North America Internet of Medical Things (IoMT) Market Size, Share, and Growth Forecast 2026 - 2033

The North America internet of medical things (IoMT) market size is expected to be valued at US$ 41.8 billion in 2026 and projected to reach US$ 155.9 billion by 2033, growing at a CAGR of 20.7% between 2026 and 2033.

Rapid proliferation of connected medical devices and expanding remote patient monitoring adoption continue to fuel this exceptional growth trajectory. The Centers for Medicare & Medicaid Services (CMS) has progressively expanded reimbursement coverage for remote physiologic monitoring codes, incentivizing hospitals and clinics to deploy connected devices at scale. Simultaneously, growing 5G network availability across the U.S. and Canada is enabling more reliable, low-latency data transmission from wearable and implantable medical devices, broadening the addressable base for IoMT-enabled healthcare delivery models.

Drivers - Expanding CMS Reimbursement for Remote Patient Monitoring

Favorable reimbursement policy changes are significantly accelerating adoption of connected medical devices across North America. The Centers for Medicare & Medicaid Services (CMS) has expanded coverage for remote physiologic monitoring and remote therapeutic monitoring billing codes in recent years, enabling healthcare providers to generate sustainable revenue from continuous patient monitoring programs.

This is prompting hospitals and specialty clinics to invest in connected devices spanning cardiac monitors, glucose sensors, and wearable vital sign trackers. The Food and Drug Administration (FDA) has additionally cleared a growing pipeline of connected medical devices, reflecting regulatory support for digital health innovation. As reimbursement frameworks continue to mature, healthcare providers are expected to scale remote monitoring programs further, reinforcing sustained demand for IoMT hardware, software, and supporting services across the region.

Rising Chronic Disease Burden Driving Continuous Monitoring Adoption

The escalating prevalence of chronic diseases across North America is a fundamental driver of IoMT adoption, as continuous monitoring becomes essential for effective disease management. The Centers for Disease Control and Prevention (CDC) reports that 6 in 10 adults in the U.S. live with at least one chronic disease, creating substantial demand for connected monitoring solutions that enable proactive intervention. Connected glucose monitors, cardiac rhythm devices, and blood pressure sensors allow clinicians to track patient status between visits, reducing hospital readmissions and improving care coordination.

Companies such as Medtronic and Abbott continue to expand connected chronic disease management device portfolios in response to this growing clinical need, reinforcing sustained market demand for IoMT-enabled chronic care solutions across hospitals and home healthcare settings.

Restraints - Cybersecurity Vulnerabilities in Connected Medical Devices

The proliferation of network-connected medical devices has significantly expanded the potential attack surface for cybersecurity threats within healthcare organizations. The U.S. Department of Health and Human Services (HHS) has repeatedly flagged medical device cybersecurity as a growing patient safety concern, given that compromised connected devices could potentially disrupt clinical operations or expose sensitive patient data. Hospitals must invest substantially in network segmentation, device monitoring, and cybersecurity infrastructure alongside IoMT deployment, adding cost and complexity to implementation projects. This persistent security risk creates hesitancy among some healthcare organizations toward broader connected device adoption, moderating the overall pace of IoMT integration across smaller hospital networks.

Interoperability Challenges Across Disparate Device Ecosystems

Hospitals frequently operate connected medical devices sourced from multiple manufacturers, creating significant data interoperability challenges that limit the full clinical value of IoMT deployments. Inconsistent data formatting standards across device ecosystems often require costly middleware integration solutions to enable seamless data flow into electronic health record systems. This fragmentation increases implementation complexity and total cost of ownership for healthcare organizations seeking comprehensive connected care programs. Without unified interoperability standards, hospitals may struggle to fully leverage aggregated device data for clinical decision-making, moderating the realized return on investment from IoMT technology deployments across the region.

Opportunities - Expansion of Telemedicine and Virtual Care Integration

Continued growth in telemedicine and virtual care delivery presents a substantial opportunity for IoMT companies to expand connected device integration within virtual care platforms. The sustained expansion of CMS telehealth reimbursement flexibilities is encouraging healthcare providers to pair virtual consultations with connected diagnostic and monitoring devices, enabling more comprehensive remote clinical assessment. Companies such as Philips and Oracle Health continue to expand virtual care platforms with integrated connected device compatibility, allowing clinicians to access real-time patient vital signs during telehealth encounters.

As hospitals and specialty clinics increasingly adopt hybrid in-person and virtual care delivery models, demand for IoMT devices seamlessly integrated with telemedicine platforms is expected to accelerate significantly through 2033, representing a durable growth opportunity for connected health technology providers.

Growing Adoption of Cloud-Based IoMT Platforms for Scalable Data Management

The accelerating shift toward cloud-based IoMT deployment presents a significant opportunity for technology vendors offering scalable, subscription-based data management platforms. Cloud infrastructure enables healthcare organizations to aggregate and analyze data from thousands of connected devices simultaneously without maintaining costly on-site server infrastructure, particularly valuable for large, multi-facility hospital networks. Companies including Microsoft and IBM have expanded cloud-based healthcare data platforms designed to support large-scale IoMT device integration and analytics.

As hospitals increasingly seek to leverage artificial intelligence for predictive analytics derived from continuous device data streams, cloud-based IoMT platforms capable of supporting advanced analytics workloads are expected to capture a growing share of technology investment, positioning cloud deployment as one of the fastest-growing segments within the broader North America IoMT market.

Component Analysis

Hardware represented the leading component segment in the North America IoMT market, accounting for 45% share in 2026. This dominant position reflects the foundational role of connected sensors, wearable devices, and monitoring equipment in enabling any IoMT deployment, as software and services layers depend entirely on underlying hardware infrastructure.

Leading device manufacturers including Medtronic and Abbott continue to expand connected hardware portfolios spanning cardiac monitors, continuous glucose sensors, and wearable vital sign trackers. The FDA continues to clear a growing pipeline of connected medical hardware devices, reinforcing sustained hardware segment demand. Meanwhile, the Software segment is projected to be the fastest-growing component category, driven by rising demand for data analytics, device management, and AI-enabled clinical decision support platforms.

Deployment Mode Analysis

On-premises deployment led the deployment mode segment, holding an estimated 58% share of the North America IoMT market in 2026. This leadership reflects large hospital systems' continued preference for direct control over connected device data given stringent HIPAA compliance requirements governing protected health information, alongside existing capital investment in on-site IT infrastructure. Many academic medical centers and large hospital networks maintain on-premises device management systems integrated with existing electronic health record infrastructure.

Vendors such as Siemens Healthineers and GE HealthCare continue to support robust on-premises IoMT device integration for major hospital systems. Cloud-based deployment, however, is expected to be the fastest-growing deployment mode through 2033, as healthcare organizations increasingly seek scalable, lower-maintenance infrastructure for managing expanding connected device fleets.

U.S. Internet of Medical Things (IoMT) Market Size

The U.S. accounted for 86% of the North America IoMT market in 2026, supported by advanced digital-health infrastructure, widespread connected-device adoption, and strong reimbursement for remote monitoring. CMS expanded Medicare coverage for remote patient monitoring, while Medicare spending on RPM services exceeded US$500 million in 2024, highlighting increasing utilization.

The country also has a large installed base of connected medical devices and strong participation from technology and healthcare companies, including Medtronic and Cisco. Continued adoption of remote patient monitoring, wearable devices, smart hospital technologies, and AI-enabled connected systems is expected to sustain U.S. IoMT market growth.

Canada Internet of Medical Things (IoMT) Market Size

Canada represented 14% of the North America IoMT market in 2026, with growth supported by expanding digital-health infrastructure and connected-care initiatives. Canada has achieved extensive high-speed network coverage, with 94.3% of Canadians having access to 5G in 2024, supporting deployment of connected medical devices and remote monitoring solutions. In addition, 37.2% of Canadians reported using both in-person and virtual healthcare appointments in 2023, demonstrating established acceptance of digitally enabled care.

Federal initiatives led by Canada Health Infoway, combined with provincial investments in virtual care, remote patient monitoring, interoperable records, and connected healthcare infrastructure, are expected to accelerate IoMT adoption.

The North America IoMT market is highly fragmented, comprising large diversified medical device and technology companies alongside specialized connected health innovators. Companies such as Medtronic, Philips, and Cisco Systems compete through continuous innovation in connected sensor technology, cloud-based device management platforms, and AI-enabled analytics capabilities.

Key differentiators among market leaders include breadth of connected device portfolios, depth of cybersecurity infrastructure, and interoperability with existing hospital IT systems. Emerging business model trends include growing strategic partnerships between medical device manufacturers and cloud technology providers, alongside expanding subscription-based device management and analytics service offerings designed to generate recurring revenue beyond initial hardware sales.

Key Developments

• November 2026: Medtronic established its first Digital Healthcare Innovation Hub in China to accelerate the development and adoption of connected healthcare technologies and digital medical solutions. The facility was designed to support collaboration with hospitals, technology companies, and research institutions while advancing artificial intelligence, remote patient monitoring, and data-driven clinical decision support.
• September 2023: Cisco Meraki selected ORDR as its Ecosystem Partner of the Month, recognizing the company's contributions to enhancing network visibility and cybersecurity for connected devices. The recognition highlighted ORDR's integration with the Cisco Meraki platform, enabling healthcare organizations and other enterprises to automatically discover, classify, and secure Internet of Medical Things (IoMT) and IoT devices across their networks.