A recent report published by Infinium Global Research on the internet of medical things (IoMT) market provides an in-depth analysis of segments and sub-segments in the global as well as regional internet of medical things (IoMT) market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional internet of medical things (IoMT) market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast , and dollar values of the global internet of medical things (IoMT) market. According to the report, the global internet of medical things (IoMT) market is projected to grow with a CAGR of 31% from USD 90 billion in 2020 to over USD 461 billion in 2026 during the forecast period of 2020-2026.

Market Insight

Internet of Medical Things (IoMT) is comprehensively utilized in patient monitoring applications over connected devices. The incorporation of IoT devices in healthcare processes helps improve the efficiency of healthcare professionals and healthcare operations. Furthermore, solution providers of the internet of medical things are offering solutions that comprise software applications, the infrastructure of medical devices, health systems, and professional services in order to increase the performance of solutions. In addition, these connected devices help to gather, produce, analyze, and transmit data to a centralized system for further usage. The healthcare industry is implementing the internet of medical things to increase efficiency in work by using IoT-connected devices. Moreover, organizations and hospitals are adopting technology for remote patient monitoring and to maintain patient records.

An increase in awareness about health concerns among people and adaptation of digital technologies by the healthcare industry is the main factor that boosts the growth of the market during the forecast period. Furthermore, growth in awareness about the benefits of smart healthcare products is anticipated to propel the market growth. Also, smart wearable devices are projected to contribute the highest market share in the growth of the internet of medical things (IoMT) market as people are getting aware and there is a high craze among youth to purchase smart wearable devices, for example, smartwatches and fitness bands. On the other hand, data security and privacy concerns may hinder market growth. However, the current situation of COVID-19 is a great opportunity for big vendors to market their products and is estimated to provide lucrative opportunities for the internet of medical things (IoMT) market.

Among the geographies, the North American region is expected to hold the largest share in the global internet of medical things (IoMT) market as countries such as the U.S. and Canada are the front-runners of the adoption of new technology in the healthcare industry. Further, factors such as technological advancements and numerous government initiatives promoting the adoption of digital platforms in the life science industry are the main factors contributing to the largest revenue share. Furthermore, the Asia Pacific region is expected to witness a high growth rate on the internet of medical things (IoMT) market over the forecast period due to improving health IT infrastructure and increasing initiatives for promoting connected health services, which is, in turn, anticipated to boost the demand for internet of medical things (IoMT) in this region.

Segment Covered

The report on global internet of medical things (IoMT) market covers segments such as product type, component, application, and end user. On the basis of product type, the sub-markets include stationary medical devices, implanted medical devices, and wearable external medical devices. On the basis of component, the sub-markets include medical devices, system and software, and services and connected technology. On the basis of application, the sub-markets include telemedicine, medication management, patient monitoring, and others. On the basis of end user, the sub-markets include healthcare providers, patients, government authorities, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as GE Healthcare, Microsoft Corporation, Cisco Systems Inc., Stanley Black & Decker, Inc., Medtronic plc, Koninklijke Philips N.V., Qualcomm Life Inc., Breathometer Inc., Atlas Wearables, Inc., and AdhereTech.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of internet of medical things (IoMT) market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.