Global Internet of medical things Market Is Expected to Reach USD 16.9 Billion In 2026

The global Internet of medical things market was valued at USD 8.2 billion in 2018 and is expected to reach USD 16.9 billion in 2026, growing at a CAGR of 11.7% during the forecast period. 

Internet of medical things (IoMT) is a connected infrastructure of medical devices, software applications, and health systems & services, which is rapidly transforming the medical technology’s role within health care. Internet of medical things is enabling health care organizations to streamline their clinical, workflow management and improve patient care from remote locations.

The growth of the Internet of medical things (IoMT) market is primarily driven by the increasing adoption of sensor-based technologies, wearable or stand-alone devices for patients monitoring and asset management. Also, changing the lifestyle of consumers and increasing concerns towards health and related activities is likely to boost the adoption of the internet of medical things in the coming years.

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However, high cost associated with the internet of medical things devices such as installation software, hardware maintenance, and the network is the major barrier for the growth of this market. Also, lack of skilled professionals likely to hamper the market growth to a certain extent. The smart wearable devices segment expected to dominate the market throughout the forecast period Based on product, the global Internet of medical things (IoMT) market has been segmented into smart wearable devices, home-use medical devices, and point-of-care kits. The smart wearable devices accounted for approximately 27% of the share in the global Internet of medical things (IoMT) market in 2018. Point-of-care kits accounted highest CAGR of around 30% in the global Internet of medical things (IoMT) market during the forecast period.

Based on application, the tracking and alerts segment is expected to grow at a CAGR of around 31% throughout the forecast period

Based on application, the market has been segmented into real-time monitoring, end-to-end connectivity, data assortment and analysis, tracking and alerts, and remote medical assistance.

The real-time monitoring application segment accounts of the largest share in the market and are expected to grow at a CAGR of around 25% during the forecast period. While the tracking and alerts application segment is expected to hold the CAGR of nearly 31% during the forecast period. The increasing adoption of wearable devices such as smart watched and wearable patches by end-users and healthcare professionals to monitor the daily activities or the drug response is expected to increase the market share of this segment in near future.

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However, the technical challenges such as hacking and unauthorized use of IoT, Errors inpatient data handling and Data overload on healthcare facility are expected the hamper the growth of the sales from tracking and alerts in the global market.

North America to dominate the Internet of medical things (IoMT) market throughout the forecast period North America accounted for nearly 43% share of the global Internet of medical things (IoMT) market in 2018 and is expected to dominate the market throughout the forecast period.

The rapid growth in technological advancement, and well-established healthcare and IT infrastructure are the major driving factor for the region in the global market. Moreover, the increased awareness and high adoption rate of such technologies increase its dominance in the global Internet of medical things (IoMT) market in future Asia Pacific is expected to hold the highest CAGR in the global market during the forecast period due to growing awareness, changes in lifestyle, and improving diagnostic facilities. Also, changing government policies, growing aging population and wade availability of IoMT devices would also contribute to the growth of Asia Pacific segment during the forecast period.

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Company Profiles and Competitive Intelligence:

The major players operating in the global Internet of medical things (IoMT) market are

·        GE healthcare,

·        Koninklijke Philips N.V.,

·        Medtronic MiniMed, Inc.,

·        LifeFuels Inc.,

·        Meru Health, Inc.,

·        Breathometer Inc.,

·        Carre Technologies Inc.,

·        Apple, Inc.,

·        Honeywell International, Inc ,

·        IBM Corp.,

·        Wimm Labs, Sony,

·        Nike, Amiigo,

·        Sano Intelligence,

·        iRhythm,

·        Hexoskin

·        among others.

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