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Internet of Medical Things (IoMT) market is anticipated to witness a CAGR of 23.4% over the forecast period 2020 - 2025. 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).
Key Market Trends
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.
- Wearable external medical devices segment of the connected devices is expected to grow at the highest CAGR during the forecast period owing to increasing per-capita income in developing countries and the ease-of-use and interpretation of medical devices.
North America is the Major Market for IoMT Devices
- North America is expected to hold the largest share of the IoT medical devices market during the forecast period owing to the growth of interest in self-health management among patients, the increasing prevalence of chronic diseases. The increasing number of smartphone users, greater penetration of 4G technology, and the need to address the increasing healthcare costs are expected to drive market growth in the coming years.
- The market for IoT medical devices is expected to grow at the highest CAGR in the Asia-pacific region during the forecast period. Implementation of government initiatives for the promotion of eHealth, rising medical tourism, and growing demand for quality healthcare, the increasing prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the growing penetration of advanced connectivity and networks in these countries are some of the factors driving the growth of the market. Moreover, the region also enjoys the presence of several significant vendors in the IoT market, who are investing significantly in the new product innovation.
The IoMT market is currently dominated by key layers with their technological expertise in the IoT market and the global market for IoMT is expected to be consolidated in nature. 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 are some of the major players present in the current market. However, the majority of these players are involved in competitive strategic developments such as partnership, deployment of new product innovation and launch, and market expansion to gain leadership position in the global market.
- June 2019 - TCS, a leading global IT services organization, in partnership with SAP, launched an Intelligent Field Inventory Management (IFIM) solution. This solution is used to leverage IoT and blockchain to help medical device manufacturers streamline surgical kit handling.
- January 2019 - Cynerio, IoMT Startup raises USD 7 million funding from the investors Accelmed, RDC; and MTIP. The company is planning to expand its healthcare-focused cybersecurity platform in the US.
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