Internet of Medical Things (IoMT) Market
The Internet of Medical Things (IoMT) Market is garnering substantial traction across the globe. The internet of medical things is impacting healthcare exponentially. The market growth attributes to rising numbers of connected medical devices, improving access to health services. New-age internet-connected devices are designed to improve efficiencies, lower healthcare costs, and bring better treatment outcomes. Besides, increasing healthcare expenditures worldwide boost market growth.
The Internet of Medical Things (IoMT) is a rapidly growing field in the healthcare industry that is transforming the way healthcare is delivered. The IoMT is a network of connected medical devices and applications that collect and transmit data to healthcare providers in real-time, improving the quality of patient care.
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Given the improved computing power and wireless capabilities, healthcare organizations are increasingly leveraging IoMT technologies' potential. Moreover, considerable progress in the digital transformation of health care this year, majorly due to the pandemic, escalates the market growth. According to Market Research Future (MRFR), the global internet of medical things (IoMT) market is projected to register a double-digit CAGR of 25.6% throughout the review period (2020-2027).
Additionally, the rising demand for connected devices and cost reduction in the medicinal delivery act as a key tailwind for the IoMT market. Furthermore, the need for improved healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others foster market growth. Technological advances are some of the promising areas of IoMT device market developments.
On the other hand, the lack of proper IoT technology skills across healthcare organizations is a major factor projected to impede market growth. Also, as the IoMT industry is still in its embryonic stage, it demands more initial investment costs and advances in the supply chain. Healthcare groups need to look to secure their medical internet of things (IoT) devices.
Due to the emergence of telemedicine, web-connected medical devices, and third-party companies in the supply chain, it has become extremely important for healthcare to secure data. Nevertheless, increasing uses of the internet of medical things technology across the healthcare verticals to control diagnostic and therapeutic machinery through electromechanical energy would support the market growth throughout the review period.
At its core, the IoMT is a collection of devices that are designed to make healthcare more efficient, accurate, and cost-effective. These devices can be anything from wearables, sensors, and monitors to implantable devices and medical robots. The data that is collected by these devices is sent to healthcare providers, who can then use it to make informed decisions about patient care.
One of the main benefits of the IoMT is that it enables remote patient monitoring. This means that patients can be monitored in real-time, even when they are not physically in the same location as their healthcare provider. This is particularly useful for patients with chronic conditions, as it enables them to receive the care they need without having to leave their homes.
Another benefit of the IoMT is that it can help to reduce healthcare costs. By enabling remote monitoring and early detection of health issues, the IoMT can prevent costly hospitalizations and emergency room visits. It can also help healthcare providers to deliver more personalized care, as they can use the data collected by the IoMT devices to tailor treatments to the specific needs of individual patients.
The IoMT also has the potential to improve patient outcomes by providing healthcare providers with real-time data on a patient's condition. This data can be used to make more informed decisions about treatment and can help to identify potential health issues before they become serious.
However, with all the benefits that the IoMT provides, there are also some potential risks to consider. One of the main concerns is the security of the data that is collected and transmitted by these devices. As with any connected device, there is a risk of data breaches, which could compromise the privacy of patient information.
Another concern is the potential for these devices to malfunction, which could result in inaccurate data being collected or transmitted. This could have serious implications for patient care and could even be life-threatening in some cases.
To mitigate these risks, it is important for healthcare providers to implement strict security protocols and to regularly test and maintain the IoMT devices that they use. It is also important for patients to be aware of the risks and to take an active role in protecting their own data.
Internet of Medical Things (IoMT) Market – Segments
The report is segmented into five dynamics;
By Component : Medical Devices, Systems & Software, and Services.
By Product Type : Implantable Cardiac Devices, Vital Signs Monitoring Devices, Respiratory Devices, Anesthetic Machines, Imaging Systems, Ventilators, and others.
By Application : Telemedicine, Clinical Operations & Workflow Management, Connected Imaging, Inpatient Monitoring, Medication Management, and others.
By Connectivity Technology: Near Field Communication, Bluetooth Low Energy, Wi-Fi, ZigBee, and others.
By Regions : Europe, North America, APAC and Rest of the World.
Global Internet of Medical Things Market – Geographical Analysis
North America dominates the global internet of medical things market. The largest market share attributes to increasing numbers of smartphone users, expanding penetration of 4G technology, and the need to curtail increasing healthcare costs in the region. Besides, the presence of well-established players and investments made by them in the development of IoT-enabled medical devices drive the regional market's growth.
Industry players operating in the regional market are capable of delivering a range of customized solutions. Moreover, burgeoning biotechnology and biopharmaceutical sectors in the region substantiate the growth of the market. The North American IoMT market is expected to retain its dominance throughout the projected period.
Europe stands second in the global internet of medical things market. The market growth is driven by the rising medical automation and the presence of many notable players & well-established healthcare centers in the region. Additionally, prominent IoMT markets, such as the U.K., Germany, and France, coupled with the resurging economy in the region, improving the consumer purchasing power, boost the market growth. The European IoMT market is projected to create a substantial revenue pocket during the assessment period.
The Asia Pacific internet of medical things market is growing rapidly. Factors such as government initiatives to promote eHealth and the growing demand for quality healthcare products & services influence the regional market growth. Furthermore, the growing biotech and biopharmaceutical sectors in the region impact the market growth positively.
The growing market in countries like China, India & Japan is backed by the increasing patient population, rising healthcare expenditures, and the increasing demands for robotic surgeries to substantiate the market size. The APAC internet of medical things market is estimated to register the highest CAGR in the years to come.
Worldwide Internet of Medical Things Market – Competitive Landscape
The global IoMT market appears to be fiercely competitive and fragmented, with many well-established players having a global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the market's key players.
Major Players:
Players leading the global IoMT market are Koninklijke Philips N.V., GE Healthcare, Medtronic plc, IBM Corporation, Cisco Systems, Inc., Siemens AG, Boston Scientific Corporation, Welch Allyn, Inc., Johnson & Johnson Services, Inc., Agamatrix, Biotronik, Sciencesoft, Telit, KORE Wireless, and STANLEY Healthcare, among others.
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Industry/ Innovation/ Related News:
October 16, 2020 ---- Savana (Spain), an international medical company, announced raising €12.8M funds to transform electronic health records into Big Data to unlock life-saving insights. Technologies such as the Internet of Medical Things (IoMT), cloud computing, Natural Language Processing (NLP), and Artificial Intelligence (AI) can help streamline health care delivery and align it with changing consumer preferences.
Savana develops technologies such as artificial intelligence (AI), machine learning, and deep learning, providing real-time access to patient population information, reading all clinical documents, including unstructured information, and converting the collected information into knowledge.
In conclusion, the Internet of Medical Things is a rapidly growing field in the healthcare industry that has the potential to transform the way healthcare is delivered. By enabling remote patient monitoring, reducing healthcare costs, and improving patient outcomes, the IoMT is poised to revolutionize the healthcare industry. However, it is important for healthcare providers and patients alike to be aware of the potential risks and to take steps to mitigate them.
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