Internet of Medical Things Market - Industry Analysis, size, Share and Upcoming Trends (2021-2027)

Research report presented by UnivDatos, Emphasis on Component [Medical Devices (Wearable External Medical Devices, Implanted Medical Devices, Stationary Medical Devices), Systems and Software (Remote Device Management, Network Bandwidth Management, Data Analytics, Application Security, Network Security), Services (Deployment and Integration, Consulting, Support and Maintenance), Connecting Technology], Applications (Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Other Applications), End-User (Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Other End-Users) and Geographical analysis (key regions and countries).

As per the research report, the global Internet of Medical Things Market was valued at US$ 51.2 billion in 2019 and is projected to expand significantly with a CAGR of 18.5% from 2021-2027. The Internet of Medical Things (IoMT) is a collection of medical devices and applications that can communicate with healthcare IT systems through networking. By linking patients to their doctors and facilitating the sharing of medical data over a secure network, it eliminates unnecessary hospital visits and the pressure on health care systems. The IoMT's ability to help reduce the cost of treatment while improving its efficacy is being fueled by advances in artificial intelligence (AI), especially the rise of machine learning technologies. Health-care spending is increasing. The market is projected to expand due to IoMT solutions, an increase in the number of connected medical devices, and increased mobile use.

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The growth of the IoMT community is also paving the way for other new technologies, such as kiosks that offer access to healthcare providers. An evolution of the IoMT environment will become increasingly impactful regardless of a patient's position or diagnosis. As connected medical technologies continue to make their way into the hands of both patients and physicians, even the most isolated areas are predicted to benefit from improved access to treatment. Mobile computing, wireless networking, sensor networks, and embedded technologies have all exploded in popularity as a result of health information systems, ushering in the era of ubiquitous computing. This has resulted in a steady increase in the number of technologies and devices (e.g., wearable devices) for delivering new pervasive health services, which are increasingly gaining traction around the world. According to the Research survey “2017 Trends in the Internet of Things”:

• 67% of responding IT professionals revealed that their companies had either already deployed an IoT solution, or had an IoT system in trial
• 21% of respondents stated that their companies intended to deploy IoT solutions within a year, with 11% claiming their companies’ plans for implementing IoT were over a year away

For a detailed analysis of the applications in the Internet of Medical Things Market browse through – https://univdatos.com/report/global-internet-of-medical-things-market-current-analysis-and-forecast-2020-2027

Insights Presented in the Report

“Amongst component type, the medical devices segment holds the major share”

The market is divided into medical equipment, systems and applications, utilities, and networking technologies based on component form. Medical devices led the industry in 2019, with a share of 36.6 percent, and are projected to continue to do so over the forecast period, owing to growing tremendous exposure due to their capacities, particularly devices that support patients with chronic illnesses, and rising demand in medical technology companies for the development of medical devices.

“Amongst application, telemedicine is expected to dominate the market during the analyzed period”

Telemedicine, hospital procedures, and process control, connected imaging, inpatient tracking, drug management, and other (fall detection, sportsmen care, and public safety) applications dominate the market. Telemedicine has the highest industry sales share of 31.2 percent in 2019 and is predicted to maintain its dominance over the forecast period, owing to advances in telecommunications, increased consumer recognition, a lack of medical professionals, and the growing need to improve healthcare access. Inpatient Monitoring, on the other hand, is expected to rise at the fastest rate during the projected period.

Browse - Telemedicine Market: Research Report Overview by Industry Size, Share, Trends, Growth & Leading Players (2021-2027)

“Amongst end-user, Hospitals, Surgical Centers, and Clinics are expected to dominate the market during the analyzed period”

The market is segmented by end-user into hospitals, surgical centres, and clinics, as well as health research organisations and others (institutes, R&D labs, government organizations). Due to the growing use of IoT and digital technologies in hospitals, which provides increased functional and organisational performance, hospitals, surgical centres, and clinics accounted for the largest market share of 74.9 percent in 2019 and are projected to be the leading segment of the Internet of Medical Things market during the forecast period.

“North America represents one of the largest markets of Internet of Medical Things market”

A systematic research was performed for various regions around the globe, including North America (the United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and the Rest of APAC), the Middle East and Africa, and South America, to get a greater understanding of the business conditions of the Internet of Medical Things market. Because of the growing acceptance of healthcare IT solutions, the participation of key actors, regulatory reforms, and accessibility of advanced healthcare IT technology, North America led the market in 2019 and delivered revenue of US$ 16.6 billion. During the forecast period, Asia-Pacific is projected to have the highest CAGR.

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