- Report ID: BMRC 983 | Number of pages: 200 | Publish Date: Apr 2020
Status: Published | Category: Healthcare | Delivery Timeline:
"Global Internet of Medical Things Market is valued at USD 36.55 Billion in 2019 and expected to reach USD 150.66 Billion by 2025 with a CAGR of 26.62% over the forecast period."
The advanced technological innovation in internet and healthcare devices is driving the growth of Global Internet of Medical Things Market.
Internet of medical things comprise of a system of interconnected devices that are either linked to each other or with an external network. These instruments are capable of sharing data and information in between themselves through internet connectivity. It is the amalgamation of medical devices and applications that is used to connect health care information technology systems using networking technologies. It has the capability of reducing unnecessary hospital visits and burden on healthcare systems by linking patients to their physicians and permitting transfer of data over a secure network.
Global internet of medical things market report is segmented on the basis of device type, product type, end-user and by regional & country level. Based on device type, global internet of medical things market is classified as wearable devices, stationary devices, implantable devices and others. Based on product type, the market is divided into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators and others. Based on end-user, the market is divided into hospitals, clinics and others.
The regions covered in this internet of medical things market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of internet of medical things is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Some major key players for global internet of medical things market are,
Global Internet of Medical Things Market Dynamics–
Increasing patient engagement in decision making, growing technological adaptation and growing prevalence of chronic diseases are the major factors of driving the growth of internet of medical things market. To use this technology, existing medical devices are being modified into IoMT devices to sense real-time data for patient monitoring through enhancements such as sensors, signal convertors and communication modems. For instance; according to The International Agency for Research on Cancer (IARC), the global cancer burden is estimated to have increased to 18.1 million new cases and 9.6 million deaths in 2018 and globally, the total number of people who are alive within 5 years of a cancer diagnosis, named the 5-year prevalence, is estimated to be 43.8 million.
IoMT is increasingly used to monitor this type of chronic diseases as well as to provide services such as real time intervention in emergency situations and to help patients in reducing cost due to less follow up visits, which helps in boosting the demand of market. IoMT devices are conceptualized in different forms of smart wearable devices, home-use medical devices, point-of care kits and mobile healthcare applications which are used as style statement, fitness monitoring, remote intervention etc. increasing the usability prospect of IoMT market. One of the recent innovative device, BodyGuardian Remote Monitoring System is a commercialized systems used for cardiac monitoring that splits the patient’s identification information and observation data to safeguard security. However, technical challenges such as hacking, lack of communication protocol, error in patient data handling etc. may hamper the market growth up to some extent In spite of that, encryption protocols are used to transmit and store sensitive information, which ensures the reliability of the solution. These types of innovative products can create an opportunity for further growth of the market.
Global Internet of Medical Things Market Regional Analysis–
North America is expected to dominate the global IoMT market with highest share due to rise in prevalence of chronic diseases, increasing number of healthcare products introduced and growing research & development activities in this region. For example, in 2018, 34.2 million Americans, which are approximately 10.5% of the population, had diabetes. Among 34.2 million adults with diabetes, 26.8 million were diagnosed, and 7.3 million were undiagnosed and they need constant monitoring, which is provided through IoMT technology increasing the demand of the market.
Europe is the second dominating market due to high adoption of IoMT devices, high healthcare expenditure, and increasing awareness on healthcare products. For instance; cardiovascular diseases cause 3.9 million deaths in Europe which accounts for about 37% all death in Europe. The patients who suffer from heart related diseases need medical monitoring devices which can help them in emergency situations helping the IoMT market to expand in this region. Asia-Pacific is expected to have highest growth rate due to increased disposable income, growing awareness on technological advancement and government initiatives on improving healthcare infrastructure in this region.
Key Benefits for Global Internet of Medical Things Market Report–
Global Internet of Medical Things Market report covers in depth historical and forecast analysis.
Global Internet of Medical Things Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Internet of Medical Things Market report helps to identify opportunities in market place.
Global Internet of Medical Things Market report covers extensive analysis of emerging trends and competitive landscape.
By Device Type: Wearable Devices, Stationary Devices, Implantable Devices, Other Device Types
By Product Type: Vital Signs Monitoring Devices, Implantable Cardiac Devices, Respiratory Devices, Anaesthetic Machines, Imaging Systems, Ventilators, Other Products
By End-User: Hospitals, Clinics, Other End Users
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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Internet of Medical Things Market 2020 By Device Type (Wearable Devices, Stationary Devices, Implantable Devices, Other Device Types), By Product Type (Vital Signs Monitoring Devices, Implantable Cardiac Devices, Respiratory Devices, Anaesthetic Machines, Imaging Systems, Ventilators, Other Products), By End-User (Hospitals, Clinics, Other End Users) Forecast to 2025