Internet of Medical Things (IoMT) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Internet of Medical Things (IoMT) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Internet of Medical Things (IoMT) market is anticipated to witness a CAGR of 23.4% over the forecast period 2022 - 2027. The increasing need for cost reduction in medicinal delivery and increasing penetration of connected devices are some of the significant factors influencing the growth of the IoMT market. Especially the need for improving healthcare outcomes and the evolution of high-speed networking technologies are some 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 the IoMT market.

Key Highlights

• With 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 more incredible speed and ease.
• Increasing Penetration of Connected Devices is a factor that drives the market. Connected medical devices are medical devices that are capable of connecting to the internet through WiFi, Bluetooth, or radio transmission. These medical devices have digital capabilities beyond the essential function of diagnosing, treating, curing, or preventing disease, allowing them to integrate with and connect to other networks and systems. The IoMT combines data (patient information or performance data), people (patients, clinicians, and caregivers), and processes (healthcare delivery and patient support) with the help of connected medical devices and mobile medical applications.
• The benefit of IoMT is that it provides fewer mistakes and accurate diagnoses at a lower cost, thereby improving healthcare outcomes that drive the market. The IoT with mobile applications allows patients to transport healthcare data to doctors, which helps monitor chronic diseases.
• The cost of interoperability and connectivity solutions for different medical devices is considerably high. Moreover, IT support and maintenance services, which include modifying and upgrading software per changing user requirements and maintaining an efficient IT infrastructure, represent a recurring expenditure. This accounts for a large share of the total cost of ownership. Also, post-sale custom interface development for device integration requires additional verification and validation to ensure solution accuracy and completeness. This further increases the total cost of ownership for healthcare providers. As a result of the high costs involved, small healthcare facilities, especially in emerging countries, are reluctant to replace their legacy systems with advanced IoT-enabled devices.
• During the COVID-19 pandemic, continuous monitoring of health conditions in unexpectedly huge numbers of patients during both pre and post-infection stages is considered indispensable. Internet of Medical Things (IoMT) enabled remote patient monitoring, screening, and treatment via telehealth have been successfully adapted by caregivers, health providers, and patients. IoMT-based smart devices are impacting at a skyrocketing pace, particularly in the global pandemic state. However, considering the vast need, healthcare is the most challenging area for IoMT.

Key Market TrendsIncreasing Penetration of Connected Devices

• Technological advancements in healthcare information technologies have led to significant transformations in the healthcare sector. The IoMT is a system of several medical devices connected to a network and exchanging health data without needing human-to-machine interaction. These systems and devices are connected to the internet, allowing remote patient monitoring and diagnosis. Additionally, the advantages of IoMT are that it helps in understanding patient health keenly, and delivering value-based care to the patients is beneficial to the patient, payers, and providers.
• IoT Medical tools and devices used in healthcare organizations are revolutionizing medical care uniquely. 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 adoption process is to demonstrate how connected medical devices can benefit value-based care.
• The internet of medical things market is experiencing significant growth due to several market variables and trends. Growth is stimulated by expanding relationships between key players and end users and introducing new goods. For instance, in June 2021, LifeQ and CONNEQT Inc announced a partnership agreement to provide health insights for wearable device users. This band offers an additional fingertip sensor and complements the heart-health-focused offering of the band.

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 and the increasing prevalence of chronic diseases. The growing number of smartphone users, greater penetration of 4G technology, and the need to address the rising healthcare costs are expected to drive market growth in the coming years. Other factors like the increasing adoption of healthcare IT solutions, the presence of key players, and the availability of sophisticated infrastructure also play a crucial role in this region's significant share.
• North America Internet of Medical Things (IoMT) market has developed due to technological advancements and increased accessibility to personal healthcare. On the other hand, the absence of infrastructure facilities and trained specialists in the hospital and medical sectors has hampered the market's expansion. The demand for connected devices in the healthcare sector is expected to create various opportunities for the North America Internet of Medical Things (IoMT) market. This would tend to keep the future of the market strong and advanced.
• Increasing demand for medical devices due to the growing prevalence of several lifestyle diseases creates enormous opportunities for manufacturers of medical wellness devices. Major market players are using collaborative approaches to distribute and manufacture products through various markets. Demand has significantly increased from young individuals and athletes. Injured athletes majorly demand customized mobility care, orthotics, braces, and support products which leads IoMT in this region.
• Hence, technological advancements can lead to the developing of new and advanced devices, thus driving sales of thermometers, pulse oximeters, diabetes monitors, and other products. Such diverse customization and increased focus on meeting patient needs make brands more attractive, eventually transforming into a larger market share in this region.

Competitive Landscape

Key layers currently dominate the IoMT market 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., and 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.

• In February 2022, Healthnet Global, a subsidiary of Apollo Hospitals, launched Automated, an innovative in-patient room automation system capable of remote patient monitoring and triaging to continuously monitor a patient's respiratory rate, heart rate, and other clinical parameters remotely.
• In April 2021, Hillrom, Inc. launched digital assessment innovations with the new Welch Allyn PanOptic Plus Ophthalmoscope and the Welch Allyn MacroView Plus Otoscope. These devices are designed to help clinicians make earlier and more accurate diagnoses of ear and eye conditions that may provide more options for effective treatment.
• In March 2021, Zyter, Inc. announced Zyter Smart Hospitals. This comprehensive intelligent solution integrates a hospital's many data systems, departments, personnel, and cutting-edge Internet of Things (IoT) technology devices on Zyter's assertive digital communication and collaboration platform.

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