Internet of Medical Things (IoMT) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Internet of Medical Things Market
The internet of medical things market size was valued at USD 47.32 billion in 2023, and the market is now projected to grow from USD 60.03 billion in 2024 to USD 814.28 billion by 2032, exhibiting a CAGR of 38.5% during the forecast period of 2024-2032.
The outbreak of the COVID-19 pandemic imposed a toll on the healthcare systems and immensely increased the uptake of IoMT devices. This growth highlighted the need for digital transformation in all aspects and applications of healthcare for opportunity. It was an attempt to bring changes in the perception of the government authorities, healthcare companies and those individuals who had to face new challenges. Thus, the opportunities of the global market of IoMT devices expanded significantly during this period.
The Internet of Health Things (IoHT) greatly decreases patient expenses that allow not only the patient population but also governments to decrease their expenditures. It complements the growth of medtech companies to help healthcare organizations realize optimal outcomes in delivering care and efficiency in fulfilling that responsibility. It is a partnership that aims at informing healthcare providers on various ways of providing quality service delivery solutions. Hence, organizations are determined to revolutionize patient care through improvements instigated by IT.
The advancement in telecommunication technology especially with the introduction of 4th generation of LTE transport technology and what is upcoming as the 5th generation of transport technology has created a variety of opportunities for IoMT industry. They allow regions that experienced poor communication capacity to have an improved network facility to enjoy IoMT technologies. One of them is the partnership signed between Google Cloud and AT&T in March of 2020 to develop 5G edge computing solutions, which will help to spur the development of IoMT applications. Therefore, the telecommunication advancement will be to improve health care delivery and patient monitoring of these regions.
Comprehensive Analysis of Internet of Medical Things Market
The internet of medical things market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly presents a detailed local analysis based on the forces such as supply and demand which define the industry. These segmentations are methodically segregated by product analysis, by application analysis, and by end-user analysis. By product analysis include stationary medical devices, implanted medical devices, and wearable external medical devices. By application analysis include telemedicine, medication management, patient monitoring, and others. By end-user analysis include healthcare providers, patients, government authorities, and others.
The North America region lead the internet of medical things market share by benefitting a market size of USD 14.43 billion in 2023 due to increasing adoption of remote patient monitoring devices.
The top players have a significant responsibility in the healthcare industry for confirming industrial prospectus growth and determining the market trends. These players include, Boston Scientific Corporation, General Electric Company (GE Healthcare), Johnson & Johnson Services, Inc., Medtronic, Koninklijke Philips N.V., Siemens Healthineers AG, Cisco, IBM, Baxter (Hill-Rom Services, Inc.), BIOTRONIK these market players provide a level-playing competitive landscape.
In October 2023, Dozee launched Dozee Pro Ex, an ambulatory connected patient monitoring system designed for continuous patient monitoring.
Segmentation Table
ATTRIBUTE
DETAILS
Study Period
2019-2032
Base Year
2023
Estimated Year
2024
Forecast Period
2024-2032
Historical Period
2019-2022
Growth Rate
CAGR of 38.5% from 2024-2032
Unit
Value (USD billion)
Segmentation
By Product
Stationary Medical Devices
Implanted Medical Devices
Wearable External Medical Devices
By Application
Telemedicine
Medication Management
Patient Monitoring
Others
By End-user
Healthcare Providers
Patients
Government Authorities
Others
By Geography
North America (By Product, Application, End-user, and Country)
- U.S.
- Canada
- U.K.
- Germany
- France
- Italy
- Spain
- Scandinavia
- Rest of Europe
- Japan
- China
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Brazil
- Mexico
- Rest of Latin America
- GCC
- South Africa
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview: Start-ups Funding
- 4.2. Technological Advancements in IoMT Devices
- 4.3. Snapshot by Ways the IoMT Impacts Healthcare
- 4.4. Overview: New Application Areas
- 4.5. Key Industry Developments - Mergers, Acquisitions, and Partnerships
- 4.6. New Product Launches, By Key Players
- 4.7. Impact of COVID-19 on Global IoMT Market
- 4.8. Key Trends Accelerated by COVID-19
- 5. Global Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Market Analysis, Insights and Forecast – By Product
- 5.1.1. Stationary Medical Devices
- 5.1.2. Implanted Medical Devices
- 5.1.3. Wearable External Medical Devices
- 5.2. Market Analysis, Insights and Forecast – By Application
- 5.2.1. Telemedicine
- 5.2.2. Medication Management
- 5.2.3. Patient Monitoring
- 5.2.4. Others
- 5.3. Market Analysis, Insights and Forecast – By End-user
- 5.3.1. Healthcare Providers
- 5.3.2. Patients
- 5.3.3. Government Authorities
- 5.3.4. Others
- 5.4. Market Analysis, Insights and Forecast – By Geography
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Latin America
- 5.4.5. Middle East & Africa
- 6. North America Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Market Analysis, Insights and Forecast – By Product
- 6.1.1. Stationary Medical Devices
- 6.1.2. Implanted Medical Devices
- 6.1.3. Wearable External Medical Devices
- 6.2. Market Analysis, Insights and Forecast – By Application
- 6.2.1. Telemedicine
- 6.2.2. Medication Management
- 6.2.3. Patient Monitoring
- 6.2.4. Others
- 6.3. Market Analysis, Insights and Forecast – By End-user
- 6.3.1. Healthcare Providers
- 6.3.2. Patients
- 6.3.3. Government Authorities
- 6.3.4. Others
- 6.4. Market Analysis, Insights and Forecast – By Country
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Market Analysis, Insights and Forecast – By Product
- 7.1.1. Stationary Medical Devices
- 7.1.2. Implanted Medical Devices
- 7.1.3. Wearable External Medical Devices
- 7.2. Market Analysis, Insights and Forecast – By Application
- 7.2.1. Telemedicine
- 7.2.2. Medication Management
- 7.2.3. Patient Monitoring
- 7.2.4. Others
- 7.3. Market Analysis, Insights and Forecast – By End-user
- 7.3.1. Healthcare Providers
- 7.3.2. Patients
- 7.3.3. Government Authorities
- 7.3.4. Others
- 7.4. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 7.4.1. U.K.
- 7.4.2. Germany
- 7.4.3. France
- 7.4.4. Spain
- 7.4.5. Italy
- 7.4.6. Scandinavia
- 7.4.7. Rest of Europe
- 8. Asia Pacific Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Market Analysis, Insights and Forecast – By Product
- 8.1.1. Stationary Medical Devices
- 8.1.2. Implanted Medical Devices
- 8.1.3. Wearable External Medical Devices
- 8.2. Market Analysis, Insights and Forecast – By Application
- 8.2.1. Telemedicine
- 8.2.2. Medication Management
- 8.2.3. Patient Monitoring
- 8.2.4. Others
- 8.3. Market Analysis, Insights and Forecast – By End-user
- 8.3.1. Healthcare Providers
- 8.3.2. Patients
- 8.3.3. Government Authorities
- 8.3.4. Others
- 8.4. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 8.4.1. Japan
- 8.4.2. Australia
- 8.4.3. China
- 8.4.4. India
- 8.4.5. Southeast Asia
- 8.4.6. Rest of APAC
- 9. Latin America Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Market Analysis, Insights and Forecast – By Product
- 9.1.1. Stationary Medical Devices
- 9.1.2. Implanted Medical Devices
- 9.1.3. Wearable External Medical Devices
- 9.2. Market Analysis, Insights and Forecast – By Application
- 9.2.1. Telemedicine
- 9.2.2. Medication Management
- 9.2.3. Patient Monitoring
- 9.2.4. Others
- 9.3. Market Analysis, Insights and Forecast – By End-user
- 9.3.1. Healthcare Providers
- 9.3.2. Patients
- 9.3.3. Government Authorities
- 9.3.4. Others
- 9.4. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 10. Middle East & Africa Internet of Medical Things (IoMT) Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Market Analysis, Insights and Forecast – By Product
- 10.1.1. Stationary Medical Devices
- 10.1.2. Implanted Medical Devices
- 10.1.3. Wearable External Medical Devices
- 10.2. Market Analysis, Insights and Forecast – By Application
- 10.2.1. Telemedicine
- 10.2.2. Medication Management
- 10.2.3. Patient Monitoring
- 10.2.4. Others
- 10.3. Market Analysis, Insights and Forecast – By End-user
- 10.3.1. Healthcare Providers
- 10.3.2. Patients
- 10.3.3. Government Authorities
- 10.3.4. Others
- 10.4. Market Analysis, Insights and Forecast – By Country/ Sub-region
- 10.4.1. GCC Countries
- 10.4.2. South Africa
- 10.4.3. Rest of Middle East & Africa
- 11. Competitive Analysis
- 11.1. Global Market Share Analysis (2023)
- 11.2. Company Profiles
- 11.2.1. Boston Scientific Corporation
- 11.2.1.1. Overview
- 11.2.1.2. Products & Services
- 11.2.1.3. SWOT Analysis
- 11.2.1.4. Recent Developments
- 11.2.1.5. Strategies
- 11.2.1.6. Financials (Based on Availability)
- 11.2.2. General Electric Company
- 11.2.2.1. Overview
- 11.2.2.2. Products & Services
- 11.2.2.3. SWOT Analysis
- 11.2.2.4. Recent Developments
- 11.2.2.5. Strategies
- 11.2.2.6. Financials (Based on Availability)
- 11.2.3. Johnson & Johnson Services, Inc.
- 11.2.3.1. Overview
- 11.2.3.2. Products & Services
- 11.2.3.3. SWOT Analysis
- 11.2.3.4. Recent Developments
- 11.2.3.5. Strategies
- 11.2.3.6. Financials (Based on Availability)
- 11.2.4. Medtronic
- 11.2.4.1. Overview
- 11.2.4.2. Products & Services
- 11.2.4.3. SWOT Analysis
- 11.2.4.4. Recent Developments
- 11.2.4.5. Strategies
- 11.2.4.6. Financials (Based on Availability)
- 11.2.5. Koninklijke Philips N.V.
- 11.2.5.1. Overview
- 11.2.5.2. Products & Services
- 11.2.5.3. SWOT Analysis
- 11.2.5.4. Recent Developments
- 11.2.5.5. Strategies
- 11.2.5.6. Financials (Based on Availability)
- 11.2.6. Siemens Healthineers AG
- 11.2.6.1. Overview
- 11.2.6.2. Products & Services
- 11.2.6.3. SWOT Analysis
- 11.2.6.4. Recent Developments
- 11.2.6.5. Strategies
- 11.2.6.6. Financials (Based on Availability)
- 11.2.7. Cisco
- 11.2.7.1. Overview
- 11.2.7.2. Products & Services
- 11.2.7.3. SWOT Analysis
- 11.2.7.4. Recent Developments
- 11.2.7.5. Strategies
- 11.2.7.6. Financials (Based on Availability)
- 11.2.8. IBM
- 11.2.8.1. Overview
- 11.2.8.2. Products & Services
- 11.2.8.3. SWOT Analysis
- 11.2.8.4. Recent Developments
- 11.2.8.5. Strategies
- 11.2.8.6. Financials (Based on Availability)
- 11.2.9. Baxter (Hill-Rom Services, Inc.)
- 11.2.9.1. Overview
- 11.2.9.2. Products & Services
- 11.2.9.3. SWOT Analysis
- 11.2.9.4. Recent Developments
- 11.2.9.5. Strategies
- 11.2.9.6. Financials (Based on Availability)
- 11.2.10. BIOTRONIK
- 11.2.10.1. Overview
- 11.2.10.2. Products & Services
- 11.2.10.3. SWOT Analysis
- 11.2.10.4. Recent Developments
- 11.2.10.5. Strategies
- 11.2.10.6. Financials (Based on Availability)
Research Assistance
Download our eBook: How to Succeed Using Market Research
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook