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The Internet of Medical Things (IoMT) has become a change agent within the healthcare industry, revolutionizing patient-centered care as well as monitoring and management roles associated with it. Market share positioning strategies are critical determinants for success by companies seeking dominance in such an evolving scenario like a dynamic landscape characterized by numerous players engaged in the business activities related to iomTs. This approach must be applied by industry leaders who take up most of their budget toward research, which leads to the introduction of innovative ioMt solutions. Thirdly, strategic partnerships or alliances involving major industry players can be used as an effective market share positioning strategy in the IoMT domain. Since healthcare is a multidisciplinary sector, leading companies form partnerships with key stakeholders such as hospitals, research centers, and other tech firms. These affiliations not only enable the sharing of expertise but also create a network effect by extending the scope and impact of IoMT solutions.
Additionally, customization and flexibility are important when it comes to gaining market share in the IoMT sector. Strong companies should provide tailored solutions to healthcare providers who have different needs. It means that IoMT technologies should be adaptable across diverse applications depending on specific requirements for each medical facility. In addition to customization, affordability is another driver behind the market share position in the ioMT scape. The healthcare sector usually operates within tight budgets; hence, those companies that manage to offer their customers high-quality ioMt products at competitive prices stand out among competitors. Cost-effectiveness also entails demonstrating that IoMT has long-term value and return on investment for healthcare organizations beyond the prices offered.
Another strategy in the competitive IoMT market is user experience and ease of integration. With healthcare professionals depending on technology more to streamline their workflows, favors go to companies with intuitive interfaces and easy integration into existing systems. Furthermore, data security and privacy are highly important in the IoMT field. In the market, it is only the companies that put more emphasis on robust cyber security measures as well as compliance with existing data protection regulations that set themselves apart from others. Lastly, education and awareness campaigns play a significant role in terms of positioning market shares within the IoMT sector. Most healthcare providers, as well as organizations, might not be aware of how much these technologies can benefit them. Any organization that will make an effort to educate people so that they can see their product's efficiency and advantages, among other positive results, will have a higher chance of grabbing potential buyers' attention.
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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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