Internet of Medical Things (IoMT) Market - Introduction
- The healthcare industry is adopting the Internet of Medical Things (IoMT) to enhance efficiency in work by using IoT connected devices. Organizations and hospitals are employing technology for remote patient monitoring and to maintain patient records.
- Internet of Medical Things (IoMT) is extensively utilized in patient monitoring applications through connected devices. Integration of IoT devices in healthcare procedures helps enhance the efficiency of healthcare professionals and healthcare operations.
- Solution providers of IoMT are offering solutions that include software applications, infrastructure of medical devices, health systems, and professional services in order to boost the performance of solutions. These connected devices help to collect, generate, analyze and transmit data to a centralized system for further use.
- Presently, IoMT and connected devices are being utilized in a wide range of applications in hospitals, from surgical instruments and pregnancy testing kits, to MRI scanners and artificial joints
- Increasing awareness about advanced healthcare solutions is expected to propel the adoption of IoMT in the healthcare industry during the forecast period
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Key Drivers of the Internet of Medical Things (IoMT) Market
- Increase in demand for real-time healthcare solutions and growing adoption of wearable devices is expected to drive the Internet of Medical Things (IoMT) market. Connected devices reduce consultation cost of any medical experts; they can easily examine patients through a connected device. This, in turn, is also expected to boost the Internet of Medical Things (IoMT) market.
- Increase in demand for connected devices in the healthcare sector is projected to offer significant opportunities for providers of IoT solutions and software
Lack of skilled professionals and security & privacy issues regarding patient data to hinder market
- Lack of infrastructure facilities and skilled professionals in the hospital and medical sectors is estimated to restrain the Internet of Medical Things (IoMT) market
- Several hospitals are not investing in the security of endpoint systems to prevent unauthorized user login and harmful cyber-attacks, which is also expected to hamper the Internet of Medical Things (IoMT) market
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Impact of COVID-19 on Global Internet of Medical Things (IoMT) Market
- Demand for healthcare solutions is increasing in the healthcare industry during the COVID-19 pandemic for treatment and monitoring of critical patients. Hospitals and local governments are increasing investment in new devices and IoMT technology to enhance efficiency of doctors and other corona warriors. Demand for IoMT is estimated to increase during COVID-19 and also projected to boost the rate of adoption of technologies during the forecast period due to the dependency of the healthcare industry on connected devices.
North America to Hold Major Share of Global Internet of Medical Things (IoMT) Market
- North America holds a prominent share of the Internet of Medical Things (IoMT) market due to the presence of key solution providers and early adoption of connected devices and Internet of Things (IoT) solutions among the end-users in the region
- The Internet of Medical Things (IoMT) market in Asia Pacific is expected to expand at a rapid pace during the forecast period due to a rise in the adoption of advanced technological devices and software among healthcare companies & hospitals and surge in investment by major players to provide services in this regions.
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Key Players Operating in the Global Internet of Medical Things (IoMT) Market
- GE Healthcare
GE Healthcare is a leading global player in the field of medical imaging and information technologies, medical diagnostics, patient monitoring systems, drug discovery, and biopharmaceutical manufacturing technologies. GE Healthcare has a vast experience of more than 100 years as a provider of medical imaging equipment in the industry.
- Microsoft Corporation
Microsoft Corporation engages in the development, manufacture, licensing, marketing, and sale of software, personal computers & services, and consumer electronics. Its products range from video games to mobile devices. The company operates globally and has offices in more than 190 countries.
Other key players operating in the global Internet of Medical Things (IoMT) market include Cisco Systems Inc., Stanley Black & Decker, Inc., Medtronic plc, Koninklijke Philips N.V., Qualcomm Life Inc., Breathometer Inc., and Atlas Wearables, Inc.
Global Internet of Medical Things (IoMT) Market: Research Scope
Global Internet of Medical Things (IoMT) Market, by Product Type
- Home-Use Medical Devices
- Smart Wearable Devices
- Point-Of-Care Kits
Global Internet of Medical Things (IoMT) Market, by Application
- Data Assortment & Analysis
- Real-Time Monitoring
- Remote Medical Assistance
- Tracking & Alerts
Global Internet of Medical Things (IoMT) Market, by End-user
- Research Institutes & Academics
- Hospitals & Clinics
Global Internet of Medical Things (IoMT) Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Healthcare IoT & Digital Solutions
- Connected Medical Devices
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.