Internet of Medical Things (IoMT) Market to Exhibit 28.9% CAGR by 2026, Market to Witness Significant Rise on Account of Improved Drug Management Benefits, Says Fortune Business Insights™
Key Companies Covered in the IoMT Market Research Report are Biotronik, GENERAL ELECTRIC COMPANY (GE Healthcare), Boston Scientific Corporation, Medtronic, Johnson & Johnson Services, Inc., Cisco Systems, Inc., Welch Allyn, IBM Corporation, Siemens Healthcare GmbH, Koninklijke Philips N.V.
PUNE, India, Feb. 19, 2020 /PRNewswire/ -- The global IoMT Market size is anticipated to reach USD 142.45 billion by 2026, with a CAGR of 28.9%, on account of the increasing prevalence of chronic diseases. This, coupled with the improving healthcare infrastructure and facilities worldwide, is primarily contributing to the growth of the market. Internet of medical things consists of a system of interrelated devices that are either connected to each other or with an external network. These devices are capable of sharing information amongst themselves with the help of internet connectivity. The advent of technological advancement in medical devices, coupled with the rise in disposable incomes of people, is anticipated to help increase the popularity of smart medical devices, ultimately boosting the Internet of Medical Things market growth.
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According to a recent study by Fortune Business Insights™ titled, "Internet of Medical Things Market Size, Share & Industry Analysis, By Product Type (Stationary Medical Devices, Implanted Medical Devices, Wearable External Medical Devices), By Application (Telemedicine, Medication Management, Patient Monitoring, Others), By End User (Healthcare Providers, Patients, Government Authorities, Others) and Regional Forecast, 2019-2026," the market value stood at USD 18.75 billion in 2018. The report highlights the major growth drivers, restraints, opportunities, key industry insights, and the overall competitive landscape. It also discusses the market segmentation in detail and list of key players with the major strategies adopted by them to gain a competitive edge in the market. Besides this, the report highlights some of the major internet of medical things (IoMT) trends and challenges, helping our readers to gain more insights.
Increasing Awareness about Advantages of Smart Healthcare Products to Drive Market
The Internet of medical things offers various advantages such as real-time monitoring, improved drug management, improved patient outcomes, and a reduction in medical expenditure. The above factors are driving the IOMT market growth. Besides this, the improved efficiencies of smart healthcare devices, coupled with the rise in research and development of advanced devices and rise in awareness about them, are expected to attract high revenues during the forecast duration. Moreover, analysts at Fortune Business Insights™ also project the increasing prevalence of chronic diseases to propel the demand for smart healthcare further, boosting the market size in the future.
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Rising Awareness about Advancement in Smart Healthcare to Help Asia Pacific Witness Significant Growth
North America is holding a dominant IoMT Market share with a revenue generation of USD 5.87 billion as per 2018 records. This is attributable to the rise in the prevalence of chronic diseases. In addition to this, the increasing number of product launches in this region, coupled with the upsurge in research and development initiatives by major market manufacturers are anticipated to help increase the overall market size during the forecast duration.
However, the increasing disposable incomes of people, coupled with the rapid adoption of IoMT devices in Asia Pacific, will help this region rise significantly. Apart from this, the rising prevalence of chronic diseases will also help augment the overall medical things market growth in the coming years.
Emergence of New Players Will Intensify IoMT Market Competition
Major internet of medical things companies are emphasizing on expanding their geographical portfolio to stay ahead of the competition. Besides this, manufacturers are investing huge sums in R & D for developing and launching new products. Emerging companies in this market are further intensifying the competition with new product launches.
Major Industry Developments of IoMT Market Includes:
June 2016 – The first Bluetooth enables the INR/PT home health device, CoaguChek INRange was launched in nations accepting the CE Mark by F. Hoffmann-La Roche. This device helps healthcare professionals and patients to have the ability of monitoring Vitamin K Antagonist (VKA) therapy and greater control on their status of coagulation. A patient can use this device for self-testing his PT/INR data, thus reducing the overall cost spent on frequent hospital visits.
List of Notable Players of the Internet of Medical Things Market Include:
- Biotronik
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- Boston Scientific Corporation
- Medtronic
- Johnson & Johnson Services, Inc.
- Cisco Systems, Inc.
- Welch Allyn
- IBM Corporation
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- Others
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Start-ups Fundings: Overview
- Technological Advancements in IoMT Devices
- Key Industry Developments - Acquisitions, Mergers, and Partnerships
- New Product Launches
- New Application Areas: Overview
- Key Industry Trends
- Global IoMT Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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