Internet of Medical Things (IoMT) Market Growth Opportunities, Outlook, and Forecast 2032
Internet of Medical Things (IoMT) Market Growth Opportunities, Outlook, and Forecast 2032
The Internet of Medical Things (IoMT) market refers to the network of connected medical devices and applications that collect, analyze, and transmit healthcare data over the internet. It includes wearable devices, remote patient monitoring systems, smart medical equipment, and healthcare IT platforms that enable real-time tracking, diagnosis, and treatment. IoMT plays a crucial role in enhancing patient care, improving clinical efficiency, and reducing healthcare costs through continuous data-driven insights. Market growth is fueled by the increasing adoption of connected healthcare technologies, the rising prevalence of chronic diseases, and the demand for remote and personalized care. Integration of advanced technologies such as artificial intelligence (AI), 5G connectivity, and cloud computing further accelerates IoMT adoption, enabling predictive analytics and seamless interoperability between devices.
According to Fortune Business Insights, the global Internet of Medical Things (IoMT) market size was valued at USD 47.32 billion in 2023 and is projected to grow from USD 60.03 billion in 2024 to USD 814.28 billion by 2032, exhibiting a CAGR of 38.5% during the forecast period. North America dominated the IoMT market with a market share of 30.49% in 2023.
Boston Scientific Corporation (U.S.)
General Electric Company (GE Healthcare) (U.S.)
Johnson & Johnson Services, Inc. (U.S.)
Medtronic (Ireland)
Koninklijke Philips N.V. (Netherlands)
Siemens Healthineers AG (Germany)
Cisco Systems, Inc. (U.S.)
IBM Corporation (U.S.)
Baxter International Inc. (Hill-Rom Services, Inc., U.S.)
BIOTRONIK SE & Co. KG (Germany)
Growing investments in healthcare IoT technologies to improve patient outcomes and reduce costs.
Rapid advancements in telecommunications, including 5G and edge computing, boosting connectivity for medical devices.
Rising adoption of remote patient monitoring and telemedicine following the COVID-19 pandemic.
High cybersecurity risks associated with connected medical devices and sensitive patient data.
Network reliability issues and limited infrastructure in certain regions affecting IoMT deployment.
The IoMT market is moderately fragmented with the presence of both global leaders and emerging innovators. Major players such as GE Healthcare, Medtronic, Philips, and Siemens Healthineers are continuously introducing smart, connected healthcare solutions. Strategies such as product launches, partnerships, and acquisitions are being adopted to strengthen global market positions. For instance, in May 2021, Medtronic received CE approval for its InPen Smart Insulin Pen and Guardian 4 Sensor, further enhancing its IoMT-enabled diabetes care solutions.
Stationary Medical Devices
Implanted Medical Devices
Wearable External Medical Devices
Stationary medical devices held the dominant share in 2023, supported by the increasing implementation of IoT-based hospital systems. The wearable devices segment is expected to grow at the fastest CAGR due to rising consumer preference for real-time health monitoring and preventive healthcare solutions.
Telemedicine
Medication Management
Patient Monitoring
Others
Among applications, patient monitoring accounted for the largest share in 2023 and is projected to continue leading due to the growing focus on chronic disease management and home-based care. Telemedicine also witnessed significant growth as healthcare systems integrated connected platforms for remote consultations.
Healthcare Providers
Patients
Government Authorities
Others
Healthcare providers dominate the end-user segment, driven by the widespread integration of IoMT infrastructure in hospitals and clinics. Patients are emerging as a growing segment as wearable devices and home monitoring tools become more accessible and affordable.
Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/industry-reports/internet-of-medical-things-iomt-market-101844
North America held the largest market share in 2023, accounting for about 30.49% of the global IoMT market. The region’s leadership is attributed to strong healthcare infrastructure, early adoption of connected technologies, and the presence of key players. The U.S. market alone is projected to reach USD 167.04 billion by 2032, led by the rapid adoption of remote monitoring devices and AI-powered diagnostic tools.
Europe ranked as the second-largest region, supported by government digital health initiatives and significant R&D funding. Programs like the European Union’s Horizon 2020, which allocates over USD 1 billion for digital healthcare innovation, have accelerated IoMT adoption.
Asia Pacific is expected to witness the fastest growth during the forecast period, driven by increased healthcare investments, the expansion of telemedicine platforms, and the adoption of digital health technologies in countries like China, Japan, and India.
The Internet of Medical Things market presents enormous growth potential through 2032. Future expansion will be driven by next-generation technologies, including AI integration, 5G connectivity, cloud-based healthcare platforms, and advanced analytics. The evolution of smart wearable devices, implantable sensors, and cloud-enabled hospital management systems will transform healthcare delivery across the world.
However, to achieve sustainable growth, industry stakeholders must address challenges such as data security, privacy compliance, and interoperability across connected devices. Investment in cybersecurity frameworks and standardized IoMT platforms will be crucial to maintaining trust and ensuring patient safety.
The Internet of Medical Things (IoMT) market is reshaping global healthcare through advanced connectivity, data-driven insights, and patient-centric innovation. The market’s impressive projected CAGR of 38.5% reflects the sector’s transition toward digitalized, remote, and personalized healthcare systems. With strong participation from leading medical and technology companies, ongoing R&D investments, and supportive government initiatives, IoMT is set to revolutionize healthcare delivery and create vast opportunities across all regions by 2032.
About Us:
Fortune Business Insights provides expert corporate analysis and accurate data, enabling businesses of all sizes to make timely decisions. We offer customized solutions tailored to each client’s needs, helping them address unique challenges. Our goal is to empower clients with holistic market intelligence and offer granular insights into the market they operate in.
Contact us:
Fortune Business Insights™ Pvt.
Phone: USA: +1 833 909 2966 (Toll-Free),
United Kingdom: +44 808 502 0280 (Toll-Free),
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com