Escalating need for improving patient healthcare outcomes and enhancing efficiency of healthcare services will boost internet of medical things market trends.
Internet of Medical Things Market
Breakthroughs in deep learning, machine learning, cloud computing, big tools, and internet of things has paved way for expansion of internet of medical things industry in recent years. Moreover, internet of medical things scenario involves utilization of clinical sensors, wearable equipment, computing frameworks, and clinical modules. Apparently, internet of medical things is projected to bring paradigm shift in healthcare industry with former having ability for unraveling endless gaps in healthcare services and thus improving diagnosis & treatment for patients. Furthermore, internet of medical things also abbreviated as IoMT can assist physician in monitoring health condition of patients on real-time basis and thereby deciding mode & level of treatment for these patients.
Moreover, internet of medical things helps in avoiding unnecessary hospitalizations for patients. Reportedly, nearly more than 50% of healthcare organizations across globe have accepted IoT and additional 27% of healthcare firms are set to use IoT by 2021. With COVID-19 outbreak, internet of medical things market is likely gain prominence in coming decade as IoMT utilization in healthcare sector reduces recurrence of patient and doctor contact. From pregnancy testing kits to surgical devices, artificial joints to MRI scanners, medical technology designs and manufactures a plethora of products. Furthermore, IoMT-a connected infrastructure of healthcare services & tools- is that technology, which helps all the aforementioned products for generating, collecting, analyzing, and transmitting information.
Escalating need for improving patient healthcare outcomes, reducing surging healthcare costs, and enhancing efficiency of healthcare services will boost internet of medical things market trends. Apart from this, internet of medical things technology is predicted to help healthcare firms’ coin new ways of engaging with patients along with empowering them. This will further contribute significantly towards expansion of internet of medical things market over years to come. Apparently, internet of medical things (IoMT) is projected to minimize unnecessary consultation with physicians through sharing of medical information via a secured & robust network.
In addition to this, intelligent transit healthcare schema makes use of internet of medical things for remote monitoring of patients, thereby expanding scope of internet of medical things market in the years to come. Onset of industry 4.0 has lucratively influenced growth of internet of medical things market with industry 4.0 producing high-caliber clinical devices which can be altered as per medical requirements. Furthermore, it helps in reducing social insurance costs and bringing improvement in various kinds of medical therapies. Nevertheless, IoMT devices are prone to vulnerabilities such as hacking and can prove harmful for patients. This, in turn, can put brakes on growth of internet of medical things industry in foreseeable future.
The global internet of medical things market is segmented into product type, application, and end-user. On basis of product type, market is sectored into home-use medical equipment, point-of-care devices, and smart wearable gadgets. In terms of application, internet of medical things industry is classified into real-time monitoring, data assortment & analysis, remote medical assistance, and tracking & alerts. Based on end-user, the market is divided into homecare, research institutes, and hospitals & clinics. Region-wise, the internet of medical things market is classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
The growth of internet of medical things market in North America over forecast period can be attributed to large-scale presence of IoT service providers in countries such as the U.S. Apart from this, access to strong healthcare infrastructure in the region will benefit expansion of internet to medical things industry in sub-continent over forecasting years. In addition to this, massive spending on healthcare IT activities by governments of Canada and the U.S. will further prompt growth of internet of medical things market in region.
Key players influencing market growth and profiled in our report include Boston Scientific Corporation, Welch Allyn, Cisco Systems, SAP SE, GE Healthcare, Medtronic Corporation, Microsoft Corporation, IBM Corporation, Koninklijke Philips N.V., and iRhythm Technologies.