The North America Internet of Medical Things (IoMT) Market would witness market growth of 19.6% CAGR during the forecast period (2023-2030).
The advancements in healthcare information technologies (healthcare IT) have caused significant changes in the healthcare industry. The Internet of Medical Things is a system of medical devices connected to a network or each other that exchange health data without requiring human-to-machine interaction.
The connectivity of these systems and devices to the internet enables remote patient monitoring and diagnosis. In addition, IoMT facilitates an improved understanding of patient health, and the delivery of value-based care to patients is advantageous for patients, payers, and providers. The advances in sensor technology, miniaturization, and connectivity technologies are facilitating the development of more advanced and affordable medical devices, making Internet of Medical Things (IoMT) accessible to healthcare patients and providers, thereby driving market growth.
In addition, the increase in the aging population and the number of chronic diseases has led to a greater demand for remote surveillance and healthcare management solutions, which is anticipated to propel market growth over the forecast period. Moreover, implementing radio-frequency identification (RFID) devices in IoMT is crucial in managing drug availability issues and supply costs.
As the population of North America ages and chronic diseases become more prevalent among aging population, the demand for IoMT solutions to meet the healthcare requirements of this demographic will likely increase. According to the Canadian government, 73% of Canadians aged 65 and older have at least one of ten common chronic diseases. Hypertension (65.7%), periodontal disease (52.0%), osteoarthritis (38.0%), ischemic heart disease (27.0%), diabetes (26.8%), osteoporosis (25.1%), cancer (21.5%), COPD (20.2%), asthma (10.7%), and mood & anxiety disorders (10.5%) are the most prevalent chronic diseases and conditions. Therefore, the growing majority of chronic diseases in North America is a crucial driver for the growth of the IoMT market. IoMT technologies can enhance patient care, decrease healthcare costs, and enhance overall health outcomes for individuals managing chronic conditions.
The US market dominated the North America 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 $150,051.3 million by 2030. The Canada market is experiencing a CAGR of 22.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 21.3% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Internet of Medical Things (IoMT) Market is Predict to reach $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.
By Deployment Type
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