The global Internet of Medical Things (IoMT) market is expected to grow at a CAGR of 24.55% over the forecast period to reach a market size of US$257.162 billion in 2026 from US$55.324 billion in 2019. The IoMT is a connected infrastructure of medical devices, software applications, and health systems and services and while a growing pool and general adoption of IoT technologies are benefiting many industries, it’s a wave of sensor-based tools - counting wearables and independent gadgets for distant patient checking - and the marriage of web associated clinical gadgets with patient data that eventually put the IoMT environment aside. The ascent of IoMT is driven by "an expansion in the quantity of associated clinical gadgets that can produce, gather, break down or send wellbeing information or pictures and interface with medical care supplier organizations, communicating information to either a cloud store or interior workers," the Deloitte report notes. Eventually, this availability between clinical gadgets and sensors is smoothing out the clinical work process on the board and prompting a general improvement in persistent consideration, both inside care office dividers and in far-off areas.
The development of the IoMT market can be authorized to the capacities of IoMT like the arrangement of more exact findings when contrasted with that of conventional strategies. This prompts fewer mix-ups and lower expenses of care, along these lines, saving lives and broad measures of cash. Combined with cell phone applications, the innovation permits patients to send their wellbeing data to specialists to watch sicknesses and follow and forestall persistent ailments more readily. Indeed, an examination led by analysts from Cedars-Sinai Medical Center and UCLA exhibits the capacity of Fitbit action trackers to assess patients more precisely with ischemic coronary illness by recording their pulse and accelerometer information all the while. This kind of innovation isn't just assisting with improving the patient experience by taking out the requirement for in-person clinical visits, but at the same time, it's assisting with decreasing expenses that said, another positive effect of IoMT is on drug management via the introduction of “smart pills” that contain microscopic sensors, which, once swallowed, can transmit data to connected devices. Some digital medicine companies, such as Proteus Discover, have focused their smart pill capabilities on measuring medication treatment effectiveness to improve clinical outcomes. Others, such as HQ’s CorTemp, are using the pills to monitor patients’ internal health, wirelessly transmitting data such as core temperature - measurements that can be critical in life-or-death situations. Thus, with the increasing capabilities of IoMT as well as the increase in the innovation of IoMT by the different market players, the IoMT market is expected to experience significant growth during the forecast period.
However, factors such as patient privacy, the lapse in data security resulting due to security breaches, and the high cost of IoMT devices are expected to hinder the market growth during the forecast period.
A large portion of the development of the IoMT market can be accredited to the development of the shrewd wearable gadget fragment of IoMT, comprehensive of smartwatches and sensor-loaded keen shirts. This space of IoMT is ready for much further development as man-made brainpower is incorporated into associated gadgets and can demonstrate equipped for the constant, far-off estimation and investigation of patient information. The IoMT biological system extension is making ready for other new advances as well, for example, stands that give availability to mind suppliers. These booths will further empower clinicians to screen and treat patients distantly - a consistently developing requirement for patients in provincial networks as they battle to enlist and hold clinically trained professionals. Notwithstanding a patient's area or condition, the development of the IoMT biological system will turn out to be progressively effective. And surprisingly the most far-off areas will profit with better admittance to mind as associated clinical gadgets keep on discovering their way under the control of the two patients and clinicians, which is all normal to further drive the IoMT market in the upcoming years.
COVID – 19 impact on IoMT market.
The COVID-19 pandemic is expected to have a positive impact on the Internet of Medical Things (IoMT) market growth as due to the outbreak, the healthcare industry came under extreme pressure and is expected to undergo a major technological transformation. The lack of capacity across healthcare organizations and end-users ' preference for consulting and taking treatment through digital medium owing to the prevention from the infection and spread of the virus has increased the demand for IoMT. Moreover, the government's emphasis and the healthcare service provider's preference for the remote monitoring of patients' acting as a growth catalyst to the industry.
Prominent/major key market players on the internet of medical things (IoMT) market include BL Healthcare, Honeywell International Inc., Neurometrix, and Medtronic among others. The players on the internet of medical things (IoMT) are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players on the internet of medical things (IoMT).
The development of the IoMT market can be authorized to the capacities of IoMT like the arrangement of more exact findings when contrasted with that of conventional strategies. This prompts fewer mix-ups and lower expenses of care, along these lines, saving lives and broad measures of cash. Combined with cell phone applications, the innovation permits patients to send their wellbeing data to specialists to watch sicknesses and follow and forestall persistent ailments more readily. Indeed, an examination led by analysts from Cedars-Sinai Medical Center and UCLA exhibits the capacity of Fitbit action trackers to assess patients more precisely with ischemic coronary illness by recording their pulse and accelerometer information all the while. This kind of innovation isn't just assisting with improving the patient experience by taking out the requirement for in-person clinical visits, but at the same time, it's assisting with decreasing expenses that said, another positive effect of IoMT is on drug management via the introduction of “smart pills” that contain microscopic sensors, which, once swallowed, can transmit data to connected devices. Some digital medicine companies, such as Proteus Discover, have focused their smart pill capabilities on measuring medication treatment effectiveness to improve clinical outcomes. Others, such as HQ’s CorTemp, are using the pills to monitor patients’ internal health, wirelessly transmitting data such as core temperature - measurements that can be critical in life-or-death situations. Thus, with the increasing capabilities of IoMT as well as the increase in the innovation of IoMT by the different market players, the IoMT market is expected to experience significant growth during the forecast period.
However, factors such as patient privacy, the lapse in data security resulting due to security breaches, and the high cost of IoMT devices are expected to hinder the market growth during the forecast period.
Growth Factors.
- Growth of the smart wearable device segment.
A large portion of the development of the IoMT market can be accredited to the development of the shrewd wearable gadget fragment of IoMT, comprehensive of smartwatches and sensor-loaded keen shirts. This space of IoMT is ready for much further development as man-made brainpower is incorporated into associated gadgets and can demonstrate equipped for the constant, far-off estimation and investigation of patient information. The IoMT biological system extension is making ready for other new advances as well, for example, stands that give availability to mind suppliers. These booths will further empower clinicians to screen and treat patients distantly - a consistently developing requirement for patients in provincial networks as they battle to enlist and hold clinically trained professionals. Notwithstanding a patient's area or condition, the development of the IoMT biological system will turn out to be progressively effective. And surprisingly the most far-off areas will profit with better admittance to mind as associated clinical gadgets keep on discovering their way under the control of the two patients and clinicians, which is all normal to further drive the IoMT market in the upcoming years.
COVID – 19 impact on IoMT market.
The COVID-19 pandemic is expected to have a positive impact on the Internet of Medical Things (IoMT) market growth as due to the outbreak, the healthcare industry came under extreme pressure and is expected to undergo a major technological transformation. The lack of capacity across healthcare organizations and end-users ' preference for consulting and taking treatment through digital medium owing to the prevention from the infection and spread of the virus has increased the demand for IoMT. Moreover, the government's emphasis and the healthcare service provider's preference for the remote monitoring of patients' acting as a growth catalyst to the industry.
Competitive Insights.
Prominent/major key market players on the internet of medical things (IoMT) market include BL Healthcare, Honeywell International Inc., Neurometrix, and Medtronic among others. The players on the internet of medical things (IoMT) are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players on the internet of medical things (IoMT).
Market Segmentation:
By Product Type
- Smart wearable devices
- Home-use medical devices
- Point-of-care kits
By Application
- Real time monitoring
- End-to-end connectivity
- Data assortment and analysis
- Tracking and alerts
- Remote medical assistance
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- Italy
- Spain
- Others
- Middle East and Africa
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Internet of Medical Things (IoMT) Market Analysis, By Product Type
6. Internet of Medical Things (IoMT) Market Analysis, By Application
7. Internet of Medical Things (IoMT) Market Analysis, By Geography
8. Competitive Environment and Analysis
9. Company Profiles.
Companies Mentioned
- Carre Technologies inc (Hexoskin)
- AliveCor, Inc.
- BL Healthcare
- Honeywell International Inc.
- Neurometrix
- Medtronic
- Boston Scientific Corporation
- Meru Health, Inc.
- VitalConnect
- Bioserenity
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 113 |
| Published | July 2021 |
| Forecast Period | 2019 - 2026 |
| Estimated Market Value ( USD | $ 55.32 billion |
| Forecasted Market Value ( USD | $ 257.16 billion |
| Compound Annual Growth Rate | 24.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
