Internet of Medical Things (IoMT) Market By Product (Smart Wearable Devices, Home-Use Medical Devices, Point-of-Care Kits), By Application (Real-Time Monitoring, End-to-End Connectivity, Data Assortment & Analysis, Tracking & Alerts, Remote Medical Assistance), By End-User (Hospitals & Clinics, Research Institutes & Academics, Homecare), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Internet of Medical Things (IoMT) Market Overview:

The Internet of Medical Things (IoMT) Market is projected to reach a valuation of USD 203.02 Bn by 2032 at a CAGR of 16.1%, from USD 39.3 Bn in 2021.

The Internet of Medical Things (IoMT), also referred to as IoT in healthcare is a network of Internet-connected medical devices, hardware infrastructure, and software applications used to transmit healthcare information technology. IoMT allows for wireless and remote devices to securely communicate over the internet to enable the rapid and flexible analysis of medical data.

It reduces excessive hospital visits and the burden on healthcare systems by connecting patients to their physicians and allowing the transfer of medical data over a protected network. This type of technology is helping to improve the patient experience by eliminating the need for in-person medical visits, subsequently reducing costs in the process.

IoMT boosted patient engagement, and better healthcare outcomes, enabling the remote monitoring of chronic patients, real-time data-driven decisions, and more improved point-of-care delivery.

Detailed Segmentation

The Global Weigh-In-Motion System Market is Segmented on the Basis of Product Type, Application, End-User, and Regions.

Based on Product Type

• Smart Wearable Devices
• Home-Use Medical Devices
• Point-of-Care Kits

Based on Application

• Real-Time Monitoring
• End-to-End Connectivity
• Data Assortment & Analysis
• Tracking & Alerts
• Remote Medical Assistance

Based on End-User

• Hospitals & Clinics
• Research Institutes & Academics
• Homecare

Based on Regions/Countries

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Market Dynamics

The exponential prominence of the Internet of Medical Things market is primarily driven by the increasing adoption of sensor-based technologies, wearable or stand-alone devices for patient monitoring, and asset management solutions. Additionally, the ever-changing lifestyles of consumers and increasing concerns about the upkeep of optimal health are likely to boost the adoption of the internet of medical things in the coming years.

However, high costs associated with IoMT devices such as installation software, hardware maintenance, and network reliance are major barriers that may restrain the economic growth of this market. The lack of skilled professionals is also likely to hamper market growth prospects to a certain extent.

Key Players:

• Boston Scientific Corporation
• Cisco Systems
• GE Healthcare
• IBM Corporation
• Koninklijke Philips N.V.
• Medtronic
• Microsoft Corporation
• SAP SE
• Welch Allyn
• Other Key Players

Recent Developments

• Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar. IQ is available for iOS mobile devices in the US. The app in the event of a hypoglycemic occurrence would offer patients the ability to monitor their low glucose levels by predicting the occurrence anywhere between 1-4 hours in advance.
• Royal Philips and Spencer Health Solutions expanded their partnership to offer in-home medication adherence and the telehealth platform of Philips to chronically ill patients in selected European Union (EU) countries.

For the Internet of Medical Things (IoMT) Market research study, the following years have been considered to estimate the market size: