Internet-of-Medical-Things Market Definition
The IoMT brings together the digital and physical worlds to improve the speed and accuracy of diagnosis and treatments and monitor and modify patient behaviour and health status in real-time. It also improves health care organisations’ operational productivity and effectiveness by streamlining clinical processes, information and workflows. According to expertise, IoMT market at USD 41.2 billion in 2017 and expects it to rise to USD 158.1 billion in 2022. The connected medical devices segment (helping to diagnose, monitor and treat patients) of the IoMT is expected to rise from USD 14.9 billion in 2017 to USD 52.2 billion by 2022. The rise of the IoMT comes at a time when health care is becoming increasingly expensive, with global health care spending expected to grow 4.2 per cent per year, from USD 7.1 trillion in 2015 to USD 8.7 trillion by 2020, largely due to a growing and ageing population, with more people living longer but with multiple comorbidities. As a result, without radical transformation, health care in many countries risks becoming increasingly unaffordable.
The market study is broken down by Type (Smart Wearable Devices, Home-Use Medical Devices and Point-Of-Care Kits), by Application (Real-Time Monitoring, End-to-End Connectivity, Data Assortment & Analysis, Tracking & Alerts and Remote Medical Assistance) and major geographies with country level splits. According to AMA, the Global Internet-of-Medical-Things market is expected to see growth rate of 38.67%
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. 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.
LifeFuels Inc. (United States), GENERAL ELECTRIC COMPANY (United States), CARRÉ TECHNOLOGIES INC. (Canada), Breathometer Inc. (United States), Medtronic (Ireland), Meru Health, Inc. (United States), Boston Scientific Corporation (United States), Atlas Wearables, Inc. (United States), Proteus Digital Health (United States), NeuroMetrix, Inc. (United States) and Honeywell International 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 VitalConnect (United States), Ekso Bionics (United States), BL Healthcare, Inc (United States), BioSerenity (France), Preventice Solutions, Inc. (United States), Lenovo (China), Vitls Inc. (United States) and AliveCor, Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Internet-of-Medical-Things market by Type, Application and Region.
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). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. On-Premise Based Services will boost the Internet-of-Medical-Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospitals & Clinics will boost the Internet-of-Medical-Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
On 18th January 2019, Proteus Digital Health in partnership with Fairview Health Services and the University of Minnesota Health announced the launch of digital oncology medicines for cancer patients significantly helping in improving the outcomes of treatment. This digital technology helps the patients in completing their oral chemotherapy course and provides physicians with patient information.
- High Adoption due to Real-Time Monitoring
- Growing Demand for Remote Medical Assistance
- Increasing adoption of wearable devices and real-time healthcare service provision with the adoption of IoMT
- Cutback on expenditure incurred by patients due to a reduction of visitation to the physician
- High Adoption From Developing and Developed Countries
- Technological Advancement associated with Internet-of-Medical-Things
- The growing concerns regarding the privacy of data amid growing levels of hacking and unauthorized access
- The Issues associated with the lack of infrastructure and requirement of skilled professionals
Key Target AudienceGovernment Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About ApproachThe 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.
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