Internet-of-Medical-Things (IoMT) Market – Paved Way For Extensive Healthcare Modernization

Internet-of-Medical-Things (IoMT) Market – Paved Way For Extensive Healthcare Modernization

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Internet-Of-Medical-Things (Iomt) Market accounted for US$ 24.4 billion in 2019 and is estimated to be US$ 285.5 billion by 2029 and is anticipated to register a CAGR of 28.0%

The report "Global Internet-of-Medical-Things (IoMT) Market, By Product Type (Smart Wearable Devices, Home-Use Medical Devices, and Point-Of-Care Kits), By Services (On-Premise Based Services and Cloud-Based Services), By Application (Real-Time Monitoring, End-to-End Connectivity, Data Assortment & Analysis, Tracking & Alerts, and Remote Medical Assistance), By End-user (Hospitals & Clinics, Research Institutes & Academics, and Homecare), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

·         In November 2018, Qualcomm Life, Inc., a subsidiary of Qualcomm Incorporated announced several new offerings on its smart platform that make data more visible and actionable, empowering clinicians and care givers to make better insight-based decisions about their patients. The platform connects medical devices and clinical systems, collects and contextualizes all available data, and securely integrates data into other systems and applications.

·         Proteus Discover protocol consist of ingestible sensors, a small wearable sensor patch, an application on a mobile device and a provider portal. Once activated, Proteus Discover unlocks never-before-seen insight into patient health patterns and medication treatment effectiveness, leading to more informed healthcare decisions for everyone involved.

Analyst View:

Real-time monitoring, reduction in medical expenditure, improved drug management, and improved patient outcomes are the various advantages benefits offered by the Internet of medical things. These factors are influencing the IoMT market growth. In addition, rise in research and development of advanced devices coupled with the improved efficiencies of smart healthcare devices and rise in awareness about them, are projected to attract high revenues in the coming years. Furthermore, growing prevalence of chronic diseases fuels the demand for smart healthcare thus, propelling the market size in the future.

Nevertheless, growing technological advancement supported by start-ups and increasing demand for point of care medical devices countries are anticipated to support the market growth over the forecast period.

Key Market Insights from the report:        

The global internet-of-medical-things (IoMT) market accounted for US$ 24.4 billion in 2019 and is estimated to be US$ 285.5 billion by 2029 and is anticipated to register a CAGR of 28.0%. The market report has been segmented on the basis of product type, services, application, end-user, and region.

·         By product type, smart wearable segment estimates for highest CGAR, owing to their growing applications areas, increased popularity, and new product launches.

·         By services, the target market is segmented into on-premise based services and cloud-based services

·         By application, the global market is bifurcated into real-time monitoring, end-to-end connectivity, data assortment & analysis, tracking & alerts, and remote medical assistance.

·         By end-user, the target market is segmented into hospitals & clinics, research institutes & academics, and homecare. Hospital segment is expected to account the dominate share in the target market due to these devices are better monitored and can be used more effectively in complex applications areas under the supervision of trained healthcare providers

·         By region, currently, the Internet of medical Things market in North America is projected to register for major revenue share in the global market. This is mainly attributed due to the presence of major players in this region and early adoption of IoT technology by end-use industries in countries.

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Competitive Landscape:

The prominent player operating in the global internet-of-medical-things (IoMT) market includes Medtronic Inc., Koninklijke Philips N.V., IBM Corporation, GE Healthcare, Qualcomm Life Inc., Cisco Systems Inc., Stanley Healthcare, Microsoft Corporation, Proteus Digital Health Inc., and Honeywell Care Solutions.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.


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