The Internet of Medical Things (IoMT) is growing in large part to wearables and greater investments in implementing digital tech in the healthcare and medical industry.
IoMT is primarily used to collect data, analyze research, and monitor health records. The technology is also leveraged to enhance the health outcome of patients, minimizing the burden on healthcare staff.
More IoMT devices are being used for patient-centric care and maintaining expenses. Healthcare facilities across the world are starting to adopt digital healthcare solutions for effective treatment, which further leads to advancement in the IoT medical devices market.
Key trends in the IoMT Device Market
According to the 2017 World Health Statistics report, the overall costs of healthcare facilities has grown to a staggering double-digit rate over the past few decades. Primary factors include the increasing demand for better healthcare facilities, more people being afflicted with chronic ailments, and increasing amounts in premium private insurance plans.
IoMT was even more utilized during the COVID-19 pandemic, with the proliferation of devices that can remotely monitor a patient’s condition. This has proven to be a great help for physicians, doctors, and nurses.
Further, automated technologies, such as EHRs, health information exchange, and healthcare integration have expanded the healthcare security and privacy landscape. While the data transfer proved vital in healthcare treatment, more security threats were recognized.
Some major advancements in the IoMT are contributing to industry growth. In 2021, Hill-Rom acquired EarlySense for the building of a differentiated suite for connected solutions for the improvement of healthcare outcomes among patients. Also, Abbott and Insulet have partnered for the integration of automated insulin and glucose-sensing delivery.
IoMT is predominantly used in almost all continents. Out of all the regions, Asia Pacific is eyed to grow in terms of CAGR in the next few years. Growth factors include the increasing demand for better healthcare, the various government initiatives for eHealth promotion, and rising medical tourism.
We can expect more countries to adopt IoMT as developments continue to rise across the world. As such, that can pave the way for the emergence of greater–and more cost-effective–healthcare systems.