Internet of Medical Things Market Report, Size 2021: Global Trends, Top Players Updates, Future Plans, Industry Impact and Forecast till 2027

(The Express Wire via Comtex)

A comprehensive overview of the internet of medical things market is recently added by UnivDatos Market Insights to its humongous database. The internet of medical things market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the internet of medical things market. The internet of medical things market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the internet of medical things market at the global and regional levels.The Global Internet of Medical Things marketis expected to grow at a CAGR of 18.5% from 2021-2027 to reach US$ 284.5 billion by 2027.

Market Overview

The use of networking technologies for connecting medical equipment and applications with the healthcare information technology system is known as the internet of medical things. Devices such as smart wearables, portable smart monitors, and other health status checking smart devices are the key factors of the IoMT. In a study, it was found that as of 2018, near about 27% of healthcare organizations are thinking of implementing IoT while around 60% of healthcare enterprises have already implemented it. The benefits of IoMT include improved disease management, improved patient’s outcome, betterment in diagnosis and treatment, improved management of medical records and pharmaceuticals, etc.,

Furthermore, a rise in connected medical devices and the emergence of new technologies is resulting in the growth of the market. In a study, it was revealed that there are around 50,000 medical technologies are available as of 2020. Also, it is estimated that the internet of medical things technology would save around US$ 300 billion expense annually in the healthcare sectors that are too through improved medication adherence and remote patient monitoring.

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COVID-19 Impact

With the promulgating spread of CVVID-19, the healthcare industry is under extreme pressure and undergoing a major transformation. The lack of capacity across healthcare organizations and end-users ' preference for consulting and taking treatment through digital medium owing to the prevention from the infection and spread of the virus has increased the demand for IoMT. Moreover, the government’s emphasis and the healthcare service provider’s preference for the remote monitoring of patients’ acting as a growth catalyst to the industry. Moreover, with the COVID-19 pandemic, the healthcare services providing organization has announced to increase their spending the connected medical delve. In a survey, it was found that as of 2020, connected medical devices accounted for around 48% of the total medical devices and by 2025, the share would increase to around 68%. Also, the connected devise manufacturer answered that they will increase RandD spending. As of 2020, the RandD sending on connected medical devices is around 34%, which would reach 42% by 2025.

The Internet of Medical Things Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Component, the market is primarily bifurcated into

  • Medical Devices
  • System and Software
  • Services
  • Connected Technology

Amongst components, the medical devices segment grabbed the major market share and it will grow at a CAGR of 16.9% to reachUS$ 93.6 billionby the year 2027.

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By Medical Devices, the market is primarily segmented into

  • Wearable External Medical Devices
  • Implanted Medical Devices
  • Stationary Medical Devices

Amongst medical devices, wearable external medical devices accounted for the largest share and is expected to grow at 18.7% CAGR during the forecast period 2021-2027. In 2019, the wearable external medical devices segment accounted for a revenue share of almost 27.5% in 2019.

By System and Software, the market is primarily segmented into

  • Remote Device Management
  • Network Bandwidth Management
  • Data Analytics
  • Application Security
  • Network Security

In 2019, the remote device management segment dominated the global internet of medical things market with nearly 52.3% of the market share and it is anticipated by 2027, the segment will garnerUS$ 42.5 billionof the market.

By Services, the market is primarily segmented into

  • Deployment and Integration
  • Consulting
  • Support and Maintenance

Amongst services types, support and maintenance accounted for the largest share and is expected to grow at 18% CAGR during the forecast period 2021-2027. In 2019, the support and maintenance segment accounted for a revenue share of 47% in 2019.

By Application, the market is primarily fragmented into

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

In 2019, the telemedicine segment dominated the global internet of medical things market with nearly 31.2% of the market share and it is anticipated by 2027, the segment will garnerUS$ 78.6 billionof the market revenue.

By End-User, the market is primarily fragmented into

  • Hospitals, Surgical Centers, and Clinics
  • Clinical Research Organizations
  • Others

Amongst end-users, hospitals, surgical centers, and Clinics accounted for the largest share and is expected to grow at 17.3% CAGR during the forecast period 2021-2027. In 2019, the hospitals, surgical center, and Clinics segment accounted for a revenue share of 74.9% in 2019.

Internet of Medical Things Market Geographical Segmentation Includes:

  • North America
  • Europe
  • Asia-Pacific
  • Middle East and Africa
  • South America

Based on the estimation, theNorth Americaregion dominated the internet of medical things market with almostUS$ 16.6 billionrevenue in 2019. At the same time, theAsia-Pacificregion is expected to grow remarkably with a CAGR of 20.8% over the forecast period owing to advancement in the healthcare sector and surging healthcare IT spending across countries.

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The major players targeting the market includes

  • Boston Scientific Corporation
  • Cisco Systems
  • GE Healthcare
  • IBM Corporation
  • iRhythm Technologies
  • Koninklijke Philips N.V.
  • Medtronic
  • Microsoft Corporation
  • SAP SE
  • Welch Allyn

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Internet of Medical Things (IoMT) market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

  • What are the latest trends, new patterns, and technological advancements in the internet of medical things market?
  • Which factors are influencing the internet of medical things market over the forecast period?
  • What are the global challenges, threats, and risks on the internet of medical things market?
  • Which factors are propelling and restraining the internet of medical things market?
  • What are the demanding global regions of the internet of medical things market?
  • What will be the global market size in the upcoming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes and needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes and needles market. It begins with the introduction section which mentions the features and uses of syringes and needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes and needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes and needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Internet of Medical Things (IoMT) market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East and Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
  • Based on what factors are the key market players assessed in this report?
  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Playes
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
  • the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter's Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

About Us:

UnivDatos Market Insights (UMI), is a passionate market research firm and a subsidiary of Universal Data Solutions. Rigorous secondary and primary research on the market is our USP, hence information presented in our reports is based on facts and realistic assumptions. We have worked with 200+ global clients, including some of the fortune 500 companies. Our clientele praises us for quality of insights, In-depth analysis, custom research abilities and detailed market segmentation.

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