Global Internet of Medical Things Market By Type (On Body Segment, In Home Segment, In Hospital Segment, In Clinics Segment, Community Segment), By Component (Medical Devices, System & Software, Connectivity Technology, Services), By Product Type (Smart Wearable Devices, Home Use Medical Devices, Point of Care Kits), By Technology (Bluetooth Low Energy (BLE), Zigbee, Wifi, LPWAN, Others), By Application (Telemedicine, Clinical Operation & Workflow Management, Medication Management, Connected Imaging, Others), By End User (Healthcare Providers, Patients, Government Authorities, Others), By Region, Competition, Forecast & Opportunities, 2017- 2027
The global Internet of Medical Things market is expected to grow at a CGAR of 19.48% in the forecast period, 2023-2027, to reach USD198521.00 million by 2027. An increase in the healthcare expenditure and rapid adoption of advanced technologies by the healthcare industry to improve patient care and services are expected to be the major drivers of the global internet of medical things market. Also, the development of the telecommunication sector in developing countries and the deployment of 5G technology are expected to bolster the global Internet of Medical Things market growth in the forecast period.
Ongoing technological advancements in the healthcare industry are transforming the healthcare industry. The Internet of Medical Things is a system of several medical devices connected with or with a network. It can provide real-time updates about the patient’s health to healthcare authorities, improving the quality of service provided to the patient. The efforts to provide high-speed internet connection by the leading authorities in emerging economies are expected to improve telehealth services significantly. The surge in the focus of healthcare facilities to offer patient-centric care delivery, boost patient engagement and make healthcare services affordable are accelerating the market demand in the next five years. Also, favorable government policies and digitization trends of healthcare facilities are expected to accelerate the global Internet of Medical Things Market in the forecast period. However, growing concerns relating to data privacy and security may hamper the market growth in the forecast period.
The global Internet of Medical Things market is segmented into type, component, product type, technology, application, end user, company, and regional distribution. Based on component, the market is divided into medical devices, system & software, connectivity technology, and services. Medical devices dominated the market in 2021 by capturing a market share of 37.27% and are projected to maintain their dominance throughout the forecast period, 2023-2027. Increasing awareness about the benefits of adopting preventive healthcare practices and the availability of innovative and cost-effective medical devices are the factors bolstering the market demand.
GE Healthcare, Medtronic Plc., Johnson & Johnson, Koninklijke Philips N.V., Siemens Healthineers AG, Abbott Laboratories, Inc., Boston Scientific Corporation, IBM Corporation, Omron Healthcare, Inc., Cisco Systems, Inc., Hill-Rom Holdings, Inc., Ypsomed AG, Honeywell International Inc., Microsoft Corporation, Qualcomm Life Inc. are among the major market players operating in the global Internet of Medical Things market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023-2027
Objective of the Study:
- To analyze the historical growth and the market size of the global Internet of Medical Things market from 2017 to 2021.
- To estimate and forecast the market size of the global Internet of Medical Things market from 2022 to 2027 and growth rate until 2027.
- To classify and forecast the global Internet of Medical Things market is divided into type of test, use, full test time, technology, specimen, mobility, end use, company, and regional distribution.
- To identify drivers and challenges for the global Internet of Medical Things market.
- To examine competitive developments such as expansions, new product launches, mergers, and acquisitions, etc., in the global Internet of Medical Things market.
- To conduct pricing analysis for the global Internet of Medical Things market.
- To identify and analyze the profile of leading players operating in global Internet of Medical Things market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of leading service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service providing companies, distribution channels and presence of all major players operating in the global Internet of Medical Things market all over the world.
TechSci Research calculated the global Internet of Medical Things market size using a bottom-up approach, where data for various regions was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Internet of Medical Things service providers, suppliers, distributors, and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to Internet of Medical Things market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Internet of Medical Things service providers, suppliers, distributors, and other stakeholders. The report would enable the stakeholders in strategizing investments and capitalizing on emerging market opportunities.
In this report, global Internet of Medical Things market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Internet of Medical Things Market, By Type:
- On Body Segment
- In Home Segment
- In Hospital Segment
- In Clinic Segment
- Community Segment
- Global Internet of Medical Things Market, By Component:
- Medical Devices
- System & Software
- Connectivity Technology
- Global Internet of Medical Things Market, By Product Type:
- Smart Wearable Devices
- Home Use Medical Devices
- Point of Care Kits
- Global Internet of Medical Things Market, By Technology:
- Bluetooth Low Energy (BLE)
- Global Internet of Medical Things Market, By Application:
- Clinical Operation & Workflow Management
- Medication Management
- Connected Imaging
- Inpatient Monitoring
- Global Internet of Medical Things Market, By End User:
- Healthcare Providers
- Government Authorities
- Global Internet of Medical Things Market, By Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in global Internet of Medical Things market.
- Detailed analysis and profiling of additional market players (up to five).
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