The Internet of Medical Things (IoMT) refers to the amalgamation of medical devices and applications that can connect to healthcare information technology (IT) systems using online computer networks. IoMT is also known as healthcare IoT, where medical devices equipped with Wi-Fi allow machine-to-machine communication. The IoMT devices can be linked with cloud platforms such as Amazon Web Services so that the captured data can be stored and analyzed.

Market Dynamics

The increasing adoption of wearable devices and real-time healthcare service provision along with the adoption of IoMT is the factor driving the market growth. The deduction on expenditure incurred by patients due to the less number of visits to the physician with the help of IoMT as it promoting continuous monitoring of health in individuals is additionally accelerating the market growth. Some of the other advantages associated with IoMT like real-time monitoring, reduction in medical expenditure, improved drug management, and improved patient outcomes are some of the additional factors supporting the market growth. The growing prevalence of chronic diseases is further projected to bolster market growth. The growing technological advancement supported by start-ups and increasing demand for point-of-care medical devices by developed and developing countries is further expected to drive the growth over the forecast period from 2020 to 2027.

On the other side, high costs associated with the IoT based medical devices and lack of skilled professionals towards IOT technology are projected to restrict the growth to an extent over the forecast period.

Segment Instance

North America is leading the market with maximum revenue share in the IoMT Market

In 2019, North America accounted for the major revenue share (%) in the IoMT market, and the region is also projected to maintain its dominance over the forecast timeframe from 2020 to 2027. The major reason for the growth of the region is the presence of global players. The presence of well-established healthcare infrastructure in the region, particularly in the US and Canada is contributing to the regional market value.

Asia Pacific is anticipated to exhibit fastest growth over the forecast period

Asia Pacific is projected to experience the fastest growth in the IoMT market with major CAGR (%) over the forecast timeframe from 2020 to 2027. The rapidly developing economies of the region including China and India are the major contributors to the regional market growth. The developing healthcare infrastructure and rising awareness about the advanced technology in the medical sector of the region is further propelling the regional market value.

Key Market Players

The players profiled in the report include Boston Scientific Corporation (US), Cisco Systems Inc. (US), GENERAL ELECTRIC COMPANY (GE Healthcare) (US), Honeywell Care Solutions, IBM Corporation (US), Johnson & Johnson Services, Inc., Koninklijke Philips N.V. (Netherlands), Medtronic Inc. (Ireland), Microsoft Corporation (US), NeuroMetrix, Inc. (US), and Siemens Healthcare GmbH (Germany) among others.

Market Segmentation

Market By Product Type

Smart Wearable Devices

Home-Use Medical Devices

Point-Of-Care Kits

Market By Services

On-Premise Based Services

Cloud-Based Services

Market By Application

Real-Time Monitoring

End-to-End Connectivity

Data Assortment & Analysis

Tracking & Alerts

Remote Medical Assistance

Market By End-User

Hospitals & Clinics

Research Institutes & Academics

Homecare

Market By Geography

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa