IoMT Market is Dazzling Worldwide and Forecast to 2031 | Medtronic PLC, Siemens Healthcare GmbH, among others.

The global Internet of Medical Things (IoMT) market is anticipated to grow at a modest CAGR of around 24.6% during the forecast period (2024-2031). The IoMT is an ecosystem of connected sensors, wearable devices, medical devices, and clinical systems. It enables various healthcare applications to reduce healthcare costs, provide timely medical responses, and increase the quality of medical treatment. The adoption of internet-connected devices to improve efficiencies, lower care costs and drive better outcomes in healthcare is the major aspect behind the large adoption of IoMT devices in healthcare sectors. It has been witnessed that from the last few decades, the use of IoMT devices has gained popularity owing to the advanced features provided by them.

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Additionally, most healthcare organizations are relying on IoMT devices and technologies to streamline their clinical trials, patients monitoring and new drug developments. With their ability to collect, analyze and transmit health data, IoMT tools are rapidly changing healthcare delivery. The rising prevalence of the chronic disease is the major factor driving the demand for IoMT devices. As IoMT coupled with many applications are playing a central part in tracking and preventing chronic illnesses. Besides, the new products developments and mergers and acquisitions by major players are also enhancing the market growth. For instance, in Jan 2021, Boston Scientific announced the acquisition of Preventice Solutions, Inc., through a definitive agreement. The acquisition includes the product portfolio Preventice Solutions, Inc. which comprises the BodyGuardian family of remote, wearable cardiac monitors for adult and pediatric patients.

Moreover, in March 2021, Boston Scientific announced the acquisition of the global surgical business of Lumenis LTD under a definitive agreement for $1.07 billion through cash payment. Through this acquisition, Boston acquires the Lumenis surgical business which includes premier laser systems, fibers and accessories used for urology and otolaryngology procedures. The acquisition will aid Boston in differentiated clinical outcomes and efficiency in the management of patients with kidney stones. Considering these mergers and acquisitions, considerable growth can be expected in the global Internet of Medical Things (IoMT) market.

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Market Coverage

Segment Covered-
o By Component

o By Application

o By End-User

Regions Covered-
o North America

o Europe

o Asia-Pacific

o Rest of the World

Competitive Landscape- Apple, Inc., Boston Scientific Corp., IBM Corp., Cisco Systems, Inc., GE Healthcare, Koninklijke Philips N.V., Medtronic PLC, Siemens Healthcare GmbH, among others.

Key questions addressed by the report

What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?

Global IoM Market Report by Segment

By Component

Medical Devices
Software & Services

By Application

Patient Monitoring
Telemedicine
Connected Imaging
Drug Development
Others

By End-User

Hospitals and Clinics
Research Institutes and Academics
Homecare
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