Internet of Medical Things (IoMT) Market to register a CAGR of 25.6% during the review period, 2019–2025.

 Market Overview

Internet of Medical Things (IoMT) is a collection of medical devices and applications connected to healthcare IT systems through online computer networks. Medical devices equipped with Wi-Fi networks allow machine-to-machine communication which is the basis of IoMT technology. The IoMT devices link to cloud platforms such as Amazon Web Services or Microsoft’s Azure where the data is captured, stored, and subsequently analyzed.

The rising number of connected devices and the need for cost reduction in medicinal delivery are key factors driving the growth of the IoMT market. Moreover, the need for enhancing healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others are some of the promising areas of market advancement in IoMT devices. However, the lack of proper IoT technology skills across healthcare organizations is anticipated to hinder the growth of the IoMT market.

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Market Dynamics

With several advantages like enhanced patient safety, reduced medical errors, seamless transfer of electronic health records (EHR), better disease management, remote monitoring of chronic diseases, and improved drug management, IoT medical devices have the potential to transform healthcare and improve patient outcomes while reducing costs and aiding healthcare providers in making informed care decisions with greater speed and ease.

Detailed Segmentation:

  • The Global Internet of Medical Things (IoMT) Market has been segmented based on Component, Product Type, Application, Connectivity Technology, and Region.
  • By Component, the market has been segmented into medical devices, systems and software, and services.
  • By Product Type, the market has been divided into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators, and others.
  • By Application, the market has been divided into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and others.
  • By Connectivity Technology, the market has been divided into Wi-Fi, Bluetooth low energy, ZigBee, near field communication, and others.
  • The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.

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.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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