Internet of Medical Things Market to Reach US$ 284.5 Billion by 2027 Globally | CAGR: 18.5% | UnivDatos Market Insights
NOIDA, India, Jan. 22, 2021 /PRNewswire/ -- A comprehensive overview of the internet of medical things market is recently added by UnivDatos Market Insights to its humongous database. The internet of medical things market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the internet of medical things market. The internet of medical things market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the internet of medical things market at the global and regional levels. The Global Internet of Medical Things market is expected to grow at a CAGR of 18.5% from 2021-2027 to reach US$ 284.5 billion by 2027.
Market Overview
The use of networking technologies for connecting medical equipment and applications with the healthcare information technology system is known as the internet of medical things. Devices such as smart wearables, portable smart monitors, and other health status checking smart devices are the key factors of the IoMT. In a study, it was found that as of 2018, near about 27% of healthcare organizations are thinking of implementing IoT while around 60% of healthcare enterprises have already implemented it. The benefits of IoMT include improved disease management, improved patient's outcome, betterment in diagnosis and treatment, improved management of medical records and pharmaceuticals, etc.,
Furthermore, a rise in connected medical devices and the emergence of new technologies is resulting in the growth of the market. In a study, it was revealed that there are around 50,000 medical technologies are available as of 2020. Also, it is estimated that the internet of medical things technology would save around US$ 300 billion expense annually in the healthcare sectors that are too through improved medication adherence and remote patient monitoring.
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COVID-19 Impact
With the promulgating spread of CVVID-19, the healthcare industry is under extreme pressure and undergoing a major transformation. The lack of capacity across healthcare organizations and end-users ' preference for consulting and taking treatment through digital medium owing to the prevention from the infection and spread of the virus has increased the demand for IoMT. Moreover, the government's emphasis and the healthcare service provider's preference for the remote monitoring of patients' acting as a growth catalyst to the industry. Moreover, with the COVID-19 pandemic, the healthcare services providing organization has announced to increase their spending the connected medical delve. In a survey, it was found that as of 2020, connected medical devices accounted for around 48% of the total medical devices and by 2025, the share would increase to around 68%. Also, the connected devise manufacturer answered that they will increase R&D spending. As of 2020, the R&D sending on connected medical devices is around 34%, which would reach 42% by 2025.
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The Internet of Medical Things Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the market is primarily bifurcated into
- Medical Devices
- System and Software
- Services
- Connected Technology
Amongst components, the medical devices segment grabbed the major market share and it will grow at a CAGR of 16.9% to reach US$ 93.6 billion by the year 2027.
By Medical Devices, the market is primarily segmented into
- Wearable External Medical Devices
- Implanted Medical Devices
- Stationary Medical Devices
Amongst medical devices, wearable external medical devices accounted for the largest share and is expected to grow at 18.7% CAGR during the forecast period 2021-2027. In 2019, the wearable external medical devices segment accounted for a revenue share of almost 27.5% in 2019.
By System and Software, the market is primarily segmented into
- Remote Device Management
- Network Bandwidth Management
- Data Analytics
- Application Security
- Network Security
In 2019, the remote device management segment dominated the global internet of medical things market with nearly 52.3% of the market share and it is anticipated by 2027, the segment will garner US$ 42.5 billion of the market.
By Services, the market is primarily segmented into
- Deployment and Integration
- Consulting
- Support and Maintenance
Amongst services types, support and maintenance accounted for the largest share and is expected to grow at 18% CAGR during the forecast period 2021-2027. In 2019, the support and maintenance segment accounted for a revenue share of 47% in 2019.
By Application, the market is primarily fragmented into
- Telemedicine
- Clinical Operations and Workflow Management
- Connected Imaging
- Inpatient Monitoring
- Medication Management
- Others
In 2019, the telemedicine segment dominated the global internet of medical things market with nearly 31.2% of the market share and it is anticipated by 2027, the segment will garner US$ 78.6 billion of the market revenue.
By End-User, the market is primarily fragmented into
- Hospitals, Surgical Centers, and Clinics
- Clinical Research Organizations
- Others
Amongst end-users, hospitals, surgical centers, and Clinics accounted for the largest share and is expected to grow at 17.3% CAGR during the forecast period 2021-2027. In 2019, the hospitals, surgical center, and Clinics segment accounted for a revenue share of 74.9% in 2019.
Internet of Medical Things Market Geographical Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- South America
Based on the estimation, the North America region dominated the internet of medical things market with almost US$ 16.6 billion revenue in 2019. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of 20.8% over the forecast period owing to advancement in the healthcare sector and surging healthcare IT spending across countries.
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The major players targeting the market includes
- Boston Scientific Corporation
- Cisco Systems
- GE Healthcare
- IBM Corporation
- iRhythm Technologies
- Koninklijke Philips N.V.
- Medtronic
- Microsoft Corporation
- SAP SE
- Welch Allyn
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Internet of Medical Things (IoMT) market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the internet of medical things market?
- Which factors are influencing the internet of medical things market over the forecast period?
- What are the global challenges, threats, and risks on the internet of medical things market?
- Which factors are propelling and restraining the internet of medical things market?
- What are the demanding global regions of the internet of medical things market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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