What is the global market size of Internet of Medical Things (IoMT) Market?

Global Internet of Medical Things (IoMT) Market size was valued at USD 26.5 billion in 2021 and is poised to grow from USD 34.16 billion in 2022 to USD 260.33 billion by 2030, growing at a CAGR of 28.9% in the forecast period (2023-2030).

What is the key driver of Global Internet of Medical Things (IoMT) Market?

Increased Spending on IoT in Healthcare to Flourish Global Market

Internet of Medical Things (IoMT) Market Size

Internet of Medical Things (IoMT) Market Insights

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 Internet of Medical Things (IoMT) is a subcategory of internet of things applications (IoT). It is the process of integrating medical devices and apps that can link to health care information technology systems via networking technologies and provide vital patient information to medical establishments, resulting in enhanced healthcare services. IoMT devices include wearables and medical/vital monitors, as well as real-time location, telehealth, and other services.

Medical organizations are altering healthcare in unique ways through the use of medical equipment and gadgets via the Internet of medical things (IoMT). Connected gadgets such as glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors are positioned close to a patient's body and ensure enhanced customer satisfaction by providing round-the-clock medical care and services.

US Internet Of Medical Things Market is poised to grow at a sustainable CAGR for the next forecast year.

FAQs

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.