Internet of Medical Things Market Size, Share and global Industry Analysis

Posted by ReportCrux Market Research on February 10th, 2021

Internet of Medical Things (IOMT) Market Report 2021 offers comprehensive analysis of market size, share, revenue growth rate data along with competitive product benchmarking analysis. Report highlights market influencing growth drivers, restraints, potential revenue pockets, current market developments and trends and strategic profiling of key players. Systematic impact analysis of COVID-19 helps reader to understand market opportunities and challenges giving actionable market insights to manage critical business decisions and strategies.

ReportCrux Market Research has published a new report titled Internet of Medical Things (IoMT) Market by Component (Medical Devices, Connectivity Technology, Services and Systems and Software); by Deployment Mode (On-Premise Based Services and Cloud-Based Services); by Application (End-to-End Connectivity, Real-Time Monitoring, Tracking & Alerts, Remote Medical Assistance, Data Assortment & Analysis and Others); by End User (Healthcare Providers, Patients, Research Institutes & Academics and Others) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027

Internet of Medical Things (IoMT) Market Size

The Internet of Medical Things (IoMT) Market is estimated to grow from USD 56.23 Billion in 2019 to USD 415.35 Billion by 2027, at a CAGR of 28.5% from 2020-2027.

Segmentation Analysis

The internet of medical things (IoMT) market is growing rapidly as the COVID-19 pandemic has created a very positive impact on overall healthcare system. This growth is expected to continue in the coming years. Telehealth has emerged as vital component of healthcare delivery in management of chronic diseases, elderly care and remote patient counseling and monitoring.

The outbreak of this pandemic is estimated to boost the internet of medical things (IoMT) market and growing adoption of wearable devices in the near future. internet of medical things (IoMT) has garnered its attention as a result of stricter lockdown in majority of countries. With the increasing number of COVID-19 patients, there was a rapid demand for healthcare resources which boosted the demand for internet of medical things (IoMT).

Healthcare providers are investing and collaborating with IT startups to innovate the telemedicine services to improve patient care as well as add a new revenue stream by offering customized 24*7 patient counselling, virtual consultation.

Internet of medical things (IoMT) market is segmented based on component, deployment mode, end user, application and region.

Medical Devices Component Segment Captured Almost 38% Market Share in 2019

Based on component, global IoMT market is segmented into Systems and Software, Medical Devices, Services and Connectivity Technology. Medical devices segment is sub-segmented into Smart Wearable Devices, Point of Care Kits, Home Use Medical Devices and Other Medical Devices.

Medical Devices contributed market share of about 38% of the global IoMT market and was the largest component segment in 2019. Increasing penetration of smartphones among all age groups, growing need for real time health tracking and monitoring, growing number of connected medical devices, rapid adoption of wearable devices are important factors propelling the growth of this segment.

Second largest component segment was systems and software in 2019. This segment is expected to register fastest growth over the forecast period. System and software are important components and assist in device integration and management, data collection and data analytics and information security.

A large number of connectivity technologies like Wi-Fi, near field communication (NFC), Zigbee, cellular and satellite technologies and Bluetooth are used which help to connect people and devices to the internet. This enables to transfer and exchange data between patient and healthcare providers.

Some of major IoMT services include system integration services, professional services and maintenance and support.

Cloud-based Services Segment Accounted for Revenue Share of About 64% in 2019

Based on deployment mode of services, IoMT market is categorized into cloud-based services and on-premise based services. In 2019, cloud-based services segment contributed for the largest market share of about 64%.

The large market share of this segment is attributed to rapid digitization in healthcare industry, advantages of cloud services such as easy deployment and maintenance services, streamlined patient data access, decreased management and data storage costs.

Real-Time Monitoring was Leading Application Segment in 2019

Based on application market is segmented into End-to-End Connectivity, Tracking & Alerts, Real-Time Monitoring, Remote Medical Assistance, Data Assortment & Analysis and Other Applications. Real-Time Monitoring was leading application segment contributing for largest revenue share of the global IoMT market in 2019.

An increase in use of wearable devices is due to ease of use, convenient health data tracking and real-time monitoring, and easy data transfer. Use of connected devices help in substantial healthcare delivery cost reduction and patient waiting time enabling improvements in overall operational efficiency.

Remote Medical Assistance application segment is projected to garner fastest growth over the forecast period. Remote Medical Assistance is critical in management of chronic diseases, elderly patients' health monitoring, delivering care in in emergency cases and remote locations. Growing elderly population, increasing burden of chronic diseases and growing health awareness are anticipated to boost the market growth in the coming years.

Internet of Medical Things (IoMT) Companies

Here are the best Internet of Medical Things (IoMT) companies analysis

Medtronic, GE Healthcare, Siemens AG, Cisco Systems, Inc., Koninklijke Philips NV, IBM Corporation, Boston Scientific Corporation, Welch Allyn, Inc., Biotronik, Johnson & Johnson Services, Inc., LifeFuels Inc., CARRE TECHNOLOGIES INC., Atlas Wearables, Inc., NeuroMetrix, Inc., Proteus Digital Health.