Internet Of Medical Things (IoMT) Market Expected to Hit $242.72 Billion by 2029, Growing at 25.8% CAGR
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How Is the Internet Of Medical Things (IoMT) Market Growth Forecast from 2025 to 2029?
The internet of medical things (iomt) market size has grown exponentially in recent years. It will grow from $79.64 billion in 2024 to $97.01 billion in 2025 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to aging population, increased network connectivity, increasing investment in healthcare, government initiatives.
The internet of medical things (iomt) market size is expected to see exponential growth in the next few years. It will grow to $242.72 billion in 2029 at a compound annual growth rate (CAGR) of 25.8%. The growth in the forecast period can be attributed to rollout of 5g networks, telemedicine expansion, prevalence of chronic diseases, growing popularity of wearable devices, increasing adoption of electronic health records. Major trends in the forecast period include remote surgery, predictive healthcare, advancements in healthcare technology, artificial intelligence (AI) and machine learning (ML) integration, smart hospitals.
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Which Major Growth Factors Are Shaping the Internet Of Medical Things (IoMT) Market?
The increasing use of connected medical devices is expected to propel the growth of the internet of medical things (IoMT) market going forward. Connected medical devices are equipment that can communicate and share data or other systems, often through wireless technology, for monitoring, diagnosing, or treating patients. Connected devices enhance real-time patient monitoring, streamline data collection and improve healthcare delivery by enabling IoMT technologies, leading to improved patient outcomes, reduced hospitalizations and greater operational efficiency in healthcare systems. For instance, in December 2022, according to the National Health Service UK-based government department in 2021/22, X-rays led with 21.8 million tests (up 30%), followed by ultrasound at 10.1 million (up 23%), CT scans at 6.7 million (up 21%), and MRI scans at 3.8 million (up 28%). All other imaging modalities also saw increases: fluoroscopy by 23%, nuclear medicine by 22%, SPECT by 39%, PET-CT scans by 20%, and medical photography by 11%. Therefore, the increasing use of connected medical devices drives the growth of the internet of medical things (IoMT) market.
Which Segment Offers the Highest Growth Opportunities in the Internet Of Medical Things (IoMT) Market?
The internet of medical things (iomt)market covered in this report is segmented –
1) By Device Type: Wearable Devices, Stationary Devices, Implantable Devices, Other Devices
2) By Application: Data Assortment And Analysis, Real-Time Monitoring, Remote Medical Assistance, Tracking And Alerts, Other Applications
3) By End User: Healthcare Providers, Patients, Government Authorities, Other End Users
Subsegments:
1) By Wearable Devices: Smartwatches, Fitness Trackers, Health Monitoring Patches, Wearable ECG Monitors
2) By Stationary Devices: Smart Beds, Vital Sign Monitors, Connected Diagnostic Equipment, Telehealth Stations
3) By Implantable Devices: Pacemakers, Continuous Glucose Monitors, Neurostimulators, Drug Delivery Systems
4) By Other Devices: Home Health Monitoring Devices, Connected Inhalers, Medication Adherence Devices, Smart Thermometers
What Are the Top Trends Expected to Shape the Internet Of Medical Things (IoMT) Market by 2029?
Major companies operating in the Internet of Medical Things (IOMT) market are focused on adopting new technological solutions, such as AI-enabled cath labs, to address cardiovascular disease burden in India. An AI-enabled cath lab is a specialized medical facility equipped with advanced imaging technology and artificial intelligence that enhances the precision and efficiency of cardiac procedures, facilitating real-time optimization of imaging parameters and supporting minimally invasive interventions. For instance, in September 2022, GE HealthCare Technologies, Inc., a US-based medical technology company, launched its first AI-enabled cath lab, the Optima IGS 320, aimed at enhancing cardiac care in India. Built at a new factory in Bengaluru under the Production Linked Incentive (PLI) scheme, the Cath lab incorporates GE's proprietary AutoRight technology powered by Edison, which optimizes imaging and dose parameters in real-time. This innovation addresses the rising burden of cardiovascular diseases in India, particularly among younger populations, by facilitating minimally invasive procedures. The Optima IGS 320 supports interventional cardiologists with intelligent imaging, improving precision and reducing the overall complexity of procedures.
Who Are the Key Players Driving the Internet Of Medical Things (IoMT) Market?
Major companies operating in the internet of medical things (IoMT) market are Google LLC, Microsoft Corporation, Johnson & Johnson Services Inc., Siemens Healthineers AG, Roche Diagnostics Corporation, Cisco Systems Inc., Qualcomm Life Inc., Abbott Laboratories, Oracle Corporation, Honeywell International Inc., Medtronic PLC, Becton Dickinson and Company, Koninklijke Philips N.V., Stryker Corporation, GE HealthCare Technologies Inc., Boston Scientific Corporation, Zimmer Biomet Holdings Inc., Zebra Technologies Corp., Smith & Nephew PLC, Otsuka America Pharmaceutical Inc., ResMed Inc., AptarGroup Inc., DexCom Inc., Masimo Corporation, iRhythm Technologies Inc., Merative L.P., Capsule Technologies Inc., Owlet Baby Care Inc., AgaMatrix Inc., AliveCor.
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What Are the Regional Insights for the Internet Of Medical Things (IoMT) Market Forecast?
North America was the largest region in the internet of medical things (IoMT) market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in internet of medical things (IoMT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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