Internet of Medical Things Market Scope
Internet of medical things (IoMT) is a combined infrastructure of medical devices, software, and health systems and services, which is rapidly transforming the medical technology’s role within health care. Internet of medical things is aiding the health care organizations to streamline their clinical, workflow management and expand their patient care from remote locations. Devices such as smart wearables, portable smart monitors, and other health status checking smart devices are the key factors of the IoMT.
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Internet of Medical Things market throughout the predicted period.
Honeywell International, Inc. (United States), Apple, Inc. (United States), Cisco Systems, Inc. (United States), General Electric Company (United States), IBM (United States), Softweb Solutions Inc. (United States), Koninklijke Philips N.V. (Netherland), Medtronic (Ireland), Siemens Healthcare GmbH (Germany) and Johnson & Johnson Services Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Boston Scientific Corporation (United States), Welch Allyn (United States), Biotronik (Germany), AliveCor, Inc. (United States), BioSerenity (France) and HQSoftware (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Internet of Medical Things market by Type (Smart Wearable Devices, Home-Use Medical Devices and Point-Of-Care Kits), by Application (Telemedicine, Medication Management, Patient Monitoring and Others) and Region with country level break-up.
On the basis of geography, the market of Internet of Medical Things has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In April 2019, Royal Philips and Spencer Health Solutions expanded their partnership to offer in-home medication adherence and the telehealth platform of Philips to chronically ill patients in selected European Union (EU) countries.
In January 2019, Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar.IQ, available for iOS mobile devices in the US. The app would offer patients a hypoglycemic event to monitor their low glucose level by predicting the occurrence anywhere between 1 to 4 hours in advance.
- Evolution of Technologies, Such As Artificial Intelligence and Big Data
- Increasing Adoption of Wearable Devices and Rise in the Demand for Real-Time Healthcare Solutions
- Rising Focus on Active Patient Engagement and Patient-Centric Care
- Rise in the Demand for Connected Devices in the Healthcare Sector
- Government Initiatives for Promoting Digital Health
- Absence of Infrastructure Facilities and Trained Specialists in the Hospital and Medical Sectors
- Internet Disruptions Leading To Rugged IoT Device Performance
- Data Security and Privacy Constrictions
- Integration of Multiple Devices and Protocols Leading To Data Overload and Accuracy
Key Target AudienceInternet of Medical Things Service Providers, Software Developers, Potential investors, Government, Research Institutes, End-Use Industry and Others
Frequently Asked Questions (FAQ):
1. What are the key segments playing vital role in Internet of Medical Things Market?
The Internet of Medical Things study can be customized to meet your requirements. The market size breakdown by type [Smart Wearable Devices, Home-Use Medical Devices and Point-Of-Care Kits], by end use application [Telemedicine, Medication Management, Patient Monitoring and Others].
2. How big is the Internet of Medical Things Market?
The Internet of Medical Things Market is gaining popularity and expected to see strong valuation by 2026.
3. What is expected growth rate in Internet of Medical Things Market?
According to AMA, the Global Internet of Medical Things market is expected to see growth rate of %.