IoMT Wearable Medical Devices Market Size (2024 - 2030)

Global IoMT Wearable Medical Devices Market was valued at USD 17.25 Billion and is projected to reach a market size of USD 105.36 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 29.5%.
 

The Internet of Medical Things (IoMT) is a contemporary phenomenon that streamlines seamless connectivity between medical devices and healthcare information technology systems through computer networks. These devices connect via Wi-Fi, constituting the foundation of the IoMT. Remote patient monitoring for patients with chronic health conditions, tracking medicine orders, tracking patient locations in hospitals, gathering data from wearable health devices, and connecting ambulances with healthcare experts are some examples of IoMT. The captured data is stored and analyzed on cloud platforms. IoMT is also known as the Healthcare Internet of Things (IoT). The utilization of IoMT devices to monitor patients in their homes is known as telemedicine. This form of treatment obviates the need to visit a hospital or a physician’s office, offering a convenient and efficient option to patients. By embracing the possibilities of IoMT, healthcare institutions can leverage the power of technology and improve patient care. IoMT offers considerable advantages for both patients and healthcare practitioners. For those with chronic health conditions, IoMT-enabled patient monitoring devices provide round-the-clock monitoring. IoMT aids in providing insight into the living conditions of patients, enabling healthcare practitioners to further optimize the care provided. With IoMT, patients now have increased access to health services and education, granting them more control over their care and providing them with the option to engage with healthcare via telehealth applications. IoMT can reduce costs by eliminating certain in-person visits as well as decrease processing time, permitting healthcare practitioners to redirect their resources to where they are most needed. IoMT also encourages the utilization and integration of new technologies, empowering patients to take the lead in their care and minimizing the need for in-person visits, which may result in enhanced patient experience. Additionally, IoMT delivers more data to medical practitioners, allowing them to gather more exact insights into their patient’s health issues. IoMT-enabled devices can also be utilized to monitor equipment in healthcare facilities and send alerts when maintenance and other issues arise. IoMT-powered trackers can also track patients and their medications throughout healthcare facilities, leading to fewer errors and miscommunications.

Global IoMT Wearable Medical Devices Market Drivers:

The rising incidence of chronic conditions is fueling the growth of the global IoMT wearable medical devices market.

Globally, the incidence of chronic health diseases such as diabetes, obesity, hypertension, heart disease, and neurological illnesses is rising. IoMT wearable medical devices like blood glucose meters, blood pressure monitors, heart rate monitors, pulse oximeters, fitness bands, and smartwatches are inexpensive and beneficial medical devices to monitor patients with chronic health conditions. Patients can keep track of their vital signs using these monitoring devices, and healthcare practitioners can quickly respond to any medical emergencies via remote patient monitoring services. Therefore, this factor drives the demand for IoMT wearable medical devices.

The increasing focus on improving personal health and fitness using smart wearables is another factor contributing to the growth of the global IoMT wearable medical devices market.

Smart wearable devices like fitness bands and smartwatches offer numerous benefits to users. They offer accessibility and convenience, making life easier for those constantly on the go. They can increase productivity and efficiency at work, assist with more efficient workouts, enhance sleep quality, and improve safety with features like GPS tracking. Additionally, these devices provide instant access to information, making it easy to check facts and fitness data without requiring a phone or laptop. Therefore, this factor also drives the demand for IoMT wearable medical devices.

Global IoMT Wearable Medical Devices Market Challenges:

The global IoMT wearable medical devices market is encountering challenges, primarily in terms of the high cost of maintenance and limited reimbursement policies. Although wearable medical devices have undergone significant technological advancements and improvements in design, their adoption is still limited due to several factors. One of the major factors is their high cost, which is attributed to the batteries, chips, sensors, and other accessories that require periodic replacement. These costs add up over the life cycle of the devices, making their ownership significantly expensive. Moreover, limited reimbursement policies for these devices also contribute to their limited adoption in developed and emerging countries. Thus, these challenges inhibit the growth of the global IoMT wearable medical devices market.

Global IoMT Wearable Medical Devices Market Opportunities:

Technological advancements present a lucrative opportunity in the global IoMT wearable medical devices market. Given the rising demand for IoMT wearable medical devices owing to their advantages, including accessibility, convenience, improved patient outcome, and cost-effectiveness, businesses specializing in the manufacturing and distribution of IoMT wearable medical devices can stand to gain significantly from this opportunity by introducing enhanced sensor technology in wearable medical devices, which will allow for capturing more precise and comprehensive health data and will enable the delivery of more personalized and specific insights and recommendations based on the individual's health data. This development will help companies to increase their customer base and boost their overall revenue.

COVID-19 Impact on the Global IoMT Wearable Medical Devices Market:

The outbreak of the COVID-19 pandemic substantially impacted the global IoMT wearable medical devices market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the manufacturing and distribution of IoMT wearable medical devices. These factors negatively impacted the growth of the global IoMT wearable medical devices market. However, the pandemic accelerated the adoption of IoMT wearable medical devices as patients sought ways to monitor their health from home and communicate with healthcare providers remotely. Remote monitoring of chronic health conditions utilizing IoMT wearable medical devices helped to prevent disease exacerbations and reduce the need for in-person visits. These factors positively impacted the market's growth. Therefore, the global IoMT wearable medical devices market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global IoMT Wearable Medical Devices Market Recent Developments:

• In April 2023, Medtronic plc, an Ireland-based medical device company, unveiled that its new insulin pump, the MiniMed 780G system, has been approved by the US Food and Drug Administration (FDA).

• In September 2022, Google Cloud and Fitbit Health Solutions introduced a new solution called Device Connect for Fitbit, which aims to provide healthcare organizations with a comprehensive understanding of patients outside of clinical settings by utilizing data collected from wearable devices. 

IOMT WEARABLE MEDICAL DEVICES MARKET REPORT COVERAGE:

Global IoMT Wearable Medical Devices Market Segmentation: By Device Type

• Home Medical Devices

  • Apnea & Sleep Monitors

  • Blood Glucose Meters

  • Blood Pressure Monitors

  • ECG/Heart Rate Monitors

  • Neurological Monitors

  • Pulse Oximeters

• Smart Wearables

  • Fitness Bands

  • Smart Rings

  • Smartwatches

Based on the device type, the global IoMT wearable medical devices market is segmented into home medical devices and smart wearables. The home medical devices segment is further bifurcated into apnea and sleep monitors, blood glucose monitors, blood pressure monitors, ECG/heart rate monitors, neurological monitors, and pulse oximeters. The smart wearables segment is further bifurcated into fitness bands, smart rings, and smartwatches. In 2022, the smart wearables segment held the highest market share. The growth can be attributed to the advantages that smart wearables like fitness bands, smart rings, and smartwatches offer in terms of personalization, convenience, and affordability. Smart wearables are an undeniable revolution in the world of healthcare, connecting patients to the internet and allowing them to share data with their medical professionals. These devices enable patients to monitor their health and well-being with increased accuracy and precision thanks to their unique features like sensors, monitors, and tracking capabilities. Perfect for those managing chronic health conditions, smart wearables grant patients the ability to keep tabs on vital signs and changes, administering necessary treatment as soon as possible. From complex, nuanced data analysis to total body tracking, smart wearables ensure better healthcare outcomes and a higher quality of life for all.

Global IoMT Wearable Medical Devices Market Segmentation: By Application

• Home Healthcare

• Remote Patient Monitoring

• Sports and Fitness

Based on the application, the global IoMT wearable medical devices market is segmented into home healthcare, remote patient monitoring, and sports and fitness. In 2022, the remote patient monitoring segment held the highest market share. The growth can be attributed to the growing popularity of remote patient monitoring services owing to the latest advancements in communication technologies, computer science, informatics, and medical technologies. These services allow remote communication between healthcare providers and patients and benefit those unable to receive in-person healthcare due to location, mobility, or time constraints. IoMT wearable medical devices that record data, such as blood pressure, blood glucose, and heart rate, are often used with these services for remote monitoring.

Global IoMT Wearable Medical Devices Market Segmentation: By Age Group

• Adults

• Geriatrics

• Pediatrics

Based on the age group, the global IoMT wearable medical devices market is segmented into adults, geriatrics, and pediatrics. In 2022, the geriatrics segment held the highest market share. The growth can be attributed to the rising adoption of IoMT wearable medical devices, such as blood glucose meters, blood pressure monitors, heart rate monitors, smartwatches, etc., by aged people as they are more prone to chronic health conditions. The utilization of IoMT wearable medical devices allows for the monitoring of various health-related data in real-time, including vital signs and activity levels, enabling prompt intervention and more effective disease management.

Global IoMT Wearable Medical Devices Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of North America dominated the global IoMT wearable medical devices market in the year 2022. The early and wide adoption of advanced healthcare technologies and services, including telemedicine, telehealth, mHealth, and remote patient monitoring, the rising incidence of chronic health conditions, such as diabetes, obesity, hypertension, cardiovascular diseases, neurological disorders, and other conditions, and the presence of well-established healthcare infrastructure in nations, such as the United States and Canada, are some of the factors propelling the region's growth. Additionally, North America is home to several significant market players, including GE HealthCare Technologies, Inc., Fitbit, Inc., AirStrip Technologies, Garmin Ltd., and DexCom, Inc. The region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period owing to the rising incidence of chronic illnesses, the growing technological advancements in the healthcare industries of nations, such as India, Japan, China, and South Korea, and the strong presence of major market players, including Omron Healthcare, Inc., Xiaomi Corporation, and Huawei Technologies Co., Ltd.

Global IoMT Wearable Medical Devices Market Key Players:

1. GE HealthCare Technologies Inc. (United States)

2. Koninklijke Philips N.V. (Netherlands)

3. Siemens Healthineers AG (Germany)

4. Medtronic plc (Ireland)

5. Fitbit, Inc. (United States)

6. Apple, Inc. (United States)

7. Omron Healthcare, Inc. (Japan)

8. Garmin Ltd. (United States)

9. DexCom, Inc. (United States)

10. AirStrip Technologies (United States)