IoMT market worth 187.60 billion USD by 2028, with 29.5%


Pune, India, October 28, 2021 (GLOBE NEWSWIRE) – The Global IoT Market Size is expected to reach USD 187.60 billion by 2028 and post a CAGR of 29.5% during the forecast period. Growing spending on IoT in healthcare and increasing technological advancements in healthcare information technology are expected to drive the market growth. Fortune Business Insights â„¢ presented this information in its report titled “IoMT Market, 2021-2028”. The market size was US $ 41.17 billion in 2020.

The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks is likely to improve the telehealth industry and promote the growth of the market. The growing adoption of 5G networks is also expected to amplify the growth of the market in the coming years.

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Scope and segmentation of the report

Cover of the report Details
Forecast period 2021 to 2028
Forecast period 2021 to 2028 CAGR 29.5%
2028 value projection $ 187.60 billion
Year of reference 2020
Market size in 2021 $ 30.79 billion
Historical data for 2017 to 2019
Number of pages 166
Covered segments Fixed medical devices, implanted medical devices and portable external medical devices
Growth drivers North America is expected to gain most of the global IoMT market share.
Europe is expected to experience the second highest growth in the global market due to growing government initiatives to boost adoption of IoMT solutions in healthcare.
Asia-Pacific is expected to experience growth with the highest CAGR.

Impact of COVID-19

The humanitarian crisis has hit the health sector considerably. However, the demand for the Internet of Medical Things has grown astronomically during the pandemic due to rapid digitalization. Investments in healthcare have increased during the pandemic.

Virtual consultation has seen a striking growth during the outbreak due to fear of contracting the virus. According to an article by Onometra, around 48% of medical devices are connected through the Internet of Things (IoT) in India. These numbers are expected to increase to 68% shortly. The market is expected to experience tremendous growth in the coming years.

To learn more about the short and long term impact of COVID-19 on this market,

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Segmentation-

On the basis of product, the market is divided into portable external medical devices, implanted medical devices, and fixed medical devices. On the basis of application, the market is segmented into patient monitoring, medication management, telemedicine, and others. On the basis of end user, the market is fragmented into government authorities, patients, healthcare providers and others. Geographically, the market is categorized into five major regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.

Drivers and constraints-

Growing Investments in IoT in Healthcare to Fuel Market Growth

The Internet of Healthcare Things (IoMT) can lower healthcare costs for governments and patients. Medical technology companies with the medical Internet of Things are focused on transforming the delivery of advanced healthcare to patients. Investments in the health sector have increased dramatically during the pandemic. The increasing investments in IoT to transform the healthcare industry are expected to drive the global growth of the IoMT market.

Developments in mobile phone technology and telecommunications industry are expected to create lucrative growth opportunities for the market. The adoption of the 4G network has created lucrative growth opportunities for the market. The introduction of high-speed networks and the increasing adoption of 5G technology are likely to improve the telehealth industry and promote the growth of the market.

However, the risks of cyber attacks and data breaches are significant and may hamper the growth of the market.

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Regional Insights-

Increase Product Launches to Drive Growth in North America

North America is expected to gain most of the global IoMT market share. The increasing launch of ingenious products and the growing adoption of remote patient observation devices are expected to drive the growth of the market. Additionally, strong sales of IoMT products and solutions in the United States are expected to drive market growth.

Europe is expected to experience the second highest growth in the global market due to growing government initiatives to boost adoption of IoMT solutions in healthcare.

Asia-Pacific is expected to experience growth with the highest CAGR. Rising healthcare spending and strong government support for the approval and launch of IoMT devices are expected to drive the market growth.

The Middle East, Africa and Latin America are expected to experience tremendous growth due to improved healthcare investments and growing awareness of IoMT devices and solutions.

In the midst of this crisis, Fortune Business Insights â„¢ continuously assesses the impact of the COVID-19 pandemic on various submarkets and enables global organizations to strategize for the post-COVID-19 world to support the growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.fortunebusinessinsights.com/healthcare-industry

Competitive landscape-

Major players focus on new product launches to ensure market growth

The market is quite fragmented and includes several key players including Johnson & Johnson, Medtronic, Siemens Healthline and Koninklijke Philips NV, with the largest market shares. The main players are focused on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers and others to generate greater revenue and improve their presence in the market. More recently, Philips and Cognizant signed a collaboration agreement in July 2021 to develop end-to-end digital solutions. The collaboration aims to speed up clinical trials and improve patient care.

Industry Developments-

  • September 2020: Philips unveiled the Philips Avent electric breast pump, Philips Sonicare teledentistry and others to improve patient services in home care settings.

List of key players in the IoMT market:

  • Boston Scientific Society
  • General Electricity Company
  • Johnson & Johnson Services, Inc.
  • Medtronic
  • Koninklijke Philips NV
  • Siemens Healthineers SA
  • Cisco
  • IBM
  • Hill Rom Services, Inc
  • BIOTRONIK

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Main Table of Contents:

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • Abstract
  • Market dynamics
    • Market factors
    • Market constraints
    • Market opportunities
  • Key ideas
    • Funding for start-ups: overview
    • Technological advancements in IoMT devices
    • Overview of the impact of IoMT on healthcare
    • New areas of application: overview
    • Key Industry Developments – Mergers, Acquisitions and Partnerships
    • New product launches
    • Key industry trends
    • Impact of COVID-19 on the Global IoMT Market
    • Key trends accelerated by COVID-19
  • Global IoT Market Analysis, Outlook and Forecast, 2017-2028
    • Main conclusions / Summary
    • Market analysis, information and forecasts – by product
      • Stationary medical devices
      • Implanted medical devices
      • Portable external medical devices
    • Market Analysis, Information & Forecast – By Application
      • Telemedecine
      • Medication management
      • Patient monitoring
      • Others
    • Market analysis, information and forecasts – by end user
      • Health care providers
      • The patients
      • Government authorities
      • Others
    • Market analysis, information and forecasts – by geography
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa
  • North America IoMT Market Analysis, Outlook and Forecast, 2017-2028
    • Main conclusions / Summary
    • Market analysis, information and forecasts – by product
      • Stationary medical devices
      • Implanted medical devices
      • Portable external medical devices
    • Market Analysis, Information & Forecast – By Application
      • Telemedecine
      • Medication management
      • Patient monitoring
      • Others
    • Market analysis, information and forecasts – by end user
      • Health care providers
      • The patients
      • Government authorities
      • Others
    • Market analysis, information and forecasts – by country
  • Europe IoMT Market Analysis, Outlook and Forecast, 2017-2028
    • Main conclusions / Summary
    • Market analysis, information and forecasts – by product
      • Stationary medical devices
      • Implanted medical devices
      • Portable external medical devices
    • Market Analysis, Information & Forecast – By Application
      • Telemedecine
      • Medication management
      • Patient monitoring
      • Others
    • Market analysis, information and forecasts – by end user
      • Health care providers
      • The patients
      • Government authorities
      • Others
    • Market analysis, information and forecast – by country / sub-region
      • UK
      • Germany
      • France
      • Spain
      • Italy
      • Scandinavia
      • The rest of europe

TOC Continued…!

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