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How the Internet Of Medical Things (IoMT) Market Has Progressed: A Look Back Over the Past Few Years?
The market size of the Internet of Medical Things (IoMT) has experienced tremendous growth over the past few years. The market, which is projected to be $79.64 billion in 2024, is expected to further increase to $97.73 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 22.7%.
The escalation during the historical period is due to factors such as an aging population, improved network connectivity, increased healthcare investment, and governmental initiatives.
The market for the Internet of Medical Things (IoMT) is projected to experience significant expansion in the coming years, reaching a market value of $244.4 billion by 2029. This suggests a Compound Annual Growth Rate (CAGR) of 25.8%.
Factors contributing to this growth during the forecast period include the introduction of 5G networks, the spread of telemedicine, the widespread occurrence of chronic illnesses, the increasing popularity of wearable tech, and the accelerated adoption of electronic health records. Furthermore, the forecast period will witness trending developments such as remote operations, predictive healthcare, innovations in medical technology, the incorporation of artificial intelligence (AI) and machine learning (ML), and the emergence of smart hospitals.
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What’s Driving the Upward Growth Trajectory of the Internet Of Medical Things (IoMT) Market?
The growth of the Internet of Medical Things (IoMT) market is anticipated to be fueled by the escalating usage of connected medical appliances. These appliances, capable of transmitting and sharing data or other systems, usually through wireless technology, play pivotal roles in patients’ monitoring, diagnosis, and treatment.
They integrate seamlessly with IoMT technologies, enhancing real-time patient tracking, making data gathering more efficient, and optimizing healthcare provision.
This ultimately leads to improved patient results, less hospital admissions, and increased operational effectiveness in healthcare arrangements.
For example, the National Health Service, a UK-based government body, reported in December 2022 that X-rays topped the list with 21.8 million tests (a rise of 30%), trailed by ultrasound with 10.1 million tests (up by 23%) and CT scans with 6.7 million (up by 21%). Moreover, MRI scans saw a rise of 28% to 3.8 million.
There were also increments in all other imaging modalities: fluoroscopy by 23%, nuclear medicine by 22%, SPECT by 39%, PET-CT scans by 20%, and medical photography by 11%. Hence, the escalating utilization of connected medical appliances propels the IoMT market’s growth.
There is expected to be a growth spur in the Internet of Medical Things (IoMT) market, driven by the escalating acceptance of IoT devices. The Internet of Things (IoT) denotes a cluster of physical entities embedded with sensors, software, and connectivity facilities that facilitate the gathering and exchanging of data over the internet.
A cluster of significant IoT devices constitute the Internet of Medical Things (IoMT), simplifying the gathering, transmission, and analysis of health-related information for a myriad of medical and healthcare applications. For instance, data from the GSM Association, a non-profit industry entity based in the UK, projected that IoT connections globally would soar to 23.3 billion by 2025, a substantial rise from the 15.1 billion recorded in 2021.
Therefore, the escalating acceptance of IoT devices is expected to drive the IoMT market’s growth.
Which Segments in the Internet Of Medical Things (IoMT) Industry Are Seeing the Fastest Growth?
The internet of medical things (IoMT) market covered in this report is segmented –
1) By Device Type: Wearable Devices, Stationary Devices, Implantable Devices, Other Devices
2) By Application: Data Assortment And Analysis, Real-Time Monitoring, Remote Medical Assistance, Tracking And Alerts, Other Applications
3) By End User: Healthcare Providers, Patients, Government Authorities, Other End Users
Subsegments:
1) By Wearable Devices: Smartwatches, Fitness Trackers, Health Monitoring Patches, Wearable ECG Monitors
2) By Stationary Devices: Smart Beds, Vital Sign Monitors, Connected Diagnostic Equipment, Telehealth Stations
3) By Implantable Devices: Pacemakers, Continuous Glucose Monitors, Neurostimulators, Drug Delivery Systems
4) By Other Devices: Home Health Monitoring Devices, Connected Inhalers, Medication Adherence Devices, Smart Thermometers
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How Will Shifting Market Trends Influence Internet Of Medical Things (IoMT) System Adoption?
Key businesses in the Internet of Medical Things (IOMT) industry are strategically adopting avant-garde technological solutions like AI-enabled cath labs to tackle the overwhelming prevalence of cardiovascular disorders in India. These AI-powered cath labs are special medical centres fitted with pioneering imaging technology and artificial intelligence to boost the accuracy and speed of heart-related procedures, enabling real-time fine-tuning of imaging aspects and backing minimally invasive interventions.
For example, in September 2022, the US-centered medical technology firm, GE HealthCare Technologies, Inc., unveiled its first-ever AI-enabled cath lab, namely Optima IGS 320, with the purpose of bettering cardiac care in India. The cath lab, constructed in a novel factory in Bengaluru as per the Production Linked Incentive (PLI) plan, includes GE’s trademark AutoRight system powered by Edison that real-time refines imaging and dosage parameters.
This innovative development addresses the climbing cardiovascular disease burden in India, especially among the younger people, by supporting minimally invasive operations. The Optima IGS 320 aids interventional cardiologists by offering smart imaging, thus increasing precision and lowering the overall intricacy of procedures.
Which Global Regions Are Powering Demand in the Internet Of Medical Things (IoMT) Market?
North America was the largest region in the internet of medical things (IoMT) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in internet of medical things (IoMT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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How Key Players Are Driving Growth in the Internet Of Medical Things (IoMT) Market?
Major companies operating in the internet of medical things (IoMT) market are Google LLC, Microsoft Corporation, Johnson & Johnson Services Inc., Siemens Healthineers AG, Roche Diagnostics Corporation, Cisco Systems Inc., Qualcomm Life Inc., Abbott Laboratories, Oracle Corporation, Honeywell International Inc., Medtronic PLC, Becton Dickinson and Company, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Zebra Technologies Corp., Smith & Nephew PLC, Otsuka America Pharmaceutical Inc., ResMed Inc., AptarGroup Inc., DexCom Inc., Masimo Corporation, iRhythm Technologies Inc., Merative L.P., Capsule Technologies Inc., Owlet Baby Care Inc., AgaMatrix Inc., AliveCor.
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