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

$3500$6860

Emphasis on Component [Medical Devices (Wearable External Medical Devices, Implanted Medical Devices, Stationary Medical Devices), Systems and Software (Remote Device Management, Network Bandwidth Management, Data Analytics, Application Security, Network Security), Services (Deployment and Integration, Consulting, Support and Maintenance), Connecting Technology], Applications (Telemedicine, Clinical Operations and Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, Other Applications), End-User (Hospitals, Surgical Centers, and Clinics, Clinical Research Organizations, Other End-Users) and Region/Country

Pages:

235

Table:

83

Figure:

201

Report ID:

UMHE20191

Geography:

Clear
  Get a Free Sample
SKU: UMHE20191 Category:
Report Description
Table of content
Research Methodology

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

Customization Options:

The Internet of Medical Things Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

  1.1Market Definition 
  1.2Objective of the Study
  1.3Limitation 
  1.4Stakeholders 
  1.5Currency used in the Report
  1.6Scope of the Global Internet of Medical Things Market Study

 

  2.1Research Methodology for the Internet of Medical Things Market Study
   2.1.1Main Objective of the Internet of Medical Things Market Study

 

  5.1Introduction 
  5.2Market Dynamics 
   5.2.1Market Trend & Drivers
    5.2.1.1Growing Prevalence of Chronic Diseases
    5.2.1.2Rising Awareness of Technological Advancements in Smart Healthcare Products
    5.2.1.3Increasing Demand for Wearable Devices
    5.2.1.4Rising Focus on Active Patient Engagement and Patient-Centric Care
   5.2.2Market Challenges
    5.2.2.1Data Security and Privacy Concerns
    5.2.2.2Challenge of Motivating Patients to Adopt Technology
   5.2.3Market Opportunities
    5.2.3.1Low Doctor-To-Patient Ratio Leading to Increased Dependency on Self-Operated E-health Platforms
    5.2.3.2Government Initiatives for Promoting Digital Health

 

  6.1General Overview 
   6.1.1The General Data Protection Regulation
   6.1.2Europe

 

  7.1Demand Side Analysis
  7.2Supply Side Analysis
  7.2.1Top Product Launches
  7.2.2Top Business Partnerships
  7.2.3Top Mergers and Acquisitions
  7.2.4Top Business Expansions and Investment

 

 8.1Value Chain Analysis

 

  9.1General Overview 
   9.1.1Medical Devices
    9.1.1.1Wearable External Medical Devices
    9.1.1.2Implanted Medical Devices
    9.1.1.3Stationary Medical Devices
   9.1.2Systems and Software
    9.1.2.1Remote Device Management
    9.1.2.2Network Bandwidth Management
    9.1.2.3Data Analytics
    9.1.2.4Application Security
    9.1.2.5Network Security
   9.1.3Services 
    9.1.3.1Deployment and Integration
    9.1.3.2Consulting
    9.1.3.3Support and Maintenance
   9.1.4Connecting Technology

 

  10.1General Overview 
   10.1.1Telemedicine
   10.1.2Clinical Operations and Workflow Management
   10.1.3Connected Imaging
   10.1.4Inpatient Monitoring
   10.1.5Medication Management
   10.1.6Others

 

  11.1General Overview 
   11.1.1Hospitals, Surgical Centers, and Clinics
   11.1.2Clinical Research Organizations
   11.1.3Others

 

  12.1General Overview 
  12.2North America Internet of Medical Things Market
   12.2.1United States Internet of Medical Things Market
   12.2.2Canada Internet of Medical Things Market
   12.2.3Rest of North America Internet of Medical Things Market
  12.3Europe Internet of Medical Things Market
   12.3.1 France Internet of Medical Things Market
   12.3.2 Germany Internet of Medical Things Market
   12.3.3 Italy Internet of Medical Things Market
   12.3.4 Spain Internet of Medical Things Market
   12.3.5 United Kingdom Internet of Medical Things Market
   12.3.6 Rest of Europe Internet of Medical Things Market
  12.4Asia-Pacific Internet of Medical Things Market
   12.4.1China Internet of Medical Things Market
   12.4.2Japan Internet of Medical Things Market
   12.4.3India Internet of Medical Things Market
   12.4.4Australia Internet of Medical Things Market
   12.4.5Rest of Asia-Pacific Internet of Medical Things Market
  12.5 Middle East & Africa Internet of Medical Things Market
  12.6 South America Internet of Medical Things Market

 

  13.1Porter’s Five forces analysis
   13.1.1Bargaining power of Supplier
   13.1.2Bargaining power of Buyer
   13.1.3Industry Rivalry
   13.1.4Availability of Substitute
   13.1.5Threat of new Entrants
  13.2Competitive Landscape
   13.2.1Market Share of Key Players in Internet of Medical Things Market, 2019
  14.1IBM Corporation 
   14.1.1Key Facts 
   14.1.2Business Description
   14.1.3IBM Corporation, Digital Journey
   14.1.4Key Product/Services Offerings
   14.1.5Growth Strategy
   14.1.6SWOT Analysis
   14.1.7Key Financials
    14.1.7.1Revenue Split
    14.1.7.2Financial Overview of IBM Corporation
   14.1.8Recent Developments
    14.1.8.1Product Launch
    14.1.8.2Partnerships
    14.1.8.3Business Expansions and Investment
  14.2Boston Scientific Corporation
  14.3Cisco Systems 
  14.4GE Healthcare 
  14.5iRhythm Technologies
  14.6Koninklijke Philips N.V.
  14.7Medtronic 
  14.8Microsoft Corporation
  14.9SAP SE  
  14.10Welch Allyn

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