The global “Internet of Medical Things (IoMT) ” Market is anticipated to reach USD 142.45 billion by 2026, with a CAGR of 28.9%, on account of the increasing prevalence of chronic diseases. This, coupled with the improving healthcare infrastructure and facilities worldwide, is primarily contributing to the growth of the market. Internet of medical things consists of a system of interrelated devices that are either connected to each other or with an external network. These devices are capable of sharing information amongst themselves with the help of internet connectivity. The advent of technological advancement in medical devices, coupled with the rise in disposable incomes of people, is anticipated to help increase the popularity of smart medical devices, ultimately boosting the Internet of Medical Things market growth.
According to a recent study by Fortune Business Insights™ titled, “Internet of Medical Things (IoMT) Market Size, Share & Industry Analysis, By Product Type (Stationary Medical Devices, Implanted Medical Devices, Wearable External Medical Devices), By Application (Telemedicine, Medication Management, Patient Monitoring, Others), By End User (Healthcare Providers, Patients, Government Authorities, Others) and Regional Forecast, 2019-2026,” the market value stood at USD 18.75 billion in 2018.
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Highlights of the Report:
- In-depth analysis of various insights, namely, Internet of Medical Things (IoMT) Market trends, growth drivers, opportunities, and other related challenges.
- Comprehensive details of key market players, their core competencies, and Internet of Medical Things (IoMT) Market share.
- The potency of suppliers and buyers to make better business decisions.
- Lists out the market size in terms of volume.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Key Players Operating in The Internet of Medical Things (IoMT) Market Include:
Key players are involved in mergers and acquisition to strengthen their market position. Owing to increasing competition frequent innovations are taking place in the market. Some of the companies operating the industry are:
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Cisco Systems, Inc.
- Welch Allyn
- IBM Corporation
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
Increasing Awareness about Advantages of Smart Healthcare Products to Drive Market
The Internet of medical things offers various advantages such as real-time monitoring, improved drug management, improved patient outcomes, and a reduction in medical expenditure. The above factors are driving the IOMT market growth. Besides this, the improved efficiencies of smart healthcare devices, coupled with the rise in research and development of advanced devices and rise in awareness about them, are expected to attract high revenues during the forecast duration. Moreover, analysts at Fortune Business Insights™ also project the increasing prevalence of chronic diseases to propel the demand for smart healthcare further, boosting the market size in the future.