Internet of Medical Things Market Global Industry Analysis & Forecast (2021-2027)
Global Internet of Medical Things Market is expected to reach the market valuation of US$ 284.5 billion by 2027 expanding at a reasonable CAGR of 18.49% during the forecast period (2021-2027) from US$ 51.2 billion in 2019. The Internet of Medical Things (IoMT) is the incorporation of medical devices and applications which connect to health care IT systems utilizing networking technologies. IoMT enables the machine to machine interaction and real-time intervention solutions that profoundly transform healthcare delivery, affordability, and dependability in near future.
The various factors driving the Internet of Medical Things market include the growing prevalence of chronic diseases, rising awareness of technological advancements in smart healthcare products. Also, increasing demand for wearable devices and a rising focus on active patient engagement and patient-centric care is anticipated to boost the market growth. However, data security and privacy concerns, and challenges in motivating patients to adopt technology are expected to hinder the growth of the Internet of Medical Things market.
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Organizations are exploiting the ability of the Internet of Medical Things technology as computing resources and wireless capabilities increase. IoMT tools are increasingly transforming healthcare delivery with their ability to gather, interpret, and distribute health data. The Internet-connected devices now are designed to increase efficiencies, reduce treatment costs, and drive improved healthcare outcomes. According to the Telehealth Index: 2019 Consumer Survey, 66% of patients are inclined to use virtual care, while 8% have also tried it. 61% of patients who utilize connected health reported they would use it for convenience and quicker service, and 54% revealed they would use it to save money.
Based on component type, the market is fragmented into medical devices, systems and software, services, and connectivity technology. The medical devices segment dominated the market in 2019 accounting for 36.6% and is anticipated to maintain its dominance during the forecast period. The medical devices sub-segment is further subdivided into wearable external medical devices, implanted medical devices and, stationery medical devices. Moreover, the systems & software segment is fragmented into remote device management, network bandwidth management, data analytics, application security, and network security. Further, the services segment is fragmented into deployment and integration, consulting, and support and maintenance.
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The various applications where the Internet of Medical Things are being utilized include telemedicine, clinical operations, and workflow management, connected imaging, inpatient monitoring, medication management, and others (fall detection, sportsmen care, and public safety). Telemedicine dominated the market and accounted for 31.2% in 2019 and is anticipated to maintain its dominance during the analyzed period. However, the inpatient monitoring segment is expected to grow at the highest CAGR of 20.33% during the forecast period as it allows a patient to use a mobile medical device to perform routine tests and send test results to a doctor in real-time without the excessive visiting a medical institution.
Based on end-user, the market is fragmented into hospitals, surgical centers, and clinics, clinical research organizations, and others (institutes, R&D labs, government organizations). The hospitals, surgical centers, and clinics dominate the market and generated revenue of US$ 38.3 billion in 2019 owing to the rising burden of patients in hospitals owing to several chronic diseases, rising patient data, and growing adoption of IoT enabled medical devices among hospitals to improve quality care delivery & enable patient-centric care delivery services. However, Clinical research organizations are anticipated to witness the highest CAGR during the forecast period.
Additionally, the report provides detailed initiatives that are being taken in the field of the Internet of Medical Things. The market is classified into distinct regions including North America (the U.S and Canada), Europe (Germany, France, Spain, Italy, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Middle East & Africa, and South America. North America dominated the market and generated revenue of US$ 16.6 billion in 2019 owing to the rising adoption of healthcare IT solutions, the presence of key players, government initiatives, and accessibility of advanced healthcare IT infrastructure. However, the APAC region is expected to witness the highest CAGR growth of 20.83% during the forecast period 2021-2027.
Boston Scientific Corporation, Cisco Systems, GE Healthcare, IBM Corporation, iRhythm Technologies, Koninklijke Philips N.V., Medtronic, Microsoft Corporation, SAP SE, and Welch Allyn are some of the prominent players operating in the global Internet of Medical Things market. Several M&As along with partnerships have been undertaken by these players to develop the Internet of Medical Things.
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