IoMT Market to Reach USD 187.60 Billion by 2028; Surging Expenditure on IoT in Healthcare to Boost Market Growth

The global internet of medical things (IoMT) market size is anticipated to witness skyrocketing growth by reaching USD 187.60 billion by 2028. Fortune Business Insights™, in its report titled “Internet of Medical Things (IoMT) Market Size, Share & COVID-19 Impact Analysis, By Product (Stationary Medical Devices, Implanted Medical Devices, and Wearable External Medical Devices), By Application (Telemedicine, Medication Management, Patient Monitoring, and Others), By End-user (Healthcare Providers, Patients, Government Authorities, and Others), and Regional Forecast, 2021-2028”, observes that the market size stood at USD 41.17 billion in 2020 and USD 30.79 billion in 2021. It is further projected to exhibit a CAGR of 29.5% between 2021 and 2028. The growing expenditure on IoT in healthcare and the increasing technological advancement in healthcare information technologies are anticipated to boost the growth of the market.

Philips’ Collaboration with Cognizant to Develop Digital Health Solutions to Incite Development

In July 2021, Philips, a worldwide leader in health technology announced its collaboration with Cognizant, a global leader in professional services. The collaboration is aimed to develop end-to-end digital health solutions for patients, researchers, and providers. The alliance will bring Cognizant’s expertise in digital engineering and Philips HealthSuite, a platform based on cloud. The collaboration will help in maintaining and delivering advanced digital health solutions at scale, provide advanced connectivity, and utilize big data for the creation of actionable insights. The healthcare providers can observe their patients outside the conventional clinical settings with these solutions.

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Growing Investments in IoT in Healthcare to Fuel Market Growth

The adoption of the 4G network has created lucrative growth opportunities for the market. The developments in mobile phone technology and the telecommunication industry have augmented due to the increased investments. The internet of health things (IoMT) can reduce healthcare costs for governments and patients. The medtech companies with the IoMT focus on transforming the delivery of advanced healthcare to patients. The investments in the healthcare industry have significantly increased during the pandemic. The increasing investments in IoT to transform the healthcare sector are anticipated to bolster the global IoMT market growth.

Key Players Emphasize New Product Launches to Garner Growth in Market

The market is fairly fragmented and comprises several key players, including Johnson & Johnson, Medtronic, Siemens Healthline, and Koninklijke Philips N.V., with the largest shares in the market. The key players focus on the development of new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. For instance, in September 2020, Philips unveiled Philips Avent electric breast pump, Philips Sonicare teledentistry, and others to enhance services to patients in homecare settings.

Industry Developments-

• July 2021: Philips and Cognizant signed a collaborative agreement to develop end-to-end digital solutions. The collaboration is aimed to accelerate clinical trials and enhance patient care.

Key Players in the IoMT market are:

• Boston Scientific Corporation (Marlborough, U.S.)


• General Electric Company (G.E. Healthcare) (Chicago, U.S.)


• Johnson & Johnson Services, Inc. (New Brunswick, U.S.)


• Medtronic (Dublin, Ireland)


• Koninklijke Philips N.V. (Amsterdam, Netherlands)


• Siemens Healthineers AG (Munich, Germany)


• Cisco (San Jose, U.S.)


• IBM (Armonk, U.S.)


• Hill-Rom Services, Inc. (Welch Allyn) (Indiana, U.S.)


• BIOTRONIK (Berlin, Germany)

Further Report Findings-

• The market in North America stood at USD 13.53 billion in 2020 and is projected to gain the largest portion of the global internet of medical things market share. The increasing launch of ingenious products and the growing adoption of remote patient observation devices are expected to boost the growth of the market.


• Moreover, the growth is North America is also accountable to the the robust sales of IoMT products and solutions in the U.S. As per a study by McKinsey, the deployment of IoT technology in in the healthcare industry in the region is expected to be the highest compared to other industries.


•  According to the product analysis, the stationary medical devices segment is anticipated to witness the highest growth in the market due to increasing sales of digitally based medical devices. The improving government initiatives are also expected to stimulate the market’s growth.

Report Scope & segmentation