Internet of Medical Things Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Internet Of Medical Things (Iomt) Market – (Component (Hardware, Software, And Services), Platform (Device Management, Application Management, And Cloud Management), Mode Of Service Delivery (On-Premise And Cloud), Connectivity Services (Wired And Wireless), Applications (Telemedicine, Clinical Operations & Workflow Management, Connected Imaging, Medication Management, Inpatient Monitoring) And End-Use (Hospitals, Clinics, Academics, Research Institutes, Homecare))), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
“Internet of Medical Things (IoMT) Market” in terms of revenue was estimated to be worth $52.33 billion in 2023 and is poised to reach $385.01 billion by 2031, growing at a CAGR of 28.70% from 2024 to 2031 according to a new report by InsightAce Analytic.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Internet of Medical Things (IoMT) Market are:
• Remote Patient Monitoring is a Major Driver.
• The rise of Wearable Devices is Driving the Market.
• Advanced Healthcare Analytics Drives the Market.
The following are the primary obstacles to the Internet of Medical Things (IoMT) Market’s expansion:
• Data Security and Privacy Concerns Restricting Market Growth.
• Lack of Universal Standards.
• Limited Reimbursement Policies.
Future expansion opportunities for the global Internet of Medical Things (IoMT) Market include:
• Health Data Analytics and Predictive Modeling.
• Wearable Technology Integration.
• Remote Patient Monitoring and Chronic Disease Management.
Market Analysis:
The market analysis of the Internet of Medical Things (IoMT) underscores a rapidly evolving landscape with significant growth potential and transformative implications for the healthcare industry. By integrating medical devices with connectivity and data analytics, IoMT facilitates advancements in remote patient monitoring, the expansion of telehealth services, and the optimization of healthcare delivery systems. The increasing focus on preventive care, personalized treatment, and medical research is further propelling market development. Nonetheless, critical challenges persist, including data security vulnerabilities, interoperability issues, and the absence of standardized protocols, which may hinder broader adoption across the sector.
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.)
• B.L. Healthcare, Inc. (U.S.)
• BioSerenity
• Koninklijke Philips NV. (Netherlands)
• Lenovo (China)
• AliveCor. Inc. (U.S.)
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Recent Developments:
• In Dec 2023, Medtronic plc agreed to expand its collaboration with Cosmo Intelligent Medical Devices, a Cosmo Pharmaceuticals subsidiary. This AI-driven association builds on the success of the GI GeniusTM intelligent endoscopy module, providing ongoing innovation and scalable healthcare breakthroughs for patients and caregivers globally. Medtronic and Cosmo Pharmaceuticals remain aimed at reinventing endoscopy by leveraging AI to improve patient outcomes. This strategic agreement strengthens Medtronic’s leadership in AI-integrated healthcare products and marks a significant step in implementing AI into endoscopic treatment.
• In October 2023, SAP SE reported that Siemens Healthineers AG’s digital transformation journey will be enabled by the RISE with SAP solution. Siemens Healthineers aims to leverage cloud innovation through this strategic partnership with SAP and the migration of its business processes. Siemens Healthineers intends to expand its operations and stay adaptable to the changing healthcare landscape and client demands by leveraging several cloud technologies, including SAP S/4HANA Cloud, private edition, SAP Business Technology Platform, and SAP Signavio.
• In November 2021, GE Healthcare introduced around 60 novel technology solutions for the healthcare industry, including patient screening, therapy planning, diagnostics, guidance, and monitoring. Amid a global pandemic and mounting industry pressures, the company accelerated innovations based on artificial intelligence (AI) and digital solutions to sustain and transform healthcare delivery, making it easier and more efficient for clinicians and health systems and more personalized and precise for patients.
Internet of Medical Things (IoMT) Market Dynamics:
Market Drivers: Remote Patient Monitoring
The Internet of Medical Things (IoMT) presents significant opportunities for the healthcare sector, particularly in the area of remote patient monitoring. By enabling real-time monitoring of patient health, IoMT has the potential to improve patient outcomes, enhance care delivery, and reduce healthcare costs. However, the market’s growth is constrained by challenges, notably concerns regarding data security and privacy. As healthcare systems increasingly integrate IoMT devices, the risk of unauthorized access and data breaches has become a primary concern for both healthcare providers and patients. Protecting sensitive medical data requires the implementation of comprehensive security measures to mitigate cyber threats and prevent unauthorized access. Ensuring seamless connectivity while maintaining robust data security is an ongoing challenge, particularly as cyber threats continue to evolve.
Challenges: Data Security and Privacy Concerns
Despite the promising potential of the Internet of Medical Things (IoMT), its expansion is significantly hindered by critical issues related to data security and privacy. The growing interconnectivity of healthcare systems through IoMT devices has heightened concerns regarding unauthorized access and the risk of data breaches. Given the sensitive nature of healthcare data, it is essential to enforce stringent security protocols to protect against cyber threats and unauthorized access. The challenge lies in achieving a balance between facilitating seamless connectivity and ensuring robust data protection, a task that is becoming increasingly complex as cyber threats evolve and grow more sophisticated.
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North America Is Expected To Grow With The Highest CAGR During The Forecast Period
North America is forecasted to lead the Internet of Medical Things (IoMT) market, with the highest projected Compound Annual Growth Rate (CAGR). However, this growth is not without its challenges. Regional differences in regulatory frameworks, healthcare infrastructure, and privacy laws could present significant obstacles. The lack of standardization across various healthcare systems and the need for compliance with diverse regulations may complicate implementation for IoMT providers and stakeholders. Furthermore, the high initial investment required to adopt IoMT technologies could serve as a barrier, particularly for smaller healthcare organizations with limited financial resources.
Segmentation of the 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
• Telemedicine
• Clinical Operations & Workflow Management
• Connected Imaging
• Medication Management
• Inpatient Monitoring
• 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
• Southeast 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
Read Overview Report- https://www.insightaceanalytic.com/report/internet-of-medical-things-market/1559
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.