Europe Internet of Medical Things (IoMT) Market, By Component (Hardware, Software, and Services), Platform (Device Management, Application Management, and Cloud Management), Mode of Service Delivery (On-Premise, and Cloud), Connectivity Devices (Wired, and Wireless), Application (On-Body Devices, Healthcare Providers, Home-Use Medical Devices, Community, and Others), End-User (Hospitals, Clinics, Research Institutes & Academics, Homecare, and Others), Country (Germany, Russia, France, U.K., Italy, Spain, Netherlands, Switzerland, Turkey, Belgium, and Rest of Europe) Industry Trends and Forecast To 2028
Market Analysis and Insights: Europe Internet of Medical Things (IoMT) Market
The Europe Internet of Medical Things (IoMT) market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 22.2% in the forecast period of 2021 to 2028 and is expected to reach USD 49,889.21 million by 2028. Rise in the demand for real-time healthcare solutions across the globe act as a driver for the Internet of Medical Things (IoMT) software market growth.
Internet of medical things (IoMT) market is a combined infrastructure of medical devices, software applications, and health systems and services, which is swiftly transforming medical technology’s role within health care. Internet of medical things is aiding the health care organizations to streamline their clinical, workflow management and expand their patient care from remote locations.
Europe Internet of Medical Things (IoMT) market has developed as a result of technological advancements and increased accessibility to personal healthcare. On the other hand, the absence of infrastructure facilities and trained specialists in the hospital and medical sectors, have hampered the market's expansion. A rise in the demand for connected devices in the healthcare sector is expected to create various opportunities for the growth of Europe Internet of Medical Things (IoMT) market. This would tend to keep the future of the market strong and advanced.
The Internet of Medical Things (IoMT) market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the Internet of Medical Things (IoMT) market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Internet of Medical Things (IoMT) Market Scope and Market Size
Europe Internet of Medical Things (IoMT) market is segmented based on the component, platform, mode of service delivery, connectivity devices, application, and end-user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of components, Europe Internet of Medical Things (IoMT) market is segmented into hardware, software, and services. Hardware is sub-segmented into processor, sensor, and others. Processors are sub-segmented into Microprocessor (MPU), Application Processor (AP), Microcontroller (MCU), and Digital Signal Processor (DSP). The sensor is sub-segmented into pressure sensor, temperature sensor, blood oxygen sensor, blood glucose sensor, Electrocardiogram (ECG) sensor, humidity sensor, image sensor, motion and position sensor, heart rate sensor, flow sensor, level sensor, and others. Software is sub-segmented into real-time streaming analytics, real-time monitoring, data management, network bandwidth management, security, and others. Data management is sub-segmented into patient data, product data, asset data, and others. Security is sub-segmented into identity access management, secure communications, data encryption and tokenization, distributed denial of service protection, and others. Services sub-segmented into professional services, and managed services. Professional services are sub-segmented into support and maintenance, deployment and integration, and consulting. In 2021, the hardware segment is expected to dominate the market as the increasing adoption of IoT enabled medical devices to meet the growing need for cost-effective and efficient solutions for delivering healthcare services. IoT-enabled medical devices play an important role in data gathering and tracking various activities leading to the development of various IoT in healthcare use cases.
- On the basis of platform, Europe Internet of Medical Things (IoMT) market is segmented into device management, application management, and cloud management. The device segment is sub-segmented into vital sign monitors, sleep monitoring devices, rehabilitation devices, and others. The vital sign monitor segment is sub-segmented into pulse oximeters, activity monitors, sprimonitor, heart rate monitors, electrocardiographs, blood pressure monitors, and others. The sleep monitoring devices are sub-segmented into wrist actigraphs, sleep trackers, polysomnographs, and others. The rehabilitation devices are sub-segmented into accelerometers, and sensing devices. The network management is sub-segmented into the server, Ethernet switch, and routing, gateway, storage, others. In 2021, the device management segment is expected to dominate the market owing to the advancements of wearable sensor devices, implanted sensor devices, and other stationary devices.
- On the basis of mode of service delivery, Europe Internet of Medical Things (IoMT) market is segmented into on-premise and cloud. In 2021, the on-premise segment is expected to dominate the market due to the wide usage of on-premises software as it doesn’t require users to have an internet connection to access data. Though most businesses rely on the internet to conduct business, there’s always a fear that the loss of a connection could harm productivity and make it impossible to access crucial data.
- On the basis of connectivity devices, Europe Internet of Medical Things (IoMT) market is segmented into wired and wireless. In 2021, the wired segment is expected to dominate the market as its adoption is increasing due to fewer attacks of network traffic interruptions, and less susceptibility to interference and outages than wireless access points.
- On the basis of application, Europe Internet of Medical Things (IoMT) market is segmented into on-body devices, healthcare providers, home-use medical devices, community, and others. The on-body devices are sub-segmented into consumer health wearables and clinical-grade wearables. The healthcare providers are sub-segmented into inventory management, personnel management, patient flow management, asset management, and environment monitoring. The home-use medical devices are sub-segmented into telehealth, remote patience monitoring, personal emergency response systems, and others. The community is sub-segmented into a kiosk, point-of-care devices, logistics, mobility services, and emergency response intelligence. In 2021, the on-body devices segment is expected to dominate the market with the surge in esthetic consciousness across the globe and advancements in the field of body contouring.
- On the basis of end-user, Europe Internet of Medical Things (IoMT) market is segmented into hospitals, clinics, research institutes & academics, homecare, and others. In 2021, the hospitals segment is expected to dominate the market owing to the increasing adoption of electronic health records (EHR) and remote patient monitoring systems.
- On the basis of country, Germany dominates the Europe Internet of Medical Things (IoMT) market. In 2021, Germany dominates the market due to the increased demand for wireless medical sector devices.
Europe Internet of Medical Things (IoMT) Market Country Level Analysis
The Internet of Medical Things (IoMT) market is analyzed and market size information is provided by the component, platform, mode of service delivery, connectivity devices, application, and end-user as referenced above.
The countries covered in the Internet of Medical Things (IoMT) market report are component, platforms, modes of service delivery, connectivity devices, application, and end-user. Germany dominates the market due to the rising awareness about personal health amongst the population.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe can brand and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Focus on Active Patient Engagement and Patient-Centric Care is Boosting the Market Growth of Europe Internet of Medical Things (IoMT) Market.
Europe Internet of Medical Things (IoMT) market also provides you with a detailed market analysis for every country's growth in the particular market. Additionally, it provides detailed information regarding the market players’ strategy and their geographical presence. The data is available for the historical period 2010 to 2019.
Competitive Landscape and Europe Internet of Medical Things (IoMT) Market Share Analysis
Internet of Medical Things (IoMT) market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width, and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to the Internet of Medical Things (IoMT) market.
The major companies which are dealing in Europe Internet of Medical Things (IoMT) market are Siemens Healthcare GMBH, GE Digital (A Subsidiary of General Electric), Biotronik, Bioserenity, Medtronic, Boston Scientific Corporation, Hill-Rom Holdings, Inc., Honeywell International Inc., Philips, Lenovo Healthcare Information Technology (Lenovo HIT), AliveCor, Inc., VitalConnect, Meru Health, and among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many acquisitions and product launch are also initiated by the companies worldwide, which are also accelerating the Internet of Medical Things (IoMT) market.
For instance,
- In February 2021, Carre Technologies inc (Hexoskin) launched a platform solution for the sensors and data that provide validated tools for lung function and activity data. It offers apps, dashboards, and analytics tools that allow data management in real-time or remotely.
- In December 2020, Honeywell International Inc. acquired Sparta Systems with all-cash transactions, including enterprise quality management software (QMS), including a next-generation SaaS platform, for the life sciences industry. The acquisition helps in performing industrial automation, digital transformation solutions, and enterprise performance management software.
The joint venture, award and recognition, agreements, and other strategies by the market player are enhancing the company's footprints in the Internet of Medical Things (IoMT) market, which also provides the benefit for the organization’s profit growth.
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