Internet of Medical Things (IoMT) Market is Expected to Register a CAGR of 25.6% | Key Market Players are GE Healthcare, Koninklijke Philips N.V., Medtronic plc, Cisco Systems, Inc., IBM Corporation, Siemens AG and Welch Allyn, Inc.

Internet of Medical Things Market Research Report- Forecast till 2025

Market Highlights

In this digital world, the demands for better and efficient healthcare devices is increasing. In IoMT, for the storage, capturing and analysis, there is no need for human interference as the technologically designed and intelligent systems are capable of performing complicated procedures. It is a kind of network between the devices that transmit the information among themselves and analyze them with the help of internet and algorithms. On observing the increasing adoption, the global internet of medical things market is expected to touch 25 % annual growth mark during the survey period.

Factors like increasing awareness, continuous research & development for better healthcare technologies, easy drug management, easy patient’s data management’ less medical inaccuracies, monitoring of chronic diseases and others are the major factors contributing towards the seamless growth of this market. IoMT has also helped in reducing the expenditure by patients for visiting the doctor, and even real-time surveillance has helped the market moving towards more influential positions.

As an internet backed system, the data is always vulnerable to hacking or unauthorized access, which is one of the major factors damaging the market’s image and growth. In several areas, the lack of professionals and infrastructure is also responsible for limited growth. There is a need for spreading awareness and providing sufficient training to the operators for accelerating the market in struggling portions.

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Segmentation:

The global IoMT market is segmented into four parts:

Component-based: System, software, services and medical devices are the components used.

Product-based: Imaging devices, respiratory devices, monitoring devices, ventilators and others are some of the products available.

Uses: The IoMT is used for data analysis, medical support, real-time observation, medical & drug management and other vital functions.

Regional Summary

The global Internet of Medical Things market is observed based on four regions America, Europe, Asia Pacific and The Middle East & Africa.

The North American region is the global market leader and will maintain the same during the projected period. Well-established healthcare facilities, excellent connectivity, rapid digitalization and adoption of new technologies are responsible for the limitless growth of the market. The European region is the second-largest market due to aware population, enhances research & development services and demand for next-generation monitoring devices.

The Asia Pacific market is in third place but will be the fastest moving market in terms of growth and expansion. Improving healthcare facilities, growing awareness, dense population, increasing incomes and demand for digital measures have helped the market to gain significant share in less advent of time.

Rest of the regions have slower growth rates compared to others due to struggling healthcare facilities, lack of awareness and slow economic growths.

Recent Industry News

The global IoMT market is a boon for the expanding healthcare system. They are capable of grossing better results and are being adopted at considerable speeds, but factors like limited awareness and lagging healthcare facilities are damaging the market growth. The North American market is the primary global IoMT market, whereas the rapid growth in the Asia Pacific region will make it the fastest-growing market.

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Internet of Medical Things (IoMT) Market Research Report: By Component (Medical Devices, Systems and Software, Services), Product Type (Vital Signs Monitoring Devices, Implantable Cardiac Devices, Imaging Systems, Others), Application (Telemedicine, Connected Imaging, Others), by Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Forecast till 2025

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