Internet of Medical Things (IoMT) Global Market Report 2024: Smart Healthcare Devices, Trends, and Market Projections

"The Business Research Company recently released a comprehensive report on the Global Internet Of Medical Things (IoMT) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The internet of medical things (iomt) market size has grown exponentially in recent years. It will grow from $64.48 billion in 2023 to $79.64 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to aging population, increased network connectivity, increasing investment in healthcare, government initiatives.

The internet of medical things (iomt) market size is expected to see exponential growth in the next few years. It will grow to $192.02 billion in 2028 at a compound annual growth rate (CAGR) of 24.6%. The growth in the forecast period can be attributed to rollout of 5g networks, telemedicine expansion, prevalence of chronic diseases, growing popularity of wearable devices, increasing adoption of electronic health records. Major trends in the forecast period include remote surgery, predictive healthcare, advancements in healthcare technology, artificial intelligence (AI) and machine learning (ML) integration, smart hospitals.

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Market Drivers and Trends:

The increasing use of connected medical devices is expected to propel the growth of the internet of medical things (IoMT) market going forward. Connected medical devices are equipment that can communicate and share data or other systems, often through wireless technology, for monitoring, diagnosing, or treating patients. Connected devices enhance real-time patient monitoring, streamline data collection and improve healthcare delivery by enabling IoMT technologies, leading to improved patient outcomes, reduced hospitalizations and greater operational efficiency in healthcare systems. For instance, in June 2021, according to a survey released by Statistics Canada, a Canada-based government agency, in 2020, one-quarter of Canadians (25%) used the Internet to track their fitness or health, such as to count steps or make meal plans, while over two-thirds (69%) used it to look for health-related information. In addition, 14% of Canadians reported using a wearable smart gadget with Internet access, such as a smartwatch, FitBit, or glucose monitor. Therefore, the increasing use of connected medical devices drives the growth of the internet of medical things (IoMT) market.

Major companies operating in the internet of medical things (IoMT) market are focused on adopting new technological and connectivity solutions to sustain their position in the market. For instance, in May 2021, Medtronic PLC, an Ireland-based medical device company providing internet of medical things (IoMT) technology, launched the SonarMed airway monitoring system. It continuously checks for obstruction of the endotracheal tube and its position in newborns and infants, giving clinicians immediate access to helpful information. The first and only system of its kind, SonarMed, tests for endotracheal tube (ETT) obstruction and confirms position in real-time, giving doctors the vital data they need to make better informed, life-saving decisions for their youngest patients.

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Major Key Players of the Market:

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.

Internet Of Medical Things (IoMT) Market 2024 Key Insights:

• The Internet Of Medical Things (IoMT) Global Report 2024 is expected to grow to $192.02 billion in 2028 at a compound annual growth rate (CAGR) of 24.6%.
• The Surge Of Connected Medical Devices Fuels Growth In The Internet Of Medical Things Market
• Focus On Innovation In Airway Monitoring System (IOMT) Technology For Infant Care
• North America was the largest region in the internet of medical things (IoMT) market in 2023. 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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