Internet of Medical Things (IoMT) Market

Market Segmentation

The on-premise segment is a major contributor to the IoMT market, driven by the widespread use of on-premise software that does not rely on internet connectivity for data access. Despite the reliance on internet-based solutions, concerns about potential connectivity issues impacting productivity and access to critical data continue to make on-premise solutions a dominant choice.

Hospitals and clinics hold the largest share of the market and are expected to maintain this position. This growth is attributed to the increasing prevalence of chronic diseases, an aging population, and rising consumer healthcare spending. The development of smart technologies for monitoring patient health and the rising need for routine check-ups have further accelerated the expansion of this market.

Internet Of Medical Things (IoMT) Market Dynamics

The cost of healthcare is eventually lessened for both patients and governments thanks to the internet of health things, which significantly reduces patient expenditures. The partnership between IoMT and MedTech companies helps healthcare organizations improve so they can treat patients with cutting-edge care, improve efficiency, and achieve better results. Companies aim to change and empower the way that patients are treated.

Moreover, companies and governmental organizations are making significant investments in IoT technology. The McKinsey analysis predicts that the healthcare industry will see the fastest growth in IoT deployments of any industry. The study projects that by 2025, IoMT will have a USD 1.6 trillion economic impact worldwide. In addition, the Global Telecommunication Development Conference projected that 40% of IoT technology would be driven by the healthcare industry by the end of 2020. This is expected to accelerate the industry's growth in the internet of medical things.

Advanced technologies always raise the question of data security. Businesses that manufacture medical devices are always looking for ways to identify risks and lower the associated risk. Experts claim that compared to other wireless devices, IoMT devices are harder to protect against cyberattacks and keep an eye on. In the absence of a suitable security solution, the device is susceptible to cyberattacks and data leaks.

Over 60% of medical devices are always vulnerable, per a CyberMDX study. Furthermore, the healthcare sector is the one that hackers target the most, according to the American Journal of Managed Care. As a result, the growing number of cyber-attacks on healthcare data are anticipated to dampen demand for such cutting-edge solutions.

Competitive Landscape

• Siemens (Germany)
• General Electric (U.S.)
• Biotronik SE & Co. KG (Germany)
• Medtronic (Ireland)
• Boston Scientific Corporation (U.S.)
• Hill-Rom Services, Inc. (U.S.)
• Neurometrix, Inc. (U.S.)
• Honeywell International Inc. (U.S.)
• VitaConnect (U.S.), EKso Bionics (U.S.)
• BL Healthcare, Inc. (U.S.)
• BioSerenity
• Koninklijke Philips N.V. (Netherlands)
• Lenovo (China)
• AliveCor, Inc. (U.S.)

• April 2021: Hillrom, Inc. released the updated Welch Allyn PanOptic Plus Ophthalmoscope and Welch Allyn MacroView Plus Otoscope.

• June 2021: Medtronic announced a clinical trial for the Reveal LINQ Insertable Cardiac Monitor (ICM), designed to better detect atrial fibrillation (irregular heartbeats), as part of the STROKE AF study.

North America Dominates the IoMT Market Regionally

The North American IoMT market is projected to hold the largest revenue share. The region benefits from robust healthcare systems, advanced IT infrastructure, high telecommunications standards, and widespread internet adoption. Key factors contributing to North America's leading position include the increased use of healthcare IT solutions, the presence of major companies, and access to advanced infrastructure. Technological advancements and improved personal healthcare access have driven growth in the North American IoMT sector.

The Asia Pacific region is expected to experience significant growth in the global IoMT market. Factors driving this expansion include increasing discretionary income, growing health consciousness, the implementation of social programs to enhance IT facilities, and increased investment in digital healthcare solutions.

Target Audience Internet Of Medical Things (IoMT) Market

• Hospitals and Healthcare Systems
• Medical Device Manufacturers
• Telehealth Providers
• Home Healthcare Providers
• Long-term Care Facilities
• Health Insurance Companies
• Diagnostic and Imaging Centers

Segmentation of Internet of Medical Things (IoMT) Market

• Hardware
• Software
• Services

• Device Management
• Application Management
• Cloud Management

• On-Premise
• Cloud

• Wired
• Wireless

• Telemedicine
• Clinical Operations & Workflow Management
• Connected Imaging
• Medication Management
• Inpatient Monitoring
• Others

• Hospitals
• Clinics
• Research Institutes
• Academics
• Homecare
• Others

• The US
• Canada
• Mexico

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

• Brazil
• Argentina
• Rest of Latin America

• GCC Countries
• South Africa
• Rest of Middle East and Africa