Internet of Medical Things (IoMT) Market Updates

Global Internet of Medical Things (IoMT) Market size was valued at USD 38.4 billion in 2023 and is poised to grow from USD 50.04 billion in 2024 to USD 415.75 billion by 2032, growing at a CAGR of 30.3% during the forecast period (2025-2032).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Medtronic plc (Ireland) ', 'Koninklijke Philips N.V. (Netherlands) ', 'GE Healthcare (USA) ', 'Siemens Healthineers AG (Germany) ', 'Johnson & Johnson (USA) ', 'IBM Corporation (USA) ', 'Cisco Systems, Inc. (USA) ', 'Microsoft Corporation (USA) ', 'Boston Scientific Corporation (USA) ', 'Abbott Laboratories (USA) ', 'Baxter International Inc. (USA) ', 'Biotronik SE & Co. KG (Germany) ', 'Hill-Rom Holdings, Inc. (USA) ', 'iRhythm Technologies, Inc. (USA) ', 'Teladoc Health, Inc. (USA) ', 'Livongo Health (USA) ', 'Omada Health (USA) ', 'Qualcomm Incorporated (USA) ', 'Intel Corporation (USA) ', 'SAP SE (Germany)'

The internet of health things helps to considerably cut patient expenditures, ultimately lessening the burden of healthcare costs on both patients and governments. The collaboration between IoMT and MedTech businesses is beneficial in improving healthcare organizations in order to achieve better outcomes, enhance efficiency, and provide advanced treatment to patients. Businesses want to empower and alter the way patients are cared for.

Telecommunications and Mobile Phone Technology Advancements are Driving Lucrative Market Growth: Recent technological improvements in the telecommunications sector, such as the launch of 4G LTE, created numerous opportunities for the IoMT industry to thrive. Because of the development of such facilities, emerging regions that lacked sufficient communication skills will be able to enjoy an improved network facility, allowing them to reap the benefits of the internet of medical things technology. For example, Google Cloud signed a collaborative arrangement with AT&T in March 2020 to explore 5G edge computing technologies.

In 2022, the North American region held the lion’s share in the Global Internet of Medical Things (IoMT) market. The regional expansion is mostly due to the rising acceptance of remote patient monitoring devices and the introduction of new products. Furthermore, increased sales of Internet of Medical Things solutions and products in the United States are owing to high demand during the pandemic, increasing the segment's growth throughout the projection period. For example, one of the worldwide market's leading competitors, Philips, reported a 22.0% increase in the connected care business segment in 2020 compared to 2019.