The Europe Internet of Medical Things (IoMT) Market would witness market growth of 20% CAGR during the forecast period (2023-2030).
Utilizing IoMT and RFID, pharmaceutical companies can streamline their operations, optimize medication distribution, and improve overall supply chain efficiency, which is expected to fuel market demand during the forecast period. In addition, market leaders are continuously enhancing and expanding their product portfolio and geographic presence. The sophisticated technology improves imaging accuracy, allowing for intelligent and accurate healthcare delivery.
Healthcare providers utilize these technologies to maintain patient care while minimizing in-person interactions. In addition, the market's ongoing innovation and development are anticipated to drive its growth over the forecast period. In addition, the information gathered by IoT devices assists healthcare organizations in analyzing patient flow, utilization of resources, and operational efficiency.
This valuable information allows them to evaluate employment patterns effectively, resulting in an optimized healthcare workforce composition, adequate staffing levels, and improved patient care delivery. Such technological advances are anticipated to drive IoMT market expansion over the forecast period.
Several European governments have initiated programs to promote the adoption of digital health technologies, including IoMT. For instance, according to the U.K. government's policy paper regarding a plan for digital health and social care, published on 29 June 2022, £2 billion will be allocated to support electronic patient records in all NHS trusts. This will assist over 500,000 individuals in using digital tools to manage long-term health conditions at home. Thus, the region presents lucrative growth opportunities for the regional market.
The Germany market dominated the Europe Internet of Medical Things (IoMT) Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $39,105.7 million by 2030. The UK market is exhibiting a CAGR of 19% during (2023 - 2030). Additionally, The France market would experience a CAGR of 20.9% during (2023 - 2030).
Based on Deployment Type, the market is segmented into On-premise, and Cloud. Based on Component, the market is segmented into Hardware (Stationary Devices, Wearable Devices, Implantable Devices, and Others), Software (Device Management, Application Management, Cloud Management, and Data Analytics & Others), and Services. Based on End-use, the market is segmented into Hospitals, Research Institutes & Academics, Clinics, Homecare, and Others. Based on Application, the market is segmented into Telemedicine, Connected Imaging, Clinical Operations & Workflow Management, Medication Management, Inpatient Monitoring, and others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Internet of Medical Things (IoMT) Market will Hit $588.9 Billion by 2030, at a CAGR of 20.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Cisco Systems, Inc., General Electric Company, Honeywell International, Inc., IBM Corporation, Koninklijke Philips N.V., Lenovo Group Limited and Medtronic PLC.
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