The global internet of medical things (IoMT) market size is anticipated to reach USD 142.45 billion by 2026, with a CAGR of 28.9%, on account of the increasing prevalence of chronic diseases. This, coupled with the improving healthcare infrastructure and facilities worldwide, is primarily contributing to the growth of the market. Internet of medical things consists of a system of interrelated devices that are either connected to each other or with an external network. These devices are capable of sharing information amongst themselves with the help of internet connectivity. The advent of technological advancement in medical devices, coupled with the rise in disposable incomes of people, is anticipated to help increase the popularity of smart medical devices, ultimately boosting the Internet of Medical Things market growth.
Increasing Awareness about Advantages of Smart Healthcare Products to Drive Market
The Internet of medical things offers various advantages such as real-time monitoring, improved drug management, improved patient outcomes, and a reduction in medical expenditure. The above factors are driving the IOMT market growth. Besides this, the improved efficiencies of smart healthcare devices, coupled with the rise in research and development of advanced devices and rise in awareness about them, are expected to attract high revenues during the forecast duration. Moreover, analysts at Fortune Business Insights™ also project the increasing prevalence of chronic diseases to propel the demand for smart healthcare further, boosting the market size in the future.
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Emergence of New Players Will Intensify Market Competition
Major internet of medical things companies are emphasizing on expanding their geographical portfolio to stay ahead of the competition. Besides this, manufacturers are investing huge sums in R & D for developing and launching new products. Emerging companies in this market are further intensifying the competition with new product launches.
Major Industry Developments of IoMT Market Includes:
June 2016 – The first Bluetooth enables the INR/PT home health device, CoaguChek INRange was launched in nations accepting the CE Mark by F. Hoffmann-La Roche. This device helps healthcare professionals and patients to have the ability of monitoring Vitamin K Antagonist (VKA) therapy and greater control on their status of coagulation. A patient can use this device for self-testing his PT/INR data, thus reducing the overall cost spent on frequent hospital visits.
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Clear Aligners Marke Share, Growth, Sales and Drivers Analysis Research Report 2026
Global Internet-of-Medical-Things (IoMT) market is expected to register a CAGR of 38.67% in the forecast period of 2019–2026.
The report contains data from the base year of 2018 and the historic year of 2017.
This rise in market value can be attributed to the efficiency of resources and available infrastructure due to the usage of IoMT.
Internet- of- Medical- Things (IoMT) is a specific category of applications of the Internet of Things for healthcare services.
This technology enables the interconnectivity of medical devices over a common network which results in exchange of valuable patient information helping in better delivery of healthcare services.
IoMT involves designing of specified health solutions depending on the data collected through wearable medical devices.Market Restraints· Concerns regarding privacy of data amid growing levels of hacking and unauthorized access; this factor is expected to restrain the market growth· Concerns associated with the lack of infrastructure and requirement of skilled professionals; this factor is expected to restrain the growth of the marketMarket Drivers· Increasing adoption of wearable devices and real-time healthcare service provision with the adoption of IoMT; this factor is expected to drive the market growth· Cutback on expenditure incurred by patients due to a reduction of visitation to the physician, as IoMT helps in continuous monitoring of health in individualsSegmentation: Global Internet-of-Medical-Things (IoMT) MarketGlobal Internet-of-Medical-Things (IoMT) Market By Product Type (Smart Wearable Devices, Home-Use Medical Devices, Point-Of-Care Kits), Services (On-Premise Based Services, Cloud-Based Services)Application (Real-Time Monitoring, End-to-End Connectivity, Data Assortment & Analysis, Tracking & Alerts, Remote Medical Assistance),End-User (Hospitals & Clinics, Research Institutes & Academics, Homecare) , Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) — Industry Trends & Forecast to 2026For More information visit @ https://databridgemarketresearch.com/reports/global-internet-of-medical-things-iomt-marketKey Market Competitors:Few of the major competitors currently working in the global Internet-of-Medical-Things (IoMT) market are LifeFuels Inc.; GENERAL ELECTRIC COMPANY; CARRÉ TECHNOLOGIES INC.; Breathometer Inc.; Medtronic; Meru Health, Inc.; Boston Scientific Corporation; Atlas Wearables, Inc.; Proteus Digital Health; NeuroMetrix, Inc.; Honeywell International Inc.; VitalConnect; Ekso Bionics; BL Healthcare, Inc; BioSerenity; Preventice Solutions, Inc.; Lenovo; Vitls Inc.; AliveCor, Inc. and Chrono Therapeutics Inc.Competitive Analysis:Global Internet-of-Medical-Things (IoMT) market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
The need for IoT healthcare has increased because of an aging population, expensive medical services, and outdated healthcare infrastructure.
Affordable and innovative health care is a future reality.
The IoT allows us to change this industry fundamentally.IoT healthcare’s evolution brings along numerous and undeniable benefits.
The IoT and healthcare allowed for the creation of incredible solutions for many pressing problems.
These help us reduce health costs and waiting time, and make healthcare and medical checks accessible to everyone from home.More details about the benefits of applying IoT in healthcare can be found here.
Internet-of-Medical-Things (IoMT) MarketGlobal Internet of Medical Things (IoMT) Market is estimated to grow from USD 56.23 Billion in 2019 to reach USD 415.35 Billion by 2027, at a CAGR of 28.5 % during the forecast period from 2020-2027.Market Overview:The Internet of Medical Things (IoMT) is enables medical devices to connect with the healthcare information technology systems with the use of networking technologies.
IoMT helps to connect patients to healthcare systems and their physicians and helps reduce unessential hospital visits allowing exchange of medical data over a secure network.
The Internet of Medical Things (IoMT) market growth of is supported by rapid penetration of connected devices, growing need to cost reduction in healthcare service delivery and improve patient outcome.
Growing adoption of wearable devices for real time monitoring and evolution of fast speed internet and networking technologies are estimated to drive the global internet of medical things (IoMT) market growth.
Evolution of machine learning technologies, artificial intelligence (AI), big data solutions are estimated to drive the overall market growth in the coming years.Internet of Medical Things (IoMT) Market by Component (Medical Devices, Connectivity Technology, Services and Systems and Software); by Deployment Mode (On-Premise Based Services and Cloud-Based Services); by Application (End-to-End Connectivity, Real-Time Monitoring, Tracking & Alerts, Remote Medical Assistance, Data Assortment & Analysis and Others); by End User (Healthcare Providers, Patients, Research Institutes & Academics and Others) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027Request for Sample Report:https://reportcrux.com/request-sample-report/Internet-of-Medical-Things-IoMT-MarketOpportunities:Technological advancementsIncreasing health awareness and innovationInternet of Medical Things (IoMT) Companies:Here are the top key companies in Internet of Medical Things (IoMT) Market analysis.MedtronicGE HealthcareSiemens AGCisco Systems, Inc.Koninklijke Philips NVIBM CorporationBoston Scientific CorporationWelch Allyn, Inc.BiotronikJohnson & Johnson Services, Inc.LifeFuels Inc.CARRÉ TECHNOLOGIES INC.Atlas Wearables, Inc.NeuroMetrix, Inc.Proteus Digital HealthOthers Drivers:Rapid penetration of connected devicesIncreasing adoption of wearable devices and growing preference for real time monitoringEvolution fast speed internet and networking technologiesGrowing need to reduce healthcare cost and improve patient outcomeIncreasing investment for health care IoMT solutionsRestraints:Lack of professional with suitable IoT technology skillsHigh infrastructure deployment cost Lack of governance standardsInternet of Medical Things (IoMT) Market SegmentationBy ComponentMedical DevicesSmart Wearable DevicesHome Use Medical DevicesPoint of Care KitsOther Product TypesSystems and SoftwareConnectivity TechnologyServices By Deployment ModeOn-Premise Based ServicesCloud-Based Services By ApplicationReal-Time MonitoringEnd-to-End ConnectivityData Assortment & AnalysisTracking & AlertsRemote Medical AssistanceOther Applications By End UserHealthcare ProvidersPatientsResearch Institutes & AcademicsOther End Users By RegionNorth AmericaS.CanadaRest of North AmericaEuropeUKGermanyFranceItalySpainRussiaRest of EuropeAsia PacificChinaJapanIndiaAustraliaSoutheast AsiaRest of Asia PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East and AfricaSaudi ArabiaSouth AfricaUAERest of Middle East and Africa Browse our Full Report: https://reportcrux.com/summary/5370/Internet-of-Medical-Things-IoMT-Market
