Market Trends of Internet of Medical Things (IoMT) Industry
This section covers the major market trends shaping the Internet of Medical Things (IoMT) Market according to our research experts:
Increasing 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-human 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 a better understanding of patient health and that delivering value-based care to patients is beneficial to patients, payers, and providers.
- 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 50,000 million 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 adopting connected medical devices is demonstrating how they can benefit value-based care.
- The internet market for medical things 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, LifeQ and CONNEQT Inc. announced a partnership agreement to provide health insights for wearable device users the previous year. This band offers an additional fingertip sensor and complements the heart-health-focused offering of the band.
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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 rising number of smartphone users, increased adoption of 5G technology, and the need to address rising healthcare costs are expected to drive market growth in the coming years.
- Furthermore, 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. For instance, Aledade Inc., a Maryland-based American company with headquarters in the United States, is a healthcare IT company that collaborates with primary care practices to improve patient health outcomes. Through risk-taking contracts with all types of payers, Aledade ACOs have helped achieve better health outcomes for over a million patients, with remarkable growth in Medicare Advantage.
- The North American Internet of Medical Things (IoMT) market has developed due to technological advancements and increased accessibility to personal healthcare. On the other hand, the need for more infrastructure facilities and trained specialists in the hospital and medical sectors has hindered the market's expansion. The demand for connected devices in the healthcare sector is expected to create various opportunities for the North American Internet of Medical Things (IoMT) market. This would 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 use collaborative approaches to distribute and manufacture products across various markets. Demand has significantly increased from young individuals and athletes. Injured athletes primarily require customized mobility care, orthotics, braces, and support products, and IoMT is the market leader in this area.
- Hence, technological advancements can lead to the development of new and advanced devices, thus driving sales of thermometers, pulse oximeters, diabetes monitors, and other products. Such diverse customization and an increased focus on meeting patient needs make brands more attractive, eventually transforming into a larger market share in this region.
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