Internet of Medical Things

Internet of Medical Things Market Size To Touch $ 172.4 Bn By 2030 Internet of Medical Things Market Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2021 - 2030

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As per the experts, the internet of medical things (IoMT) market is predicted to record a growth rate of 15.9% from 2021-2030 and is projected to reach US$ 172.4 billion by 2030.

The study provides the overall revenue of the global internet of medical things (IoMT) market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year.

The global internet of medical things (IoMT) market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the internet of medical things (IoMT) industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. 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.

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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.

Scope of the Internet of Medical Things Market

Report Coverage Details
Market Size in 2020 USD 39.3 Billion
Growth Rage From 2021 to 2030 CAGR of 15.9%
Fastest Growing Market Asia Pacific
Largest Market North America
Base Year 2021
Forecast Period 2021 to 2030
Regional Scope
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
Companies Covered GE healthcare, LifeFuels, Inc., Apple, Inc., Koninklijke Philips N.V., Honeywell International, Medtronic MiniMed, Inc., Meru Health, Inc., Sony, Breathometer Inc., Carre Technologies Inc., Nike,  Inc., IBM Corp., Wimm Labs, Amiigo, Sano Intelligence

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.

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global internet of medical things (IoMT) market are as follows:

  • 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

Segments Covered in the Report

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

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the internet of medical things (IoMT) market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Why should you invest in this report?

If you are aiming to enter the global internet of medical things (IoMT) market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for internet of medical things (IoMT) are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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

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Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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