may result in the financial losses and loss of patient’s life. This is major factor that may hinder the market growth during the forecast period.

The rapid growth of the telemedicine has significant contribution in the growth of the IoMT market. The telemedicine emerged as a result of the technological advancements in the digital technology field and has been increasingly adopted across the various healthcare units around the globe. The real-time data sharing and effective communication owing to the use of telemedicine is changing the face of the healthcare industry by improving the efficiency of the healthcare sector in patient care.

Based on the product type, the smart wearables segment dominated the market in 2020. This can be attributed to the growing traction of various wearable devices among the population especially in the developed markets. Moreover, introduction of innovative features in the wearable devices is further boosting the segment growth. For instance, Neurometrix developed a neuromodulation wearable device named Quell, which provides relief from various chronic pains by tapping into the sensory nerves.

Based on the end user, the hospitals & clinics dominated the market in 2020. This is attributable to the increased efforts and investments of the government and the private players to integrate latest and digital technologies in the healthcare sector to improve the operational efficiency of the hospitals and clinics, improve patient care services, and increase profitability. These efforts have resulted in the rapid adoption of the IoMT in hospitals and clinics.

Based on the application, the patient monitoring segment is expected to register highest CAGR during the forecast period. The rising number of patients owing to the increased prevalence of chronic diseases and growing geriatric population is boosting the growth of this segment. According to the CDC, in 2019, there were 45 million outpatient surgeries, over 900 million physician visits, and 155 million emergency department visits in US. Therefore, rising number of patients is expected to drive this segment.

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Internet of Medical Things Market Key Players/Manufacturers

This report also provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the internet of medical things (IoMT) market and ranks noticeable companies as per their occurrence in diverse regions across the globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the global internet of medical things market include:
  • GE healthcare
  • Koninklijke Philips N.V.
  • Medtronic MiniMed, Inc.
  • LifeFuels, Inc.
  • Meru Health, Inc.
  • Breathometer Inc.
  • Carre Technologies Inc.
  • Apple, Inc.
  • Honeywell International, Inc.
  • IBM Corp.
  • Wimm Labs
  • Sony
  • Nike
  • Amiigo
  • Sano Intelligence
  • iRhythm
  • Hexoskin
Internet of Medical Things Market Segments Covered

By Product Type

  • Smart Wearables
  • Point of Care Kits
  • Home Use Devices

By End User

  • Hospitals & Clinics
  • Home Care
  • Research Institutes

By Application

  • Telemedicine
  • Patient Monitoring
  • Medication Management
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World
Internet of Medical Things  Market Research Objective
  • To provide a comprehensive analysis of the internet of medical things (IoMT) industry and its sub-segments in the global market, thereby providing a detailed structure of the industry
  • To provide detailed insights into factors driving and restraining the growth of this global market
  • To provide a distribution chain analysis/value chain for the this market
  • To estimate the market size of the global internet of medical things (IoMT) market where 2019 would be the historical period, 2020 shall be the base year, and 2020 to 2027 will be the forecast period for the study
  • To provide strategic profiling of key companies (manufacturers and distributors) present across the globe, and comprehensively analyze their competitiveness/competitive landscape in this market
  • To analyze the global market in four main geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World
  • To provide country-wise market value analysis for various segments of the internet of medical things (IoMT)
TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Internet of Medical Things Market 

5.1. COVID-19 Landscape: Internet of Medical Things Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Internet of Medical Things Market, By Product

8.1. Internet of Medical Things Market, by Product Type, 2021-2030

8.1.1. Smart Wearables

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Point of Care Kits

8.1.2.1. Market Revenue and Forecast (2019-2030)

8.1.3. Home Use Devices

8.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Internet of Medical Things Market, By Application

9.1. Internet of Medical Things Market, by Application, 2021-2030

9.1.1. Telemedicine

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. Patient Monitoring

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Medication Management

9.1.3.1. Market Revenue and Forecast (2019-2030)

9.1.4. Others

9.1.4.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Internet of Medical Things Market, By End User 

10.1. Internet of Medical Things Market, by End User, 2021-2030

10.1.1. Hospitals & Clinics

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Home Care

10.1.2.1. Market Revenue and Forecast (2019-2030)

10.1.3. Research Institutes

10.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Internet of Medical Things Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Product (2019-2030)

11.1.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.3. Market Revenue and Forecast, by End User (2019-2030)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.1.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.1.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.1.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.6.3. Market Revenue and Forecast, by End User (2019-2030)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Product (2019-2030)

11.2.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.2.7.3. Market Revenue and Forecast, by End User (2019-2030)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.6.3. Market Revenue and Forecast, by End User (2019-2030)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Product (2019-2030)

11.3.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.3.7.3. Market Revenue and Forecast, by End User (2019-2030)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.6.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.6.3. Market Revenue and Forecast, by End User (2019-2030)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Product (2019-2030)

11.4.7.2. Market Revenue and Forecast, by Application (2019-2030)

11.4.7.3. Market Revenue and Forecast, by End User (2019-2030)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.3. Market Revenue and Forecast, by End User (2019-2030)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Product (2019-2030)

11.5.4.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.4.3. Market Revenue and Forecast, by End User (2019-2030)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Product (2019-2030)

11.5.5.2. Market Revenue and Forecast, by Application (2019-2030)

11.5.5.3. Market Revenue and Forecast, by End User (2019-2030)

Chapter 12. Company Profiles

12.1. GE healthcare

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Koninklijke Philips N.V.

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Medtronic MiniMed, Inc.

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. LifeFuels, Inc.

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Meru Health, Inc.

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Breathometer Inc.

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. Carre Technologies Inc.

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Apple, Inc.

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Honeywell International, Inc.

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. IBM Corp.

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

12.11. Wimm Labs

12.11.1. Company Overview

12.11.2. Product Offerings

12.11.3. Financial Performance

12.11.4. Recent Initiatives

12.12. Sony

12.12.1. Company Overview

12.12.2. Product Offerings

12.12.3. Financial Performance

12.12.4. Recent Initiatives

12.13. Nike

12.13.1. Company Overview

12.13.2. Product Offerings

12.13.3. Financial Performance

12.13.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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