According to the report published by Virtue Market Research in The Internet of Medical Things (IoMT) Market was valued at USD 60.10 billion in 2024 and will grow at a CAGR of 18% from 2025 to 2030. The market is expected to reach USD 137.49 billion by 2030.
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The Internet of Medical Things market is growing because healthcare is slowly changing the way it works over many years. One strong long-term driver is the rising number of people living with long-lasting health problems such as heart disease, diabetes, and breathing disorders. These conditions need regular checking, not just doctor visits once in a while. Connected medical devices help doctors watch patient health from far away, saving time and reducing hospital pressure. When COVID-19 spread across the world, this market saw a sudden push forward. Hospitals wanted fewer in-person visits, and patients were scared to travel for routine care. Remote monitoring devices, smart wearables, and connected diagnostic tools became very useful during this time. COVID-19 did not create the need, but it clearly showed how important connected healthcare systems are, making many healthcare providers plan long-term digital care strategies.
In the short term, one key driver of the Internet of Medical Things market is the fast adoption of remote patient monitoring solutions. Healthcare systems are trying to manage more patients with fewer resources. Connected devices that track vital signs such as heart rate, oxygen levels, and blood pressure help doctors act quickly without keeping patients admitted for long periods. This saves costs and improves patient comfort. A major opportunity in this market comes from the growing use of home-based healthcare. Many patients now prefer recovery and regular monitoring at home instead of staying in hospitals. IoMT devices fit well into this shift, as they can send real-time health data to doctors through secure networks. At the same time, one clear trend in the industry is the integration of artificial intelligence with connected medical devices. These systems do more than collect data; they help spot patterns, send alerts, and support early decision-making, making care more proactive rather than reactive.
Segmentation Analysis:
By Industry: Medical Device, Biopharmaceutical, Pharmaceutical
In the Internet of Medical Things market, industry participation shapes how connected tools are designed and used across healthcare operations. The medical device industry holds the largest share in this segment because connected monitors, smart implants, and sensor-based equipment are already part of daily clinical routines. These devices rely heavily on IoMT platforms to send data, update performance, and support clinical decisions.
By Service: Transportation, Warehousing & Storage, Others
Service-based segmentation highlights how IoMT supports movement and handling of medical products and devices. Warehousing and storage services represent the largest share of this segment due to the heavy use of sensors for inventory tracking, temperature control, and asset monitoring within storage facilities. These connected systems help reduce loss and improve operational flow.
By Supply Chain: Cold Chain, Non-Cold Chain
Within the Internet of Medical Things market, supply chain segmentation reflects the different handling needs of healthcare products. The cold chain segment is the largest because many connected sensors are used to monitor temperature-sensitive items such as biologics and advanced medical devices. IoMT tools help maintain strict conditions across storage and transit points.
By Mode: In-house, Outsourcing
Mode-based segmentation explains how organizations deploy and manage IoMT systems. In-house deployment holds the largest share, as large healthcare facilities and manufacturers prefer direct control over connected infrastructure, data handling, and system customization. This approach supports internal security and tailored workflows. Outsourcing is the fastest growing during the forecast period, driven by smaller organizations seeking flexible and cost-efficient IoMT solutions. External service providers offer managed platforms, analytics support, and system maintenance, reducing operational burden. This shift allows organizations to access advanced technologies without heavy upfront investment, supporting faster adoption across diverse healthcare environments.
By End User: Healthcare Facilities, Pharmaceutical & Biotechnological Companies, Medical Device Companies, Others
End-user segmentation shows varied usage patterns of IoMT solutions. Healthcare facilities represent the largest share, as hospitals and clinics rely on connected systems for patient monitoring, equipment tracking, and workflow coordination. These users integrate IoMT deeply into daily care processes. Pharmaceutical and biotechnological companies are the fastest growing during the forecast period, using connected platforms to monitor production, research activities, and data flow. Medical device companies maintain steady adoption for product performance tracking, while other end users, such as research centers and home-care providers, contribute gradual growth without leading the segment.
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Regional Analysis:
Regional analysis of the Internet of Medical Things market shows strong variation in adoption patterns. North America holds the largest share due to advanced digital healthcare infrastructure and early use of connected medical technologies. Europe follows with consistent adoption across public and private healthcare systems. Asia-Pacific is the fastest growing during the forecast period, supported by expanding healthcare investments and rising acceptance of digital solutions. South America shows moderate growth driven by improving connectivity, while the Middle East & Africa segment grows steadily as healthcare systems modernize and explore connected care models.
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Latest Industry Developments:
- Strategic Partnerships and Collaborations: A clear trend in the Internet of Medical Things market is the increase in strategic partnerships and collaborations between healthcare technology providers and cloud or analytics firms to boost market share and capability. These alliances help integrate advanced connectivity, cloud platforms, and real-time data sharing, making IoMT solutions more attractive to healthcare providers and systems. By joining forces, service providers expand their reach, improve interoperability of devices, and offer scalable solutions that fit varied clinical environments. This collaborative approach also supports accelerated technology adoption across regions and enhances the value of IoMT offerings in crowded markets, driving wider usage and recognition.
- Investment in Advanced Analytics and AI-Enabled Solutions: Another evolving trend is the focus on investing in advanced analytics and artificial intelligence within the IoMT ecosystem as companies work to enhance market share. Integrating predictive analytics, machine learning, and AI into connected medical devices gives health systems tools for early detection, personalized care, and efficient clinical decision-making. These capabilities not only improve patient monitoring outcomes but also differentiate offerings in a competitive landscape. As real-time insights become a priority for caregivers and administrators, the adoption of AI-enabled IoMT solutions expands, positioning providers with strong analytics portfolios to capture larger customer segments and retain long-term users.
- Expansion of Service Models and Market Coverage: A third notable trend in this market is the expansion of service delivery models and geographic coverage to strengthen competitive standing and grow market share. Providers are increasingly offering subscription-based IoMT-as-a-Service models, flexible deployment options, and tailored solutions for varied healthcare environments, from large hospitals to remote clinics. Coupled with efforts to enter emerging regional markets, these approaches lower entry barriers for customers and broaden adoption. By diversifying service offerings and adjusting to local healthcare needs, providers increase their appeal to a wider audience, helping foster sustained demand and deeper penetration into previously underserved markets.
