Internet Of Medical Things (IoMT) Global Market Opportunities And Strategies To 2034

The internet of medical things (IoMT) market is segmented by device type into wearable devices, stationary devices, implantable devices and other devices. The wearable devices market was the largest segment of the internet of medical things (IoMT) market segmented by device type, accounting for 40.69% or $32.4 billion of the total in 2024. Going forward, the wearable devices segment is expected to be the fastest growing segment in the internet of medical things (IoMT) market segmented by device type, at a CAGR of 30.41% during 2024-2029.

The internet of medical things (IoMT) market is segmented by application into data assortment and analysis, real-time monitoring, remote medical assistance, tracking and alerts and other applications. The real-time monitoring market was the largest segment of the internet of medical things (IoMT) market segmented by application, accounting for 34.64% or $27.58 billion of the total in 2024. Going forward, the tracking and alerts segment is expected to be the fastest growing segment in the internet of medical things (IoMT) market segmented by application, at a CAGR of 28.81% during 2024-2029.

The internet of medical things (IoMT) market is segmented by end user into healthcare providers, patients, government authorities and other end users. The healthcare providers market was the largest segment of the internet of medical things (IoMT) market segmented by end user, accounting for 51.25% or $40.81 billion of the total in 2024. Going forward, the patients segment is expected to be the fastest growing segment in the internet of medical things (IoMT) market segmented by end user, at a CAGR of 27.59% during 2024-2029.

North America was the largest region in the internet of medical things (IoMT) market, accounting for 35.73% or $28.45 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the internet of medical things (IoMT) market will be Asia Pacific and South America where growth will be at CAGRs of 30.48% and 28.49% respectively. These will be followed by Middle East and Africa where the markets are expected to grow at CAGRs of 28.30% and 24.75% respectively.

The global internet of medical things (IoMT) market is fairly concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up to 41.94% of the total market in 2024. Medtronic plc was the largest competitor with a 10.73% share of the market, followed by GE HealthCare Technologies Inc. with 8.70%, Siemens Healthineers with 5.38%, Koninklijke Philips N.V. with 3.70%, Boston Scientific Corporation with 3.57%, Abbott Laboratories with 2.94%, Johnson & Johnson with 2.82%, Baxter International Inc. (Hill-Rom Holdings Inc.) with 1.63%, Biotronik SE Co. & KG with 1.47% and Google LLC (Fitbit). with 1.01%.

The top opportunities in the internet of medical things (IoMT) markets segmented by device type will arise in the wearable devices segment, which will gain $89.8 billion of global annual sales by 2029. The top opportunities in the internet of medical things (IoMT) markets segmented by application will arise in the real-time monitoring segment, which will gain $55.34 billion of global annual sales by 2029. The top opportunities in the internet of medical things (IoMT) markets segmented by end user will arise in the healthcare providers segment, which will gain $89.3 billion of global annual sales by 2029. The internet of medical things (IoMT) market size will gain the most in the USA at $45.62 billion.

Market-trend-based strategies for the internet of medical things (IoMT) market include developing innovative continuous glucose monitors, developing comprehensive ambulatory cardiac monitoring solutions, developing innovative home health devices, developing integrated solutions that combine advanced medical devices with digital health platforms and strategic partnerships approach to develop advanced solutions.

This report describes and explains the internet of medical things (IoMT) market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global internet of medical things (IoMT) market reached a value of nearly $79.63 billion in 2024, having grown at a compound annual growth rate (CAGR) of 26.26% since 2019. The market is expected to grow from $79.63 billion in 2024 to $239.76 billion in 2029 at a rate of 24.66%. The market is then expected to grow at a CAGR of 23.95% from 2029 and reach $701.46 billion in 2034.

Growth in the historic period resulted from the increased prevalence of chronic diseases, rising healthcare costs, increasing adoption of IoT devices and rise in aging population. Factors that negatively affected growth in the historic period were data privacy and security concerns and stringent regulations.

Going forward, the growing adoption of remote patient monitoring, favorable government initiatives, increased focus on preventive healthcare, rise in telehealth and increasing use of connected medical devices will drive the growth. Factor that could hinder the growth of the internet of medical things (IoMT) market in the future include concerns over device accuracy and reliability and connectivity and infrastructure limitations.

Player-adopted strategies in the internet of medical things (IoMT) market include focus on expanding its business capabilities through strategic partnerships and acquisitions.

To take advantage of the opportunities, the analyst recommends the internet of medical things (IoMT) market companies to focus on innovating non-invasive monitoring solutions, focus on advancing ambulatory cardiac monitoring solutions, focus on developing comprehensive at-home health monitoring solutions, focus on integrating medical devices with digital health platforms, focus on wearable devices to capture growth in the IoMT market, expand in emerging markets, focus on leveraging strategic partnerships for growth, focus on pricing strategies based on value and market differentiation, focus on targeted marketing campaigns to drive awareness, focus on educating the market on IoMT benefits, focus on tracking and alerts to drive accelerated growth and focus on the patients segment to maximize long-term growth.

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