Internet of Medical Things (IOMT) Market Worth USD 254,233.6 Million by 2026
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. 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
According to AllTheResearch, The global internet of medical things (IoMT) market was valued at USD 44,565.6 million in 2018 and is expected to reach USD 254,233.6 million in 2026, growing at a CAGR of 24.4% during the forecast period.
Key Findings:
• Based on the product, the smart wearable devices accounted for approximately 27% of the share in the global Internet of medical things (IoMT) market in 2018
• Based on the application, the tracking and alerts segment is expected to grow at a CAGR of around 31% throughout the forecast period
• North America accounted for nearly 43% share of the global internet of medical things (IoMT) market in 2018
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.
Recent News:
• In Feb 2019, GE Healthcare entered into a strategic collaboration with Decisio Health a company focused on clinical surveillance and data visualization.
• In Apr 2019, Technology services industry body Nasscom has partnered with GE Healthcare to encourage start-ups to work on digital healthcare solutions in India.
• In Sept 2018, Intuitive Surgical and InTouch Health has entered into multi-year licensing service agreement for IoMT Services
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, and Hexoskin among others.
About AllTheResearch:
AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry.As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realise, that its not just sheer data-points, but the right analysis that creates a difference. While some clients were unhappy with the inconsistencies and inaccuracies of data, others expressed concerns over the experience in dealing with the research-firm. Also same-data-for-all-business roles was making research redundant. We identified these gaps and built AllTheResearch to raise the standards of research support.
Source: alltheresearch
