• John Watson

Global Internet of Medical Things Market Size to grow by US$ 172.40 Bn in 2030.

Global Internet of Medical Things (IoMT) Market Size is expected to be worth USD 46.90 billion in 2021 and is estimated to reach up to USD 172.40 billion by 2030, at a compound annual growth rate (CAGR) of 15.90% from 2022 to 2030.

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The healthcare industry has seen substantial changes as a result of the development of healthcare IT. The internet of medical things is a network of various medical devices that may communicate health data with one another or with a network without requiring any human-to-machine communication. Due to the internet connectivity of these systems and equipment, remote patient monitoring and diagnostics are possible. In addition, IoMT benefits patients, payers, and clinicians by facilitating the delivery of value-based care and assisting in the in-depth understanding of patient health.

The healthcare industry is directly impacted by COVID-19 since it is the focal point of this unprecedented worldwide pandemic issue. The COVID-19 outbreak has significantly increased demand for IoMT devices, which has had an influence on the global market. Due to the increase of applications and opportunities, the pandemic is acting as a catalyst for digital transformation. Government agencies, healthcare providers, and people all had to adjust or modify their priorities.

The telehealth sector will be able to provide patients with a better experience thanks to the introduction of such quicker network capabilities, which will increase product demand. Therefore, during the forecast period, such advancements will greatly boost the expansion of the global market.

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The IoMT helps to minimize lowers patient costs, which eases the financial strain of healthcare on both patients and governments. The partnership between IoMT and medtech firms benefits healthcare organizations by enabling them to achieve better results, increase efficiency, and provide patients with cutting-edge care. The goal of businesses is to transform and empower patient care. Additionally, government agencies, businesses are actively focusing on investing in IoT technology. The McKinsey study predicts that the healthcare sector will have the fastest growth in IoT deployments. The study also predicts that by 2025, IoMT will have a USD 1.6 trillion global economic impact. This is anticipated to drive the market growth during the forecast period.

The North America region is expected to dominate the market share owing to the widespread use of remote patient monitoring devices and the introduction of new goods. Strong sales of IoMT solutions and goods in the US are also attributable to the pandemic's high demand, which will fuel the segment's growth over the projection period. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the internet of things market due to rising healthcare spending and the abundance of chances for firm expansion. Additionally, there is considerable official backing in Asian nations for the introduction and approval of internet of things (IoT) medical equipment, which will help the region's economy flourish.

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May 2021- SonarMed airway monitoring technology was introduced by Medtronic. The technology assists in tracking endotracheal tube occlusion and instantaneously determining its location.

February 2020- In order to aid hospital organisations in their defence against cybersecurity threats, GE Healthcare launched Skeye. Skeye is a new cybersecurity service offering that combines knowledge of medical devices, artificial intelligence, and process management technologies.

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