Internet of Medical Things (IoMT) Market Size, Share & Trends Analysis Report By End-use (Hospitals, Clinics), By Component (Software, Services), By Deployment (Cloud, On-premise), By Application, By Region, And Segment Forecasts, 2023 - 2030

Internet of Medical Things Market Growth & Trends

The global internet of medical things market size is expected to reach USD 668.07 billion by 2030, growing at a CAGR of 20.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rising penetration of connected devices and the growing need for cost reduction in medicinal delivery are some of the major factors driving the market growth over the forecast period. Furthermore, Internet of medical things (IoMT) increases human-machine interaction, enhances real-time health monitoring, and aids in emergencies, which helps in better decision-making. Such properties are expected to boost the expansion of the market over the forecast period.

Moreover, the increasing adoption of IoT devices and technologies in the healthcare industry helps healthcare professionals automate record keeping, enable data sharing in real-time, and facilitate seamless collaboration among other core teams to improve accuracy, efficiency, and patient outcomes. Such benefits offered by these devices are driving the industry’s growth. For instance, in June 2022, PatientBond, Inc. (Upfront Healthcare), a developer of a patient navigation platform, collaborated with Zyter, Inc., a healthcare technology platform. Under this collaboration, Zyter leverages PatientBond's dynamic workflows and proprietary healthcare consumer psychographic insights, which help improve patient engagement through frequent communications and personalized care plans. Such initiatives by key players are driving the growth of the IoMT industry over the forecast period.

Several companies operating in the market focus on launching new products and offerings to cater to the larger customer base and to strengthen their foothold in the global industry. For instance, in June 2023, Koninklijke Philips N.V., a prominent health technology company, and Masimo Corp., a global medical technology firm, received FDA clearance for activating Regional Oximetry (O3), SedLine Brain Function Monitoring, and CO2 measurements in Philips Patient Monitors – IntelliVue MX850 and MX750. This development is part of their ongoing collaboration and is expected to empower clinicians to make swift and well-informed decisions without requiring extra monitoring equipment. Such advancements are poised to fuel the market growth in the coming years.

Internet of Medical Things Market Report Highlights

• The hardware component segment accounted for the largest market share of over 47% in 2022. This is attributed to the increased usage of IoT-enabled medical equipment
• The on-premise deployment segment accounted for the largest market share in 2022 as it allows healthcare providers to have better control over the IoMT infrastructure
• The telemedicine application segment accounted for the largest revenue share of over 31% in 2022 and will continue the same trend over the forecast period on account of its ability to improve patient convenience
• The hospitals end-use segment accounted for the largest revenue share in 2022 and is expected to continue the same trend over the forecast period
• The growth is attributed to the rising prevalence of chronic diseases and the growing geriatric population
• North America accounted for the largest revenue share in 2022 due to the developed telecommunications and improved IT infrastructure

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