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 (IoMT) 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:
- GENERAL ELECTRIC COMPANY (GE Healthcare)
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Cisco Systems, Inc.
- Welch Allyn
- IBM Corporation
- Siemens Healthcare GmbH
- Koninklijke Philips N.V.
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Our research methodology is robust and includes data triangulation based on bottom-up and top-down approaches. We validated the approximate market number with the help of primary research. Secondary research was conducted to find out detailed information about mergers and acquisitions, collaborations, joint ventures, and agreements. At the same time, we have derived significant information about the market dynamics associated with growth drivers, trends, and obstacles.
It offers figurative estimations for upcoming years on the basis of the recent developments and historic data. For gathering information and estimating revenue for all segments, researchers have used top-down and bottom-up approaches. On the basis of data collected from primary and secondary research and trusted data sources the report will help both existing and new aspirants for market to figure out and study the market’s needs, market size, and competition.
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 IOMT 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.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844