DublinAnd February 2, 2023 /PRNewswire/ – File “Global Internet of Medical Things (IoMT) Market Research and Forecasts, 2022-2028” The report has been added to ResearchAndMarkets.com an offer.
The global IoMT market is expected to have a compound annual growth rate of around 24.6% over the forecast period.
IoMT is a set of medical devices and applications connected to healthcare IT systems via computer networks over the Internet where data can be exchanged between other devices without the need for human-to-human or human-to-computer interaction.
These devices are used to improve the quality of healthcare while reducing cost and time. Various IoMT applications in hospitals and clinics include patient monitoring, x-ray machines, CT scans, and smart applications used to connect patients and doctors in remote locations.
In the medical device industry, significant growth has been observed as IoT-based medical technology has been widely adopted in developed economies. Innovation of new IoMT devices and widespread adoption of these devices in healthcare organizations due to growing need for patient outcomes are major factors driving market growth. On the other hand, heavy adoption of electronic health records (EHR) was another major factor driving market growth.
Besides, high costs of IoT based medical devices along with lack of skilled professionals towards IoT technology are major constraints for market growth.
The reason behind the high cost is software and hardware installation requirements, training fees, networking infrastructure, and IT support. Further, increasing technological advancement fueled by startups and growing demand for point-of-care medical devices is expected to drive the growth of the market during the forecast period.
Impact of COVID-19 on the Global IoMT Market
The global Internet of Things market has been positively affected by the impact of the COVID-19 pandemic. The increase in the number of patients infected with several diseases including the Coronavirus has led to an increase in the demand for Internet of Things (IoMT) devices and their use to increase patient outcomes and to monitor and maintain data on patients’ medications, which has fueled the growth of the market.
sectoral view
The global IoMT market is segmented on the basis of component, application, and end user. Based on components, the market is categorized into medical devices, software, and services. Based on application, the market is segmented into patient monitoring, telemedicine, connected imaging, drug development, and others.
Among these, the use of IoMT devices in the patient monitoring segment is expected to grow significantly over the forecast period. These devices are coupled with advanced technology through which patient diagnoses and medications can be monitored through smart devices from remote locations. The Internet of Things (IoMT) market is based on the end user and segmented into hospitals, clinics, research institutes, academics, and home care.
Hospitals and clinics are also expected to dominate the global IoMT market
Depending on the end users, the hospital and clinic segment is expected to dominate the market during the forecast period. The use of the IoMT in the healthcare sectors has been gaining popularity in the past few years. IoMT devices find applications in patient monitoring, telemedicine, connected imaging, drug development, and more.
The advantages offered by IoMT devices such as real-time monitoring, improved medication management, improved patient outcomes, and reduced medical spending make them more in demand in the healthcare sectors.
Hence, hospitals and clinics are the biggest end users of these devices. More than 70% of the organization uses IoMT to maintain and record patient data. Increasing developments in these technologies and growing healthcare segments along with Internet of Things (IoMT) devices are expected to drive the growth of the market.
regional forecasts
Geographically, the global IoMT market is segmented into four major regions including: North Amarica (United States and Canada), Europe (United kingdom, GermanyAnd FranceAnd ItalyAnd SpainAnd RussiaAnd the rest Europe), Asia Pacific (IndiaAnd ChinaAnd JapanAnd South KoreaAnd the rest Asia Pacific), and the rest of the world (Latin america and the Middle east And Africa (Middle East Airlines)).
between these, Asia Pacific It is expected to be the fastest growing region during the forecast period due to rising digitization in the healthcare sector and increased adoption of electronic health records in emerging countries. Rise in disposable income, increasing awareness regarding technological advances in IoMT devices, and increasing demand for better patient outcomes are major factors driving regional growth.
North Amarica It is estimated to dominate the global IoMT market
geography , North Amarica Dominate the global IoMT market in 2020 and it is expected to grow at a significant CAGR during the forecast period. Well-established healthcare infrastructure and IT industry is the factor driving market growth.
The widespread prevalence of chronic diseases has led to an increase in the use of Internet of Things (IoMT) devices in the region and new launches in IoMT by major players are expected to boost the market during the forecast period. Besides, increase in R&D expenditure and technological advancement are also factors fueling market prospects in the region.
market player predictions
Major players in the global Internet of Things market contribute significantly by providing different types of products and increasing their geographical presence all over the world. The major players in the market are Apple, Inc. and Boston Scientific Corp. and IBM Corp. and Cisco Systems, Inc. GE Healthcare, Koninklijke Philips NV, Medtronic PLC, Siemens Healthcare GmbH, among others.
These market players are adopting various marketing strategies such as mergers and acquisitions, research and development, product launches, and geographic expansions to generate more revenue and maintain competition in the market. For example, in February 2021Hillrom announced the acquisition of contactless continuous monitoring technology from EarlySense. The deal was executed for $30 million. The acquisition will help Hillrom build a differentiated portfolio of connected solutions with EarlySense next-generation AI-based sensor technologies specifically for remote patient care and to improve patient outcomes.
Report covers
- Analysis of market value data for the year 2020 and expected until 2027.
- Annual market revenues (million dollars) for each market sector.
- Country analysis of the main geographic regions.
- Key companies operating in the global Internet of Medical Things (IoMT) market. Based on the availability of data, information on pipeline products and related news is also available in the report.
- Analyze business strategies by identifying key market segments that are eligible for strong growth in the future.
- Analyze market entry and market expansion strategies.
- Competitive strategies by identifying “who stands and where” in the market.
Main topics covered:
1. Summary report
2. Market overview and insights
2.1. Report scope
2.2. Analyst insight and current market trends
2.2.1. Main findings
2.2.2. Recommendations
2.2.3. conclusion
3. The competitive landscape
3.1. Key company analysis
3.1.1. summary
3.1.2. financial analysis
3.1.3. SWOT analysis
3.1.4. Recent developments
3.2 Analysis of the main strategy
3.3 Impact of COVID on Key Players
4. Market determinants
4.1 Triggers
4.2 Limitations
4.3 chances
5. Market segmentation
5.1 Global IOMT Market, by Components
5.1.1. Medical devices
5.1.2. Software and services
5.2 Global IOMT Market, by Application
5.2.1. Patient monitoring
5.2.2. Telemedicine
5.2.3. Connected photography
5.2.4. Drug development
5.2.5. Other (measurement of physical fitness and wellness)
5.3 IOMT MARKET, BY END USER
5.3.1. Hospitals and clinics
5.3.2. Research institutes and academics
5.3.3. Home care
6. Regional analysis
6.1 North Amarica
6.1.1. United State
6.1.2. Canada
6.2 Europe
6.2.1. United kingdom
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Russia
6.2.7. the rest of Europe
6.3 Asia Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. South Korea
6.3.5. the rest of Asia Pacific
6.4. the rest of the world
6.4.1. Latin america
6.4.2. Middle east& Africa
7. Company profiles
7.1 Adheretech, LLC
7.2 AliveCor, Inc.
7.3. Apple company.
7.4. BioSerenity SAS
7.5 Boston Scientific Corporation.
7.6 Carre Technologies Inc.
7.7 Syntrac, Inc.
7.8 Cisco Systems, Inc.
7.9. Cue Health Inc.
7.10. EarlySense, Ltd.
For more information on this report visit https://www.researchandmarkets.com/r/lntao3-internet?w=5
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