Internet of Medical Things (IoMT) Market Size Powerhouse: Fueling Growth with 28.70% CAGR by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Internet of Medical Things (IoMT) Market Size, Share & Trends Analysis Report by Component (Hardware, Software, And Services), Platform (Device Management, Application Management, And Cloud Management), Service Delivery (On-Premise And Cloud), Connectivity Services (Wired And Wireless), Applications (On-Body, Healthcare Providers, Home-Use Medical Devices, Community, And Others) And End-Use (Hospitals, Clinics, Academics, Research Institutes, Homecare, And Others)- Market Outlook And Industry Analysis 2031"

The global Internet of Medical Things (IoMT) market is estimated to reach over USD 385.01 billion by 2031, exhibiting a CAGR of 28.70 % during the forecast period.

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Medical institutions are revolutionizing healthcare through medical technology and the Internet of Medical Things (IoMT). The global market has expanded due to technological advancements and improved access to personal healthcare. One of the main elements driving the industry's growth is the usage of wearable or standalone devices for patient monitoring and asset management.

Additionally, it is anticipated that as consumer lifestyles change and their concerns about their health and related issues grow, more people will adopt the Internet of medical things. On the other hand, the hospital and medical industries' lack of infrastructure facilities and qualified professionals has stifled the market's expansion. A rise in the need for connected devices in the healthcare sector is anticipated to lead to an expansion in the global market. Therefore, the market's future will likely remain strong and developed. IoT adoption in the healthcare sector is anticipated to increase throughout the forecast period due to rising awareness of innovative healthcare solutions.

The market is driven by rising wearable device usage and the rising need for real-time healthcare solutions. The cost of any medical expert's consultation is reduced by connected gadgets, making it simple for them to assess patients. The market is consequently anticipated to grow. It is anticipated that rising demand for connected devices in the healthcare industry will present significant opportunities for IoT software and solutions developers.

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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.)
• BL Healthcare, Inc. (U.S.)
• BioSerenity
• Koninklijke Philips N.V. (Netherlands)
• Lenovo (China)
• AliveCor, Inc. (U.S.)

Market Dynamics:
Drivers-
The global demand for mobile healthcare technology is increasing, along with concerns and attention being paid to patient safety. These reasons drive the growth of the market. The demand for linked devices has grown in the healthcare industry, increasing the use of various IoMT systems, and technical developments have fueled this demand. Consequently, it is anticipated that the market will expand. It is anticipated that the growing demand for connected devices in the healthcare sector will offer significant opportunities for IoT software and solution providers.

Challenges:
The hospital and medical industries need more infrastructure facilities, and qualified professionals have stifled the market's expansion. Numerous hospitals are skimping on endpoint system security, which is predicted to hurt the Internet of Medical Things (IoMT) sector by allowing malicious cyberattacks and unauthorized user logins. Furthermore, a lack of public awareness restricts the market's growth.

Regional Trends:
The North America internet of medical things (IoMT) market is expected to register a major market share shortly. Due to an increase in the adoption of cutting-edge technological devices and software among healthcare companies & hospitals and a surge in investment by major players to provide services in these regions. Besides, the Asia Pacific region had a substantial share in the Internet of Medical Things (IoMT) market. Due to the presence of key solution providers and early adoption of connected devices and Internet of Things (IoT) solutions among the end-users in the region.

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Recent Developments:
• In April 2021- The updated Welch Allyn PanOptic Plus Ophthalmoscope and the Welch Allyn MacroView Plus Otoscope were released by Hillrom, Inc.
• In June 2021- Atrial fibrillation, also called irregular heartbeats, is more easily recognized by the Reveal LINQ Insertable Cardiac Monitor (ICM), and Medtronic announced a clinical trial for the STROKE AF.

Segmentation of 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
• On-Body Devices
• Healthcare Providers
• Home-Use Medical Devices
• Community
• 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
• South East 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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