Internet of Medical Things (IoMT) Market to reach over US$ 385.01 Bn by the year 2031 - Explained Details | Exclusive Study by InsightAce Analytic

JERSEY CITY, N.J., Feb. 21, 2024 /PRNewswire/ -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Internet Of Medical Things (IoMT) Market - (Component (Hardware, Software, And Services), Platform (Device Management, Application Management, And Cloud Management), Mode Of Service Delivery (On-Premise And Cloud), Connectivity Services (Wired And Wireless), Applications (Telemedicine, Clinical Operations & Workflow Management, Connected Imaging, Medication Management, Inpatient Monitoring) And End-Use (Hospitals, Clinics, Academics, Research Institutes, Homecare))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

"Internet of Medical Things (IoMT) Market" in terms of revenue was estimated to be worth $52.33 billion in 2023 and is poised to reach $385.01 billion by 2031, growing at a CAGR of 28.70% from 2024 to 2031 according to a new report by InsightAce Analytic.

Internet of Medical Things (IoMT) Market Report Scope:

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Internet of Medical Things (IoMT) Market are:

• Remote Patient Monitoring is a Major Driver.
• The rise of Wearable Devices is Driving the Market.
• Advanced Healthcare Analytics Drives the Market.

The following are the primary obstacles to the Internet of Medical Things (IoMT) Market's expansion:

• Data Security and Privacy Concerns Restricting Market Growth.
• Lack of Universal Standards.
• Limited Reimbursement Policies.

Future expansion opportunities for the global Internet of Medical Things (IoMT) Market include:

• Health Data Analytics and Predictive Modeling.
• Wearable Technology Integration.
• Remote Patient Monitoring and Chronic Disease Management.

Market Analysis:

The market analysis for the Internet of Medical Things (IoMT) reflects a dynamic landscape characterized by significant growth prospects and transformative impacts on the healthcare industry. IoMT's integration of medical devices, connectivity, and data analytics presents opportunities for remote patient monitoring, telehealth expansion, and efficient healthcare operations. The increasing focus on preventive healthcare, personalized medicine, and research applications further propels market growth. Challenges include data security concerns, interoperability issues, and the need for universal standards.

List of Prominent Players in the Internet of Medical Things (IoMT) Market:

• Siemens (Germany)
• General Electric (U.S.)
• Biotronik SE & Co. KG (Germany)
• Medtronic (Ireland)
• Boston Scientific Corporation (U.S.)
• Hill-Rom Services, Inc. (U.S.)
• Neurometrix, Inc. (U.S.)
• Honeywell International Inc. (U.S.)
• VitaConnect (U.S.), Ekso Bionics (U.S.)
• B.L. Healthcare, Inc. (U.S.)
• BioSerenity
• Koninklijke Philips NV. (Netherlands)
• Lenovo (China)
• AliveCor. Inc. (U.S.)

Recent Developments:

• In Dec 2023, Medtronic plc agreed to expand its collaboration with Cosmo Intelligent Medical Devices, a Cosmo Pharmaceuticals subsidiary. This AI-driven association builds on the success of the GI Genius™ intelligent endoscopy module, providing ongoing innovation and scalable healthcare breakthroughs for patients and caregivers globally. Medtronic and Cosmo Pharmaceuticals remain aimed at reinventing endoscopy by leveraging AI to improve patient outcomes. This strategic agreement strengthens Medtronic's leadership in AI-integrated healthcare products and marks a significant step in implementing AI into endoscopic treatment.
• In October 2023, SAP SE reported that Siemens Healthineers AG's digital transformation journey will be enabled by the RISE with SAP solution. Siemens Healthineers aims to leverage cloud innovation through this strategic partnership with SAP and the migration of its business processes. Siemens Healthineers intends to expand its operations and stay adaptable to the changing healthcare landscape and client demands by leveraging several cloud technologies, including SAP S/4HANA Cloud, private edition, SAP Business Technology Platform, and SAP Signavio.
• In November 2021, GE Healthcare introduced around 60 novel technology solutions for the healthcare industry, including patient screening, therapy planning, diagnostics, guidance, and monitoring. Amid a global pandemic and mounting industry pressures, the company accelerated innovations based on artificial intelligence (AI) and digital solutions to sustain and transform healthcare delivery, making it easier and more efficient for clinicians and health systems and more personalized and precise for patients.

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Internet of Medical Things (IoMT) Market Dynamics:

Market Drivers: Remote Patient Monitoring

Despite the evident potential of the Internet of Medical Things (IoMT), the market faces significant restrictions primarily stemming from heightened Data Security and Privacy Concerns. As healthcare systems become increasingly interconnected through IoMT devices, the threat of unauthorized access and data breaches has raised substantial apprehensions among both healthcare providers and patients. The sensitivity of medical information necessitates stringent security measures to safeguard against cyber threats and unauthorized data access. Striking a balance between seamless connectivity and robust data protection measures poses a challenge, particularly with the growing sophistication of cyber threats.

Challenges: Data Security and Privacy Concerns

Despite the evident potential of the Internet of Medical Things (IoMT), the market faces significant restrictions primarily stemming from heightened Data Security and Privacy Concerns. As healthcare systems become increasingly interconnected through IoMT devices, the risk of unapproved access and data breaches has raised substantial apprehensions among both healthcare providers and patients. The sensitivity of medical information necessitates stringent security measures to safeguard against cyber threats and unauthorized data access. Striking a balance between seamless connectivity and robust data protection measures poses a challenge, particularly with the growing sophistication of cyber threats.

North America Is Expected To Grow With The Highest CAGR During The Forecast Period

The forecasted dominance of North America, which is expected to exhibit the highest Compound Annual Growth Rate (CAGR) in the Internet of Medical Things (IoMT) market, also presents certain restrictions. While North America is poised for substantial growth, the potential drawbacks may include challenges related to regional variations in regulatory frameworks, healthcare infrastructure, and privacy laws. The need for standardization across diverse healthcare systems and compliance with varying regulations could pose complexities for IoMT providers and stakeholders. Additionally, the increased initial expenses associated with implementing IoMT technologies might present barriers, particularly for smaller healthcare facilities.

Segmentation of the Internet of Medical Things (IoMT) Market-

By Component

• Hardware
• Software
• Services

By Platform

• Device Management
• Application Management
• Cloud Management

By Mode of Service Delivery

• On-Premise
• Cloud

By Connectivity Devices

• Wired
• Wireless

By Application

• Telemedicine
• Clinical Operations & Workflow Management
• Connected Imaging
• Medication Management
• Inpatient Monitoring
• Others

By End-User

• Hospitals
• Clinics
• Research Institutes
• Academics
• Homecare
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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Why should buy this report:

• To receive a comprehensive analysis of the prospects for the global Internet of Medical Things (IoMT) Market
• To receive an industry overview and future trends in the global Internet of Medical Things (IoMT) Market
• To analyze the Internet of Medical Things (IoMT) Market drivers and challenges
• To get information on the Internet of Medical Things (IoMT) Market size value (US$ Mn) forecast till 2031
• Major Investments, Mergers & Acquisitions in the global Internet of Medical Things (IoMT) Market industry

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