The growing adoption of networking technologies is anticipated to be an opportunity for the global Internet of Medical Things Market
Internet of medical things (IoMT) is an interconnected structure of medical devices that enable data sharing, remote patient monitoring, tracking real-time progress, data gathering, and analysis. IoMT has completely changed the functional scope of the healthcare system while delivering the highest standards of care, diagnostics, and therapeutics. Most importantly, the IoMT has been highly beneficial during Covid-19 pandemic. As a result, the global internet of medical things market is growing at a high rate which by 2028 is expected to exceed the value of 146.45 billion.
MedTech firms play a vital role in providing multiple innovative solutions, products, services, and platforms. The MedTech firms are introducing a plethora of IoMT solutions, thereby strengthening their position in the marketplace.
Context-aware communications have been playing a critical role in IoMT paradigm. Serving the current pandemic needs, the companies are focusing on precise treatment options for covid cases by introducing products that minimize risks and alerts users to take proactive steps for preventing health conditions.
Many firms are also focusing on providing smart wearables for health tracking and remote monitoring, for example, remote diagnostic services through smart wearables. Smart pills are one such booming product in the market as they prevent patients from undergoing invasive procedures. Other products like point-of-care devices, Personal emergency response systems, clinical-scale wearables, consumer-scale wearables, etc. in the market are anticipated to be growth opportunities favoring market expansion.
Whilst, internet of medical things (IoMT) market is in a strong position worldwide, the market still entails some implementation challenges concerns of security for sensitive medical data, regulatory barriers, interoperability, high implementation costs are some factors likely to hamper the global internet of medical things market. Furthermore, the establishment of real-time data monitoring systems, cyber threat defensive systems, proactive steps taken for implementing regulatory guidelines, unified open APIs for better interoperability, better cost-saving strategies are anticipated to provide growth opportunities for the global internet of medical things market.
Adroit Market Research report provides comprehensive coverage from 2018 to 2028 of internet of medical things market. The report focuses on the drivers, restraints, growth opportunities, investment feasibility, and more such attributes in detail. The critical industry developments both at local and global level, the study of leading companies based on market capital and ranking are key components of this report. The report explains in detail how they are evolving in the market. Their product portfolios, geographic footprint, financial information, covid-recovery strategies, etc is discussed in detail.
The healthcare companies are focusing on accelerating the production of IoMT devices, tailored solutions based on specific medical conditions. The MedTech companies with their innovative IoMT solution, products, and platforms, are resolving several medical challenges such as speed, price, and complexities.
It is helping the medical organizations improve their overall performance of the healthcare management system during the pandemic. Some market players are also integrating IoMT with advanced technologies like AI and Ml which is offering thrice return on investment and strengthening their competitive position.
Depending on different segments the market is classified into product type segments namely Home-Use, Wearable Devices, Point-Of-Care Kits. The Wearable Devices segment dominates a major share of the market and is expected to see a stable growth in future too. The wearable devices have ability to monitor the fitness levels, equipped with GPD trackers, alerts the users to take proactive healthcare steps which are the primary reasons for growth of this segment.
Depending on different segments the market is classified into end user segments namely Data Assortment & Analysis, Real-Time Monitoring, Remote Monitoring, Others. The remote monitoring segment is the highest shareholder in global Internet of Medical Things Market because it has enhanced healthcare, helping doctors monitor patient’s progress remotely, and other benefits.
Depending on different segments the market is classified into application segments namely on- Research Institutes, Hospitals, Other. The hospitals segment gathered highest market share in global Internet of Medical Things Market because its use has brought more powerful changes to the healthcare organizations.
North America gained more revenue shares in the market because the region has the presence of large MedTech firms that have introduced smart sensors, networking devices, efficient infrastructure, software, and apps marketed worldwide. Moreover, availability, delivery, and affordability are some other drivers of IoMT market growth in this region.
The internet of medical things market providing innovative products, services, technologies, and platforms to the medical organizations are Atlas Wearables, Breathometer, Qualcomm, Koninklijke Philips, Medtronic, Stanley Black & Decker, and Cisco Systems among all other emerging and established players.
Key Segments of the Global Internet of Medical Things (IoMT) Market
Product Type Overview, 2018-2028 (USD Billion)
- Wearable Devices
- Point-Of-Care Kits
Application Overview, 2018-2028 (USD Billion)
- Data Assortment & Analysis
- Real-Time Monitoring
- Remote Monitoring
End-user Overview, 2018-2028 (USD Billion)
- Research Institutes
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa