Internet of Medical Things Market Technology Growth, Development, and Forecast To 2031

CHICAGO, UNITED STATES, February 23, 2023 /EINPresswire.com/ — Global Internet of Medical Things Market is estimated to grow at a significant CAGR of close to 28.1% during the forecast period from 2023 to 2031. In 2020, the market revenue exceeded by US$ 45 Bn.

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The term “Internet of Medical Things” (IoMT) describes a collection of healthcare IT (information technology) systems that can be connected via internet computer networks. IoMT, also known as healthcare IoT, refers to the use of Wi-Fi-enabled medical devices to enable machine-to-machine communication. The data that is captured by the IoMT devices can be saved and analyzed using cloud platforms like Amazon Web Services. The healthcare sector adopted the Internet of Medical Things (IoMT) to increase productivity by utilizing IoT-connected devices.

Due to increasing connectivity and technological improvements, the usage of the Internet of things (IoT) has grown significantly over the past ten years globally. Healthcare infrastructure is on the verge of entering a new era of pervasive computing thanks to rapid technological advancements, internet adoption, and the availability of better connectivity alternatives. IoT combines the computational and networking capacity to enable common objects to gather, analyze, compute, store, and interact with the physical environment.

Market Dynamics

Convenience resulting from the use of the Internet of Medical Things

By connecting patients with their doctors, the Internet of Medical Things (IoMT) can lessen the number of unnecessary hospital visits and the strain on healthcare systems. The ability to transmit medical data across a secure network is another feature of medical IoT technology that guarantees the confidentiality of patient data exchange. In order to collect patient data and provide precise and better therapy, the technology is implemented using smart devices like wearables, smart beds, and other operating instruments in addition to medical monitors.

Evaluation of patients with access to real-time data

Real-time data collected by the medical IoT helps doctors treat patients better and more precisely. Additionally, real-time data collection is essential for monitoring critical and emergency situations. Medical IoT devices enable timely and improved assessment. Additionally, patients can easily and conveniently visit doctors remotely from far-off regions because of the availability of telemedicine technology. As a result, it is predicted that the availability of real-time data monitoring would spur the global adoption of the Internet of Medical Things.

Rising IT spending in Healthcare Infrastructure

In nations including France, Germany, Spain, the United Kingdom, the United States, Canada, and the United Arab Emirates, IT spending on healthcare is seen to be increasing. Due to the initial investment cost involved in setting up a medical IoT infrastructure in the hospital, the market is expected to grow rapidly. The IoMT improves client involvement, which will contribute to patient happiness. Better connectivity alternatives, including 4G and 5G, as well as Wi-Fi, NFC, and Bluetooth 5.0 are likely to open up the potential for the market throughout the forecast period.

However, a lack of technology literacy and inadequate healthcare infrastructure in undeveloped nations may impede market expansion. High setup and infrastructure costs are another significant market barrier.

Regional Insights

North America is in the first place, with the largest revenue share in the IoMT market

North America led the IoMT market in terms of revenue share in 2020, and the region will continue to dominate the market from 2021 to 2027. The existence of international players is the leading driver of the region’s expansion. The region’s market value is influenced by the presence of well-established healthcare infrastructure, particularly in the US and Canada.

Over the projected period, Asia Pacific is likely to develop at the fastest rate.

With a significant CAGR from 2021 to 2027, Asia Pacific will grow the quickest in the IoMT market. The main drivers of the expansion of the regional market are the rapidly growing economies of the area, notably China and India. The region’s market is growing by the expanding healthcare infrastructure and growing public knowledge of the region’s cutting-edge medical technology.

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Prominent Competitors

Some of the well-established notable competitors in the global Internet of Medical Things market are:
Agamatrix
Robert Bosch GmbH
Armis
Comarch SA
Capsule Technologies
HQSoftware
GE Healthcare
Microsoft Corporation
OSP Labs
Softweb Solutions
IBM Corporation
Welch Allyn
Sciencesoft
Siemens AG
Oxagile
Other Prominent Players

Segmentation Outline

The global Internet of Medical Things market segmentation focuses on Component, Type, Application, Enterprise Size, End-User, and Region.
By Component
Hardware
Software
Services

By Type
On-body
o Wristbands
o Smart Garments
o Others
In-hospital
o Asset management monitors
o Personnel management
o Patient flow management
o Inventory management
o Others
In-home
o Personal Emergency Response Systems (PERS)
o Remote Patient Monitoring (RPM)
o Others

By Application
Mobility services
Emergency response intelligence
Kiosks
Point of care
Logistics
Others

By Enterprise Size
Small Enterprises
Medium Enterprises
Large Enterprises

By End-User
Hospitals
Clinics
Pharmaceuticals
Laboratories

By Region
North America
The U.S.
Canada
Mexico

Europe
The U.K.
Germany
France
Spain
Russia
Rest of Europe

Asia Pacific
China
India
Japan
South Korea
Australia & NZ
Rest of Asia Pacific

South America
Brazil
Argentina
Rest of South America

Middle East & Africa
U.A.E.
Saudi Arabia
South Africa
Egypt
Rest of the Middle East & Africa

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