Pune, India, April 28, 2021 (GLOBE NEWSWIRE) -- The global "Internet of Medical Things Market" is anticipated to reach USD 142.45 billion by 2026, with a CAGR of 28.9%, on account of the increasing prevalence of chronic diseases. This, coupled with the improving healthcare infrastructure and facilities worldwide, is primarily contributing to the growth of the market. Internet of medical things consists of a system of interrelated devices that are either connected to each other or with an external network. These devices are capable of sharing information amongst themselves with the help of internet connectivity. The advent of technological advancement in medical devices, coupled with the rise in disposable incomes of people, is anticipated to help increase the popularity of smart medical devices, ultimately boosting the Internet of Medical Things market growth.
According to a recent study by Fortune Business Insights™ titled, "Internet of Medical Things Market Size, Share & Industry Analysis, By Product Type (Stationary Medical Devices, Implanted Medical Devices, Wearable External Medical Devices), By Application (Telemedicine, Medication Management, Patient Monitoring, Others), By End User (Healthcare Providers, Patients, Government Authorities, Others) and Regional Forecast, 2019-2026," the market value stood at USD 18.75 billion in 2018.
Major Internet of Medical Things Market Key players covered in the report include:
- Biotronik
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- Boston Scientific Corporation
- Medtronic
- Johnson & Johnson Services, Inc.
- Cisco Systems, Inc.
- Welch Allyn
- IBM Corporation
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
- Others
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Internet of Medical Things Market Analysis 2021:
Increasing Awareness about Advantages of Smart Healthcare Products to Drive Market
The Internet of medical things offers various advantages such as real-time monitoring, improved drug management, improved patient outcomes, and a reduction in medical expenditure. The above factors are driving the Internet of Medical Things Market growth. Besides this, the improved efficiencies of smart healthcare devices, coupled with the rise in research and development of advanced devices and rise in awareness about them, are expected to attract high revenues during the forecast duration.
Moreover, analysts at Fortune Business Insights™ also project the increasing prevalence of chronic diseases to propel the demand for smart healthcare further, boosting the market size in the future.
Rising Awareness about Advancement in Smart Healthcare to Help Asia Pacific Witness Significant Growth
North America is holding a dominant market share with a revenue generation of USD 5.87 billion as per 2018 records. This is attributable to the rise in the prevalence of chronic diseases. In addition to this, the increasing number of product launches in this region, coupled with the upsurge in research and development initiatives by major market manufacturers are anticipated to help increase the overall market size during the forecast duration.
However, the increasing disposable incomes of people, coupled with the rapid adoption of IoMT devices in Asia Pacific, will help this region rise significantly. Apart from this, the rising prevalence of chronic diseases will also help augment the overall medical things market growth in the coming years.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844
Internet of Medical Things Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, RandD activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
Emergence of New Players Will Intensify Market Competition
Major internet of medical things companies are emphasizing on expanding their geographical portfolio to stay ahead of the competition. Besides this, manufacturers are investing huge sums in R & D for developing and launching new products. Emerging companies in this market are further intensifying the competition with new product launches.
Major Industry Developments of Internet of Medical Things Market Includes:
June 2016 – The first Bluetooth enables the INR/PT home health device, CoaguChek INRange was launched in nations accepting the CE Mark by F. Hoffmann-La Roche. This device helps healthcare professionals and patients to have the ability of monitoring Vitamin K Antagonist (VKA) therapy and greater control on their status of coagulation. A patient can use this device for self-testing his PT/INR data, thus reducing the overall cost spent on frequent hospital visits.
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Start-ups Fundings: Overview
- Technological Advancements in IoMT Devices
- Key Industry Developments - Acquisitions, Mergers, and Partnerships
- New Product Launches
- New Application Areas: Overview
- Key Industry Trends
- Global Internet of Medical Things Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis, Insights and Forecast – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis, Insights and Forecast – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Internet of Medical Things Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis – By Product Type
- Stationary Medical Devices
- Implanted Medical Devices
- Wearable External Medical Devices
- Market Analysis – By Application
- Telemedicine
- Medication Management
- Patient Monitoring
- Others
- Market Analysis – By End User
- Healthcare Providers
- Patients
- Government Authorities
- Others
- Market Analysis – By Country
- U.S.
- Canada
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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