Internet of Medical Things (IoMT) Market (By End-use: Hospitals, Clinics; By Component: Software, Services; By Deployment: Cloud, On-premise; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global internet of medical things (IoMT) market size was estimated at around USD 181.93 billion in 2023 and it is projected to hit around USD 1,166.52 billion by 2033, growing at a CAGR of 20.42% from 2024 to 2033.

Key Pointers

• The North America dominated the global market with the largest market share of 38% in 2023. 
• The Asia Pacific region is anticipated to grow at the considerable CAGR of 23.68% between 2024 to 2033.
• By Component, the hardware component segment contributed the largest market share of 49% in 2023.
• By Component, the software component segment is predicted to grow at the noteworthy CAGR of 23.56% from 2024 to 2033.
• By Application, the telemedicine segment generated the maximum market share of 33% in 2023.
• By Application, the inpatient monitoring segment is expected to expand at the highest CAGR of 22.17% between 2024 to 2033.
• By End-use, the hospitals segment contributed more than 33% of revenue share in 2023.
• By End-use, the homecare segment is anticipated to grow at a significant CAGR of 20.94% over the forecast period.

Internet of Medical Things (IoMT) Market Overview 

The internet of medical things (IoMT) is a transformative paradigm in the healthcare industry, ushering in a new era of interconnected medical devices and applications. Unlike traditional medical devices, IoMT devices are equipped with sensors, software, and network connectivity, enabling them to collect, transmit, and exchange vital patient data in real-time. This convergence of healthcare and technology holds immense promise, revolutionizing patient care, optimizing clinical workflows, and enhancing overall healthcare outcomes.

Internet of Medical Things (IoMT) Market Growth 

The internet of medical things (IoMT) market is experiencing rapid growth due to several key factors. One of the primary drivers is the escalating demand for remote patient monitoring solutions. IoMT devices enable healthcare providers to remotely track patients' vital signs, ensuring timely interventions and reducing hospital readmissions. Additionally, the increasing prevalence of chronic diseases has propelled the adoption of IoMT technologies, offering continuous monitoring and personalized healthcare approaches. Furthermore, advancements in data analytics and artificial intelligence have enhanced the IoMT's capabilities, enabling healthcare professionals to derive valuable insights from the vast amount of patient data collected.

Report Scope of the Internet of Medical Things (IoMT) Market

Internet of Medical Things (IoMT) Market Dynamics

Drivers

• Rising Chronic Diseases: The prevalence of chronic diseases, such as diabetes and cardiovascular conditions, has increased globally. IoMT technology aids in managing these conditions by providing patients and healthcare providers with accurate, real-time data for better disease management and prevention.
• Data Analytics and AI Advancements: Advancements in data analytics and artificial intelligence empower IoMT devices to process vast amounts of patient data. This data-driven approach helps in predictive analytics, identifying trends, and offering personalized healthcare solutions, thereby enhancing patient outcomes.

Restraints

• Data Security Concerns: The vast amount of sensitive patient data collected and transmitted by IoMT devices raises significant concerns about data security. Ensuring robust encryption, compliance with privacy regulations, and protection against cyber threats are critical challenges in IoMT implementation.
• Interoperability Issues: IoMT devices come from various manufacturers and operate on different platforms, leading to interoperability challenges. Incompatibility between devices and healthcare systems hampers seamless data exchange, hindering the effective utilization of IoMT technology.

Opportunities

• Enhanced Drug Management: IoMT devices can track medication usage, sending reminders to patients and notifying healthcare providers about adherence. This technology helps in preventing medication errors, ensuring timely refills, and enhancing medication management for both patients and healthcare professionals.
• Health and Wellness Apps:  IoMT devices integrate with health and wellness applications, enabling users to monitor their fitness, sleep patterns, and overall well-being. Capitalizing on this trend, businesses can develop user-friendly applications that encourage healthier lifestyles, driving the growth of the IoMT market.

Component Insights

The hardware component segment accounted for the highest market share of 49% in 2023. Hardware components play a pivotal role in capturing, transmitting, and processing medical data. These components encompass a wide array of devices, including wearable sensors, medical monitoring equipment, implantable devices, and medical robots. Wearable sensors, such as smartwatches and fitness trackers, are becoming increasingly sophisticated, capable of monitoring vital signs, physical activity, and even detecting irregularities in health parameters. Medical monitoring equipment, ranging from glucose monitors to blood pressure devices, provides real-time data, enabling healthcare professionals to remotely monitor patients' health conditions.

The software component segment is anticipated to grow at the noteworthy CAGR of 23.56% over the forecast period. The software component of the internet of medical things (IoMT) market forms the backbone of innovative healthcare solutions. IoMT software encompasses a spectrum of applications designed to process, analyze, and interpret the vast amounts of data generated by medical devices. These applications include data analytics platforms, artificial intelligence algorithms, electronic health record (EHR) systems, and telemedicine software. Data analytics platforms utilize machine learning and predictive analytics to identify patterns, trends, and anomalies within the extensive datasets collected by IoMT devices. Artificial intelligence algorithms enhance IoMT capabilities by enabling predictive modeling, personalized treatment plans, and early detection of diseases

Application Insights

The telemedicine segment captured the maximum market share of 33% in 2023. Telemedicine, a prominent application within the internet of medical things (IoMT) landscape, has revolutionized healthcare delivery by leveraging advanced technologies. Through IoMT, telemedicine services have become more sophisticated, allowing patients to consult healthcare professionals remotely. IoMT-enabled devices, such as wearable sensors and mobile health apps, enable patients to monitor vital signs, chronic conditions, and overall wellness from the comfort of their homes.

The inpatient monitoring segment is predicted to grow at the fastest CAGR of 22.17% over the forecast period. Inpatient monitoring stands as a cornerstone of IoMT applications, transforming the way healthcare professionals observe and respond to patients within medical facilities. IoMT devices deployed in hospitals collect a wealth of patient data, including vital signs, medication adherence, and recovery progress. These devices continuously transmit this information to centralized systems, allowing healthcare providers to monitor multiple patients simultaneously.

End-use Insights

The hospitals segment generated the maximum market share of 33% in 2023. Hospitals serve as critical end-users in the expansive landscape of the Internet of Medical Things (IoMT) market. IoMT technologies have transformed hospital operations and patient care significantly. Within hospital settings, IoMT devices are employed for various applications. These devices continuously monitor patients' vital signs, allowing healthcare providers to track their health status in real-time. IoMT-enabled equipment, such as smart infusion pumps and connected patient monitors, enhance accuracy and automate data collection, reducing the margin for error in medical procedures.

The homecare segment is expected to grow at a significant CAGR of 20.94% over the forecast period. The integration of internet of medical things (IoMT) devices in homecare settings has ushered in a new era of personalized and convenient healthcare services. IoMT-enabled devices, such as wearable health trackers, smart pill dispensers, and remote monitoring equipment, have empowered patients to actively participate in their healthcare management. These devices enable continuous monitoring of vital signs and chronic conditions from the comfort of patients’ homes.

Deployment Insights

The on-premise segment accounted for the largest market share of 57% in 2023. On-premise deployment in the Internet of Medical Things (IoMT) market involves the installation and management of IoMT devices and infrastructure within the physical premises of healthcare facilities. This deployment method offers healthcare providers a high degree of control and customization over their IoMT systems. With on-premise deployment, healthcare organizations have direct access to and full ownership of their data, ensuring data security and compliance with regulatory standards. On-premise IoMT solutions are particularly favored by institutions with specific security and compliance requirements, allowing them to implement robust data protection measures tailored to their needs.

The cloud-based deployment segment is expected to register the fastest growth rate of 21.13% over the forecast period.  Cloud-based deployment in the Internet of Medical Things (IoMT) market leverages cloud computing technology to store, process, and manage medical data collected from IoMT devices. Cloud-based IoMT solutions offer scalability, flexibility, and accessibility to healthcare providers. By utilizing cloud services, healthcare organizations can easily scale their IoMT infrastructure based on demand, accommodating growing data volumes and device connectivity. Cloud deployment eliminates the need for substantial on-site hardware investments, making it a cost-effective solution for healthcare facilities, especially smaller clinics and organizations with limited IT budgets. Additionally, cloud-based IoMT systems enable remote access to medical data, allowing healthcare professionals to monitor patients' health status from any location.

Regional Insights

The North America regional market captured the largest revenue share of 38% in 2023.  North America stands at the forefront of the internet of medical things (IoMT) market, driven by advanced technological infrastructure, robust healthcare systems, and substantial investments in research and development. The region witnesses significant adoption of IoMT technologies in both healthcare facilities and home settings.

The Asia Pacific region is expected to grow at the considerable CAGR of 23.68% over the forecast period. Asia-Pacific showcases immense potential in the internet of medical things (IoMT) market, driven by rapid technological advancements and increasing healthcare digitization. Countries like China, Japan, and South Korea are at the forefront of IoMT adoption, with a growing focus on smart healthcare solutions. The region witnesses a surge in the development and deployment of IoMT devices, catering to the diverse healthcare needs of a vast population.

• For instance, in August 2022, GE Healthcare Technologies Inc., a global innovator in medical technology, diagnostics, and digital solutions, collaborated with Boston Scientific, a leading global medical device manufacturer.

Internet of Medical Things (IoMT) Market Key Companies

• Apple, Inc.
• Boston Scientific Corporation
• Biotronik SE & Co. KG
• Cisco Systems, Inc.
• General Electric Company
• Honeywell International Inc.
• IBM Corporation
• Johnson & Johnson Services, Inc.
• Koninklijke Philips N.V.
• Lenovo Group Ltd.
• Medtronic plc
• Neurometrix, Inc.
• Microsoft Corporation
• SAP SE
• Siemens AG

Internet of Medical Things (IoMT) Market Report Segmentation

By Component

• Hardware
  • Wearable Devices
  • Stationary Devices
  • Implantable Devices
  • Others
• Software
  • Device Management
  • Application Management
  • Cloud Management
  • Data Analytics
  • Others
• Services
  • Integration & Deployment
  • Consulting
  • Support & Maintenance

By Application

• Telemedicine
• Clinical Operations & Workflow Management
• Connected Imaging
• Medication Management
• Inpatient Monitoring
• Others

By End-use

• Homecare
• Clinics
• Hospitals
• Research Institutes & Academics
• Others

By Deployment

• On-premise
• Cloud

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)