The internet of medical things (IoMT) industry is garnering substantial traction across the globe. The internet of medical things is impacting healthcare exponentially. The market growth attributes to rising numbers of connected medical devices, improving access to health services. New-age internet-connected devices are designed to improve efficiencies, lower healthcare costs, and bring better treatment outcomes. Besides, increasing healthcare expenditures worldwide boost market growth.
Given the improved computing power and wireless capabilities, healthcare organizations are increasingly leveraging IoMT technologies’ potential. Moreover, considerable progress in the digital transformation of health care this year, majorly due to the pandemic, escalates the market growth. According to Market Research Future (MRFR), the global internet of medical things (IoMT) market is projected to register a double-digit CAGR of 25.6% throughout the review period (2019–2025).
Additionally, the rising demand for connected devices and cost reduction in the medicinal delivery act as a key tailwind for the IoMT market. Furthermore, the need for improved healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others foster market growth. Technological advances are some of the promising areas of IoMT device market developments.
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Global Internet of Medical Things Market – Geographical Analysis
North America dominates the global internet of medical things market. The largest market share attributes to increasing numbers of smartphone users, expanding penetration of 4G technology, and the need to curtail increasing healthcare costs in the region. Besides, the presence of well-established players and investments made by them in the development of IoT-enabled medical devices drive the regional market’s growth.
Industry players operating in the regional market are capable of delivering a range of customized solutions. Moreover, burgeoning biotechnology and biopharmaceutical sectors in the region substantiate the growth of the market. The North American IoMT market is expected to retain its dominance throughout the projected period.
Europe stands second in the global internet of medical things market. The market growth is driven by the rising medical automation and the presence of many notable players & well-established healthcare centers in the region. Additionally, prominent IoMT markets, such as the U.K., Germany, and France, coupled with the resurging economy in the region, improving the consumer purchasing power, boost the market growth. The European IoMT market is projected to create a substantial revenue pocket during the assessment period.
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