The Internet of Medical Things (IoMT) market refers to the network of connected medical devices and applications that collect, analyze, and transmit healthcare data over the internet. It includes wearable devices, remote patient monitoring systems, smart medical equipment, and healthcare IT platforms that enable real-time tracking, diagnosis, and treatment. IoMT plays a crucial role in enhancing patient care, improving clinical efficiency, and reducing healthcare costs through continuous data-driven insights. Market growth is fueled by the increasing adoption of connected healthcare technologies, the rising prevalence of chronic diseases, and the demand for remote and personalized care. Integration of advanced technologies such as artificial intelligence (AI), 5G connectivity, and cloud computing further accelerates IoMT adoption, enabling predictive analytics and seamless interoperability between devices.
According to Fortune Business Insights, the global Internet of Medical Things (IoMT) market size was valued at USD 47.32 billion in 2023 and is projected to grow from USD 60.03 billion in 2024 to USD 814.28 billion by 2032, exhibiting a CAGR of 38.5% during the forecast period. North America dominated the IoMT market with a market share of 30.49% in 2023.