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Internet of Medical Things (IoMT) is a combination of medical devices and applications that connect to healthcare IT systems using networking technologies. The Global Internet of Medical Things Market is projected to grow at a significant CAGR of close to 26% during the forecast period 2021 to 2027. The revenue generated by the market globally in the year 2020 exceeded US$ 60 Bn.
The adoption of the Internet of things (IoT) has increased at a significant rate during the last decade across the world due to the availability of better connectivity and advancements in technology. IoT can be described as a network of physical objects that are connected to each other and the processing or functioning of the network is controlled by various devices, sensors, and software. Rapid technological developments and internet penetration along with the availability of better connectivity options have resulted in healthcare infrastructure approach a new ear of pervasive computing. IoT combines the power of computing and network and makes everyday objects capable of collecting, processing, computing, storing, and communicating with the physical world.
Implementation of the Internet of Medical Things (IoMT) reduces needless hospital visits and the burden on health care systems by connecting patients to their physicians. Additionally, the medical IoT technology also allows the transmission of medical data over a secure network which ensures the safety of the patient data sharing. Implementation of the technology consists of smart devices such as wearables, smart beds, and other operating instruments along with medical monitors to collect the patient data and offer precise and better treatment.
The data gathered by the medical IoT in real-time assists for an enhanced and accurate treatment for the patients. Moreover, gathering data in real-time is very crucial while monitoring critical and emergency cases. Ontime and better assessment can be provided with the medical IoT devices. Additionally, with the availability of telemedicine technology patients can consult the doctors virtually from remote locations with ease and convenience. Thus, the availability of real-time data monitoring is estimated to drive the adoption of the Internet of Medical Things across the globe.
IT is spending in healthcare is observed to be growing in countries such as France, Germany, Spain, The U.K., The U.S, Canada, and U.A.E. This is projected to boost the market growth as initial investment cost is high while setting up an entire medical IoT infrastructure in the hospital. Better customer engagement is achieved by the IoMT and will help to achieve patient satisfaction. Availability of better connectivity options such as 4G, 5G, along with Wi-Fi, NFC, Bluetooth 5.0 is projected to create opportunities for the market in the prognosis period.
Several benefits can be achieved with the implementation of the technology, such as improved drug management, decreased costs, better treatment and accurate diagnosis, improved disease management, remote monitoring of chronic diseases, along enhanced patient experience. However, lack of technological awareness in the developing countries and poor healthcare infrastructure is estimated to cause hindrance in the market growth. Additionally, high setup and infrastructure cost is also a major restraint in the market.
The market is observed to have a growing stage in regions like North America and Europe. The presence of major players in the North America & Europe is another crucial reason for the significant growth in the market. Whereas it is seen to be at an emerging stage in the Asia Pacific, South America, and Middle East & Africa. Competition in the market is observed to be high due to emerging new entrants in the market. Major competitors of the market include Agamatrix, Armis, Robert Bosch GmbH, Capsule Technologies, Comarch SA, GE Healthcare, HQSoftware, OSP Labs, Microsoft Corporation, IBM Corporation, Softweb Solutions, Sciencesoft, Welch Allyn, Oxagile, Siemens AG, among others.
The Internet of Medical Things Market is segmented into the following categories.
By Enterprise Size