Internet of Medical Things Market: Current Analysis and Forecast (2020-2027)

Report Description

The global Internet of Medical Things market was valued at US$ 51.2 billion in 2019 and is projected to expand significantly with a CAGR of 18.5% from 2021-2027. The Internet of Medical Things (IoMT) is the incorporation of medical devices and applications that can connect to healthcare IT systems utilizing networking skills. It reduces excessive hospital visits and burden on health care systems by connecting patients to their physicians and allowing the transfer of medical data over a protected network. The advancement of artificial intelligence (AI), especially the rise of machine learning technology, is driving the IoMT’s ability to help reduce the cost of care while improving its effectiveness. The growing investment for health care IoMT solutions, an increasing number of connected medical devices, and the rising utilization of smartphones are expected to drive the growth of the market.

The expansion of the IoMT ecosystem is paving the way for other emerging innovations too such as kiosks that provide care providers with connectivity. Regardless of a patient’s location or condition, an evolution of the IoMT ecosystem would become increasingly impactful. And even the most remote locations are expected to benefit from better access to care as connected medical devices continue to find their way into the hands of both patients and clinicians. Health information systems have also resulted in the rapid growth of mobile computing, wireless networking, sensor networks, and embedded systems entering the age of ubiquitous computing. This has led to the constant growth of applications and devices (i.e., wearable devices) for providing new pervasive health services, which are rapidly being adopted worldwide. According to the Research survey “2017 Trends in the Internet of Things”:

• 67% of responding IT professionals revealed that their companies had either already deployed an IoT solution, or had an IoT system in trial
• 21% of respondents stated that their companies intended to deploy IoT solutions within a year, with 11% claiming their companies’ plans for implementing IoT were over a year away

Several Ways IoMT Impacting Health Care

Boston Scientific Corporation, Cisco Systems, GE Healthcare, IBM Corporation, iRhythm Technologies, Koninklijke Philips N.V., Medtronic, Microsoft Corporation, SAP SE, and Welch Allyn are some of the prominent players operating in the global Internet of Medical Things market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst component type, the medical devices segment holds the major share”

Based on component type, the market is fragmented into medical devices, systems and software, services, and connectivity technology. The medical devices dominated the market with a share of 36.6% in 2019 and are expected to maintain their dominance during the forecast period owing to the rising tremendous attention due to their capabilities, including devices benefitting patients living with chronic illness, rising interest in medical technology companies for the generation of medical devices.

“Amongst application, telemedicine is expected to dominate the market during the analyzed period”

Based on application, the market is mainly into telemedicine, clinical operations, and workflow management, connected imaging, inpatient monitoring, medication management, and others (fall detection, sportsmen care, and public safety). In 2019, Telemedicine accounted for a maximum market revenue share of 31.2% and is expected to remain dominant during the analyzed period owing to the growing advancements in telecommunications, increase in patient awareness, shortage of medical staff, and rising need to expand healthcare access. However, Inpatient Monitoring is anticipated to grow with the highest CAGR over the forecast period.

“Amongst end-user, Hospitals, Surgical Centers, and Clinics are expected to dominate the market during the analyzed period”

Based on end-user, the market is fragmented into hospitals, surgical centers, and clinics, clinical research organizations, and others (institutes, R&D labs, government organizations). In 2019, the hospitals, surgical centers, and clinics accounted for the maximum market share with 74.9% and are expected to be the leading segment of the Internet of Medical Things market during the forecast period due to the increasing usage of IoT and digital technology in hospitals as these provide improved functional and operational efficiency.

“North America represents one of the largest markets of Internet of Medical Things market”

For a better understanding of the market dynamics of the Internet of Medical Things market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), Middle East & Africa and South America have been conducted. North America dominated the market and generated revenue of US$ 16.6 billion in 2019 owing to the rising adoption of healthcare IT solutions, the presence of key players, legislative initiatives, and accessibility of advanced healthcare IT infrastructure. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Internet of Medical Things Market were the three major steps undertaken to create and analyze the adoption of the Internet of Medical Things across various verticals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Internet of Medical Things sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Internet of Medical Things through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Internet of Medical Things market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are components, applications, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of the Internet of Medical Things in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Internet of Medical Things. Further, we conducted factor analysis using dependent and independent variables such as the growing prevalence of chronic diseases, rising awareness of technological advancements in smart healthcare products amongst others. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Internet of Medical Things industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Internet of Medical Things market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of the Internet of Medical Things across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Internet of Medical Things market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Internet of Medical Things market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, application, and end-user of the Internet of Medical Things market.

Main Objective of the Internet of Medical Things Market Study

The current & future market trends of the Internet of Medical Things were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Internet of Medical Things in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the component, application, and end-user
• Define and analysis of the regulatory framework for the Internet of Medical Things industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Internet of Medical Things market for the major region
• Major regions studied in the report include North America (the U.S and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), Middle East & Africa, and South America
• Company profiles of the Internet of Medical Things market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry