The global internet of medical things market is expected to grow at a CAGR of 18.5% from 2021-2027 to reach US$284.5bn by 2027, according to a research by UnivDatos Market Insights
The use of networking technologies for connecting medical equipment and applications with the healthcare information technology system is known as the internet of medical things.
Devices such as smart wearables, portable smart monitors, and other health status checking smart devices are the key factors of the IoMT. In a study, it was found that as of 2018, near about 27% of healthcare organisations are thinking of implementing IoT while around 60% of healthcare enterprises have already implemented it.
The benefits of IoMT include improved disease management, improved patient’s outcome, betterment in diagnosis and treatment, improved management of medical records and pharmaceuticals, etc.
Furthermore, a rise in connected medical devices and the emergence of new technologies is resulting in the growth of the market. In a study, it was revealed that there are around 50,000 medical technologies are available as of 2020. Also, it is estimated that the internet of medical things technology would save around US$300bn expense annually in the healthcare sectors that are too through improved medication adherence and remote patient monitoring.
COVID-19 Impact
With the promulgating spread of COVID-19, the healthcare industry is under extreme pressure and undergoing a major transformation. The lack of capacity across healthcare organisations and end-users’ preference for consulting and taking treatment through digital medium due to the prevention from the virus’s infection and spread has increased the demand for IoMT.
Moreover, the government’s emphasis and the healthcare service provider’s preference for the remote monitoring of patients’ acting as a growth catalyst to the industry. Moreover, with the COVID-19 pandemic, the healthcare services providing organisation has announced to increase their spending the connected medical delve.
In a survey, it was found that as of 2020, connected medical devices accounted for around 48% of the total medical devices, and by 2025, the share would increase to around 68%. Also, the connected devise manufacturer answered that they will increase R&D spending. As of 2020, the R&D sending on connected medical devices is around 34%, which would reach 42% by 2025.
Amongst components, the medical devices segment grabbed the major market share, and it will grow at a CAGR of 16.9% to reach US$93.6bn by the year 2027. Amongst medical devices, wearable external medical devices accounted for the largest share and is expected to grow at 18.7% CAGR during the forecast period 2021-2027. In 2019, the wearable external medical devices segment accounted for a revenue share of almost 27.5% in 2019.
