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The Internet of Medical Things (IoMT) has become a far-reaching force in the healthcare sector that changes the dynamics of markets and alters medical service delivery. This market is part of the broader Internet of Things (IoT), which consists of interconnected devices and applications for medicine that can communicate, collect, analyze, and forward data related to health among themselves. One key driver propelling the growth of the IoMT market is the increasing utilization of digital health solutions. The incidence of chronic diseases is on the rise with an aging population, thereby leading to increased demand for continual monitoring from a remote place. IoMT gadgets monitor real-time vital signs, medication adherence, and general health indexes, thus empowering healthcare practitioners with opportunities to undertake pre-emptive management toward patients' welfare. Moreover, improved technology, especially in areas such as artificial intelligence (AI) and machine learning, plays a critical role in enhancing the capabilities of IoMT devices. These advancements facilitate the analysis of large datasets generated by medical devices while acquiring significant findings, hence making it easier for predictive analytics.
Interoperability is another important factor that shapes the IoMT market. Therefore, interoperable IoMT solutions are necessary when healthcare systems intend to achieve seamless connectivity as well as data exchange. Given the sensitivity of medical information, privacy, and security issues are crucial within this market field. Internet-connected medical equipment exposes them to many vulnerabilities; hence, strong countermeasures must be put in place against cyber threats on these equipment. In this regard, stakeholders are increasingly investing in cybersecurity solutions so as to safeguard patient information, prevent unauthorized access, and ensure security for all healthcare systems involved in its ramifications. Referring to its segmentation, the landscape ioMT varies from one segment to another. These include patient monitoring, telehealth, medication management, and chronic disease management. The uniqueness inherent in each segment provides opportunities and challenges, propelling competitiveness among industry players.
The regulatory framework similarly contributes significantly towards shaping this market niche. Efforts by governments and regulatory agencies are ongoing to provide guidelines as well as standards to ensure that IoMT devices are safe, effective, and reliable. Consequently, to enter into this market, compliance with regulatory requirements is important because it will create a more structured and transparent environment. In the future, IoMT is set for continued growth and development. The integration of IoMT with electronic health records (EHRs) and other healthcare IT systems is expected to optimize the overall efficiency of healthcare provision. Besides, the introduction of 5G technology may revolutionize the field of ioMT by facilitating faster and much more reliable data transmission and reduced latency while increasing the capabilities of connected medical equipment. As the IoMT market continues maturing, stakeholders should navigate through the changing regulatory landscape, address security concerns, and foster collaboration in order to unleash its full potential in transforming healthcare delivery.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 23.8% |
Internet Medical Things Market Highlights:
Internet of Medical Things (IoMT) Market Snapshot
Internet of Medical Things Market size is projected to grow USD 289.4 Billion by 2030, exhibiting a CAGR of 23.8% during forecast period 2022-2030. IoMT is a collection of medical devices and applications connected to healthcare IT systems through online computer networks. Medical devices equipped with Wi-Fi networks allow machine-to-machine communication which is the basis of IoMT technology. The IoMT devices link to cloud platforms such as Amazon Web Services or Microsoft’s Azure where the data is captured, stored, and subsequently analyzed.
The rising number of connected devices and the need for cost reduction in medicinal delivery are key factors driving the growth of the IoMT market. Moreover, the need for enhancing healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others are some of the promising areas of market advancement in IoMT devices. However, the lack of proper IoT technology skills across healthcare organizations is anticipated to hinder the growth of the IoMT market.
With several advantages like enhanced patient safety, reduced medical errors, seamless transfer of electronic health records (EHR), better disease management, remote monitoring of chronic diseases, and improved drug management, IoT medical devices have the potential to transform healthcare and improve patient outcomes while reducing costs and aiding healthcare providers in making informed care decisions with greater speed and ease.
Market Segmentation
The Internet of Medical Things (IoMT) Market has been segmented based on Component, Product Type, Application, Connectivity Technology, and Region.
- By Component, the market has been segmented into medical devices, systems and software, and services.
- By Product Type, the market has been divided into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators, and others.
- By Application, the market has been divided into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and others.
- By Connectivity Technology, the market has been divided into Wi-Fi, Bluetooth low energy, ZigBee, near field communication, and others.
The regions included in the study are North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Regional Analysis
Geographically, the global Internet of Medical Things (IoMT) market has been categorized into four regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
North America is expected to dominate the market with the largest share during the forecast period owing to the increasing number of smartphone users, greater penetration of 4G technology, and the need to address the increasing healthcare costs in the region. Asia-Pacific is expected to advance at the highest CAGR during the forecast duration owing to the government initiatives for the promotion of eHealth and the growing demand for quality healthcare products and services.
Key Players
The Global Internet of Medical Things (IoMT) Market is characterized by the presence of several regional and local providers. Some of the key players in the market are
- GE Healthcare
- Koninklijke Philips N.V.
- Medtronic plc
- Cisco Systems, Inc.
- IBM Corporation
- Siemens AG
- Welch Allyn, Inc.
- Boston Scientific Corporation
- Johnson & Johnson Services, Inc.
- Biotronik
- Agamatrix
- Sciencesoft
- KORE Wireless
- Telit
- STANLEY Healthcare
Key Developments
In May 2023, Medtronic plc, a healthcare technology company, took over EOFlow Co. Ltd., the manufacturer of EOPatch devices, to supplement its existing next-generation continuous glucose monitor (CGM) and Meal Detection Technology algorithm. Medtronic’s goal is to expand its reach in the diabetes population by integrating EOFlow’s technologies that allow a person to choose different insulin delivery options suitable for all stages and patient preferences.
In June 2023, Biotronik SE & Co. KG launched their BIOMONITOR IV implantable cardiac monitor (ICM). The combination of BIOTRONIK’s SmartECG technology with AI has brought about an 86% reduction in the rate of false positive detections while still detecting 98% of true episodes.
On the other hand, Koninklijke Philips N.V. unveiled Zenition 10 Medical Imaging Device used during surgery and interventional procedures. It employs Philips’ flat panel detector technology to facilitate cost-effective treatment and improve patient outcomes, thus bringing quality care closer to a larger population of individuals globally.
In May 2023, Koninklijke Philips N.V. presented this new Philips CT 3500 system capable of serving routine radiology procedures and high-volume screening programs. It offers a wide range of image reconstruction as well as workflow-enhancing features, enabling the generation of consistent, fast, and high-quality images for diagnostic purposes. This new system incorporates internal and external sensors for proactive monitoring, including vMRC tube technology developed by Philips, which keeps track of essential performance indicators.
Medtronic PLC also acquired EOFLOW Co., Ltd, based in South Korea, an insulin delivery system developer; this will allow Medtronic’s diabetic treatments to become accessible to a greater number of patients who opt for different ways of delivering insulin.
During March 2023, Medtronic PLC partnered with NVIDIA Corporation, known as a designer and producer of graphics processing units (GPUs), to accelerate the growth of AI across healthcare and introduce creative AI-driven solutions into patient care. In their cooperation, both companies have planned to integrate NVIDIA’s health care and edge AI technologies into Medtronic’s GI Genius intelligent endoscopy module, which was developed by Cosmo Pharmaceuticals. These two enterprises will combine their competencies that help doctors monitor patients using AI-based tools.
In January 2023, Koninklijke Philips N.V. entered into an agreement with Masimo Corporation to improve the patient monitoring capabilities in home telehealth applications using Masimo’s W1 advanced health tracking watch. In return, Philips will be able to improve its hospital-at-home programs by leveraging the joint expertise available from the two entities.
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