IoMT Market Highlights
The global internet of medical things market will grow at a 25.6% CAGR by 2025, states the latest Market Research Future report.
IoMT Market Leaders
Eminent industry players profiled in the global internet of medical things market report include
- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic plc
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Welch Allyn, Inc.
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- KORE Wireless
- STANLEY Healthcare
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IoMT Market Drivers
Growing Need for Connected Devices in Healthcare Sector to Boost Market Growth
The growing need for connected devices in the healthcare sector will boost market growth over the forecast period. This is offering good opportunities for IoT software and solution providers. Connected devices helps in reducing consultation price of medical experts as these can help in easily examining patients through connected devices.
Rising Awareness about Smart Healthcare Products to offer Robust Opportunities
The rising awareness regarding the perks of smart healthcare products will offer robust opportunities for the internet of medical things market over the forecast period. Smart wearable devices are in great demand as people are becoming more aware as well as there is a huge craze especially among the youths to buy smart wearable devices like fitness bands and smart watches.
Besides, the internet of medical things offers a plethora of benefits like improved management of pharmaceuticals and medical records, betterment in diagnosis & treatment, improved patient’s outcome, and improved disease management. This is also adding market growth.
Lack of Infrastructure to act as Market Restraint
The scarcity of infrastructure facilities coupled with shortage of skilled experts in medical sectors & hospitals may act as market restraints in the forecast period.
Privacy Concerns and Data Security to act as Market Challenge
Privacy concerns and data security may act as a market challenge over the forecast period.
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The global internet of medical things (IoMT) market has been bifurcated based on component, product type, application, and connectivity technology.
By component, medical devices will lead the market over the forecast period.
By product type, the global internet of medical things market is segmented into ventilators, imaging systems, anesthetic machines, respiratory devices, implantable cardiac devices, monitoring devices, and others.
By application, the telemedicine segment will dominate the market over the forecast period.
By connectivity technology, the global internet of medical things market is segmented into near field communication, ZigBee, Bluetooth low energy, Wi-Fi, and others.
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The need for healthcare solutions has gone up in the healthcare industry during the COVID-19 outbreak to treat and monitor critical patients. Local governments and hospitals are making huge investments in the internet of medical things technology and new devices for improving the efficiency of physicians and also other corona warriors. The need for internet of medical things is likely to boost during the crisis for the growing use of technologies for the reliance of the healthcare sector on connected devices.
North America to Steer Internet of Medical Things Market
North America will steer the internet of medical things market over the forecast period. Increasing number of smartphone users, higher penetration of 4G technology, the need for addressing the growing healthcare costs, government initiatives to promote eHealth, growing need for quality healthcare products & services, growing adoption of remote patient monitoring devices, launch of new products, strong sales of internet of medical things solutions & products in the US, the presence of key solution providers, & the early adoption of the internet of things solutions and connected devices among end users are adding to the global internet of medical things market growth in the region.
APAC to Have Remarkable Growth in Internet of Medical Things Market
The APAC region will have remarkable growth in the internet of medical things market over the forecast period at a high CAGR. Increasing healthcare expenditure, pool of opportunities accessible for company expansion, strong government support for the launch & approval of internet of medical things devices to support the revenue growth of the region, and growing adoption of advanced technological devices & software among hospitals and healthcare companies are adding to the global internet of medical things market growth in the region. Increasing investments by key players, advances in the healthcare industry, surging healthcare IT spending, increase in smartphone users, the penetration of 4G technology, increase in government initiatives for promoting eHealth, and the growing need for superior quality healthcare services & products are also adding market growth.
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