Internet of Medical Things (IoMT) Market Size Report Analysis, Share, Revenue, Growth Rate With Forecast Overview

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Summary

Internet of Medical Things (IoMT) market is anticipated to witness a CAGR of 23.4% over the forecast period.

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Market Overview

Internet of Medical Things (IoMT) market is anticipated to witness a CAGR of 23.4% over the forecast period. The increasing need for cost reduction in medicinal delivery and increasing penetration of connected devices are some of the major factors influencing the growth of IoMT market. Especially, the need for improving healthcare outcomes and the evolution of high-speed networking technologies 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 obstruct the market growth of IoMT market.

– 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, at the same time, helping to reduce costs and make better informed care decisions with greater speed and ease.
– A research conducted by a network provider company in Aruba on approximately 3,100 IT enterprises including healthcare and business decision-makers across 20 countries, concluded that nearly 87% of the healthcare organizations across the globe are planning to adopt IoT services by 2020 for improving patient monitoring, and cost reduction.

Scope of the Report

The market for IoMT is primarily segmented by device type, product, connectivity technology, end users, and region. The scope for the device type market includes wearable devices, stationary devices, implantable devices that address the need for patient-centric care delivery. Products include vital signs monitoring devices, implantable cardiac devices, respiratory devices, imaging systems, anesthetic machines, and ventilators. The technology used for the connectivity of IoT devices includes ZigBee, Bluetooth, and WiFi, while the end user market includes hospitals, clinics and others (nursing homes, long-term care centers, home care settings).

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Increasing Penetration of Connected Devices

– IoT Medical tools and devices used in healthcare organizations are revolutionizing medical care in unique ways. Connected devices such as glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors are positioned close to a patient’s body and ensure enhanced customer satisfaction by providing round the clock medical assistance and services.
– Cisco estimates that more than 50 billion devices will be connected to the Internet worldwide, in another five to six years. Around 30% of these connected devices are estimated to be deployed in the medical field. The only challenge for manufacturers in the process of adoption is to demonstrate how connected medical devices can benefit value-based care.