Internet Of Medical Things (IoMT) Market

The global Internet Of Medical Things (IoMT) Market is valued at USD 180.5 Billion in 2023 and is projected to reach a value of USD 1100 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 22.3% between 2024 and 2032.

Key Highlights of Internet Of Medical Things (IoMT) Market

• The market was mainly led by North America in 2023, accounting for 38.1% of the total market share,
• Asia Pacific is anticipated to observe significant growth over the forecast period,
• The Hardware segment significantly contributed to the market’s expansion, constituting over 48.4% of the overall revenue share in 2023,
• The On-premise segment took the lead in the market, contributing 56.1% of revenue share in 2023,
• The Telemedicine segment took the lead in the market in 2023, constituting over 31.5% of the market share,
• In 2023, the Hospitals segment played a crucial role in the market’s growth, representing the majority of the revenue share, i.e., 32.2%,
• As of October 2023, Apple collaborates on three public studies: Women’s Health with Harvard and NIH, Heart and Movement with the American Heart Association and Brigham and Women’s Hospital, and Hearing Health with the University of Michigan. These studies aim to understand menstrual cycles, heart health, and the effects of sound levels.

Internet Of Medical Things (IoMT) Market: Regional Overview

The North American Internet Of Medical Things (IoMT) market showed significant dominance in 2023, with 38.1% of the revenue share. The North American Internet Of Medical Things (IoMT) market is experiencing major growth driven by technological advancements, increasing adoption of connected medical devices, and growing demand for remote patient monitoring solutions. With a robust healthcare infrastructure and high technological innovation, North America is at the forefront of IoMT development and implementation. Vital factors driving the growth of the IoMT market in North America include the rising cases of chronic diseases, the need for efficient healthcare delivery, and the push for personalized medicine. Factors such as government initiatives promoting digital health solutions, favorable reimbursement policies, and increasing investments in healthcare IT infrastructure are fueling market growth.

U.S. Internet Of Medical Things (IoMT) Market Overview

The Internet Of Medical Things (IoMT) market in the United States, with a valuation of USD 45.2 Billion in 2023, is projected to reach around USD 172 Billion by 2032. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 16% from 2024 to 2032. In the U.S. Internet Of Medical Things (IoMT) market, the Health app on iPhone and iPad allows users to access their medical records from over 900 institutions across 13,000 locations. Using the FHIR (Fast Healthcare Interoperability Resources) standard, the Health Records feature ensures compliance with the 21st Century Cures Act, enabling patients to access their health records electronically. With support for FHIR APIs, more institutions can be seamlessly integrated into the Health app over time.

The global Internet Of Medical Things (IoMT) market can be categorized as Component, Deployment, Application, End-use, and Region.

Internet Of Medical Things (IoMT) Market: Component Overview

In 2023, substantial expansion was observed in the global Internet Of Medical Things (IoMT) market within the Hardware category, i.e., 48.4%. The Component segment is segmented into Hardware (Wearable Devices, Stationary Devices, Implantable Devices, Others), Software (Device Management, Application Management, Cloud Management, Data Analytics, Others), and Services (Integration & Deployment, Consulting, Support & Maintenance). Increasing demand for connected medical devices and wearable health trackers is driving significant growth in the hardware segment of the global Internet Of Medical Things (IoMT) market. In telemedicine, remote patient monitoring, real-time medical data collection, and telemedicine applications, these devices are essential. For example, users can monitor important signs like heart rate, blood pressure, and activity levels by wearing smartwatches with health monitoring sensors to provide valuable insights into their health status. As the IoMT ecosystem expands, advancements in hardware technology are expected to continue driving innovation in the healthcare industry, enabling more personalized and efficient healthcare delivery.

Internet Of Medical Things (IoMT) Market: Application Overview

There was remarkable growth in the Telemedicine segment, with 31.5% of the market share in 2023. Based on the Application, the Internet Of Medical Things (IoMT) market is categorized into Telemedicine, Clinical Operations & Workflow Management, Connected Imaging, Medication Management, Inpatient Monitoring, and Others. Increased adoption of remote healthcare services and the need for effective patient care delivery are driving a rapid growth in telemedicine in the global Internet Of Medical Things (IoMT) market. Telemedicine Platforms leverage IoMT technologies to exchange and communicate real-time data, enabling healthcare providers to diagnose, monitor, and treat patients from remote locations. For example, platforms like Doctor on Demand connect patients with healthcare professionals via video consultations, facilitating convenient access to medical advice and services from anywhere.

Internet Of Medical Things (IoMT) Market: End-use Overview

In 2023, the global Internet Of Medical Things (IoMT) market experienced significant growth, with a 32.2% share in the Hospitals segment. The End-use segment is divided into Homecare, Clinics, Hospitals, Research Institutes & Academics, and Others. The acute need to improve patient care, efficiency in operations, and data-driven decision-making is driving a segment of the hospital sector in the global Internet Of Medical Things (IoMT) market. To streamline processes, increase patient outcomes, and optimize resource use, hospitals are becoming more and more familiar with IoMT technology. IoMT solutions, from remote patient monitoring to smart medical equipment, are revolutionizing healthcare delivery in hospital settings. These technologies empower healthcare providers with real-time insights, enabling proactive interventions and personalized treatment plans.

Key Trends

1. The high adoption of wearable devices and connected medical sensors supports remote monitoring of patient health metrics, facilitating proactive healthcare management and reducing hospital readmissions.
2. Telemedicine platforms are experiencing significant growth, particularly in underserved areas, due to the need to provide remote healthcare services and improve access to medical consultations, diagnosis, and treatment.
3. Stricter legislation and data protection and security standards, such as the General Data Protection Regulation and the Health Insurance Portability and Accountability Act, influence the adoption of IoMT and the development of compliant solutions.
4. Efforts to enhance interoperability among IoMT devices and platforms are increasing. This will allow for seamless data exchange and integration across healthcare systems and improve care coordination and patient outcomes.
5. The adoption of edge computing technologies enables real-time data processing & analysis at the device level, reducing latency and enhancing the efficiency of IoMT applications, particularly in critical healthcare scenarios.
6. The aging population, the rising prevalence of chronic diseases, and the desire for personalized healthcare management are driving a shift toward home-based healthcare and wellness monitoring solutions.

Premium Insights

In order to improve scientific knowledge in key areas of medicine, Apple is working with researchers on 3 ongoing public studies. These studies involve a study conducted in partnership with Harvard T.H. Chan School of Public Health and the National Institute for Environmental Health Sciences on the association between menstrual cycles and health problems, Apple Women's Health Study. The relation between mobility and heart health is explored in the study of Apple Heart and Movement, which was funded by the American Heart Association and Brigham Women's Hospital. In addition, in a study carried out by Apple Hearing with the University of Michigan, noise levels at home are being examined for impacts on hearing, stress, and cardiovascular health.

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Market Dynamics

In the healthcare sector, where facility managers are trying to maximize their effectiveness, adopting new technology is predominant. With the growing influx of patients, hospitals increasingly use Internet of Things (IoT) connectivity in their building technology. For instance, Honeywell’s Connected Hospital initiative exemplifies this trend by integrating various systems such as building controls, security, alarm management, and nurse-call functions. This intelligent monitoring facilitates the smooth flow of patients and the rapid response. Hospitals can use the Internet of Things to access, use, and manage large amounts of data from interconnected subsystems through advanced Analytics, Artificial Intelligence, or Machine Learning to improve operational efficiency.

The impressive success of GI Genius™, the intelligent endoscopy module that is reshaping health solutions worldwide, has helped to make Medtronic plc and Cosmo Intelligent Medical Devices, the parent company of Cosmo Pharmaceuticals, an even broader partnership. Leveraging AI, Medtronic, and Cosmo Pharmaceuticals aim to improve patient outcomes in endoscopy procedures, solidifying Medtronic's dedication to integrated healthcare solutions. This collaboration demonstrates the commitment of these companies to advance healthcare through innovation, which is a major step forward in endoscopic treatment.

Competitive Landscape

The market is fiercely competitive, featuring numerous players vying for dominance. Key industry participants strategically align themselves through alliances, product innovation, expansions, and mergers & acquisitions to maintain their edge. For instance, Apple's partnerships with health organizations and insurance companies worldwide have enabled them to integrate an Apple Watch into their wellness programs. This collaboration aims to promote healthy lifestyles and enhance individual well-being on a large scale while prioritizing privacy. Currently, there are 55 programs spanning 17 countries, engaging over a million users in incentive-based schemes leveraging the Apple Watch. Examples include Paceline in the US, Vitality Active Rewards across the US, UK, South Africa, Australia, and LumiHealth in Singapore.

Recent Market Developments

• In March 2024, Johnson & Johnson MedTech revealed its collaboration with NVIDIA to expedite and broaden the application of artificial intelligence (AI) in surgical procedures. This partnership aims to enhance access to instantaneous analysis and facilitate the global distribution of AI algorithms, benefiting surgical decision-making, educational endeavors, and collaborative efforts within connected operating rooms (ORs). The technologies are engineered to facilitate swift, secure, and real-time deployment of AI through Johnson & Johnson MedTech’s digital surgery ecosystem.
• In December 2023, Medtronic plc announced a definitive agreement to extend its collaboration with Cosmo Intelligent Medical Devices, a Cosmo Pharmaceuticals subsidiary. This AI-driven partnership aims to build upon the success of the GI Genius™ intelligent endoscopy module, fostering ongoing innovation and scalable healthcare improvements for patients and caregivers worldwide. Through this exclusive global alliance, Medtronic and Cosmo Pharmaceuticals reaffirm their dedication to transforming endoscopy through AI to enhance patient outcomes.
• In November 2023, GE HealthCare and Masimo joined forces to incorporate Masimo SET® Pulse Oximetry into GE HealthCare’s wireless and wearable patient monitoring platform, Portrait Mobile. This collaboration marks a milestone agreement between the two companies to integrate Masimo’s Signal Extraction Technology® (SET®) into Portrait Mobile, an Internet Of Medical Things (IoMT) platform. By integrating Masimo SET®, healthcare providers can harness Masimo’s proven Measure-through Motion and Low Perfusion™ oxygen saturation (SpO2) measurement technology to detect and monitor changes in patient status noninvasively and continuously.