Internet of Medical Things (IoMT) Market – Introduction
- The healthcare industry is adopting the Internet of Medical Things (IoMT) to enhance efficiency in work by using IoT connected devices. Organizations and hospitals are employing technology for remote patient monitoring and to maintain patient records.
- Internet of Medical Things (IoMT) is extensively utilized in patient monitoring applications through connected devices. Integration of IoT devices in healthcare procedures helps enhance the efficiency of healthcare professionals and healthcare operations.
- Solution providers of IoMT are offering solutions that include software applications, infrastructure of medical devices, health systems, and professional services in order to boost the performance of solutions. These connected devices help to collect, generate, analyze and transmit data to a centralized system for further use.
- Presently, IoMT and connected devices are being utilized in a wide range of applications in hospitals, from surgical instruments and pregnancy testing kits, to MRI scanners and artificial joints
- Increasing awareness about advanced healthcare solutions is expected to propel the adoption of IoMT in the healthcare industry during the forecast period
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Key Drivers of the Internet of Medical Things (IoMT) Market
- Increase in demand for real-time healthcare solutions and growing adoption of wearable devices is expected to drive the Internet of Medical Things (IoMT) market. Connected devices reduce consultation cost of any medical experts; they can easily examine patients through a connected device. This, in turn, is also expected to boost the Internet of Medical Things (IoMT) market.
- Increase in demand for connected devices in the healthcare sector is projected to offer significant opportunities for providers of IoT solutions and software
Lack of skilled professionals and security & privacy issues regarding patient data to hinder market
- Lack of infrastructure facilities and skilled professionals in the hospital and medical sectors is estimated to restrain the Internet of Medical Things (IoMT) market
- Several hospitals are not investing in the security of endpoint systems to prevent unauthorized user login and harmful cyber-attacks, which is also expected to hamper the Internet of Medical Things (IoMT) market
Impact of COVID-19 on Global Internet of Medical Things (IoMT) Market
- Demand for healthcare solutions is increasing in the healthcare industry during the COVID-19 pandemic for treatment and monitoring of critical patients. Hospitals and local governments are increasing investment in new devices and IoMT technology to enhance efficiency of doctors and other corona warriors. Demand for IoMT is estimated to increase during COVID-19 and also projected to boost the rate of adoption of technologies during the forecast period due to the dependency of the healthcare industry on connected devices.
North America to Hold Major Share of Global Internet of Medical Things (IoMT) Market
- North America holds a prominent share of the Internet of Medical Things (IoMT) market due to the presence of key solution providers and early adoption of connected devices and Internet of Things (IoT) solutions among the end-users in the region
- The Internet of Medical Things (IoMT) market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to a rise in the adoption of advanced technological devices and software among healthcare companies & hospitals and surge in investment by major players to provide services in this regions.
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Key Players Operating in the Global Internet of Medical Things (IoMT) Market
- GE Healthcare
GE Healthcare is a leading global player in the field of medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, and biopharmaceutical manufacturing technologies. GE Healthcare has a vast experience of more than 100 years as a provider of medical imaging equipment in the industry.
- Microsoft Corporation
Microsoft Corporation engages in the development, manufacture, licensing, marketing, and sale of software, personal computers & services, and consumer electronics. Its products range from video games to mobile devices. The company operates globally and has offices in more than 190 countries.
Other key players operating in the global Internet of Medical Things (IoMT) market include Cisco Systems Inc., Stanley Black & Decker, Inc., Medtronic plc, Koninklijke Philips N.V., Qualcomm Life Inc., Breathometer Inc., and Atlas Wearables, Inc.
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