The growth of the internet of medical things (IoMT) market is primarily driven by the increasing adoption of sensor-based, wearable, or standalone device technologies for patient monitoring and resource management. The increasing expenditure on the adoption of internet of things technology in the healthcare sector is the primary driving force behind the internet of medical things market. By providing efficient and developed technology inpatient care services, the internet of medical things reduces costs for both patients and the government. According to Goldman Sachs, the Internet of Medical Things (IoMT) market will save the healthcare industry USD 300 billion in annual costs, primarily through remote patient monitoring and improved medication adherence.
Additionally, businesses, as well as government agencies, are actively investing in Internet of Medical Things (IoMT) market technology. According to the McKinsey study, Internet of Medical Things deployments in the healthcare industry will grow faster than in any other industry. According to the study, the Internet of Medical Things (IoMT) market will have a global economic impact of USD 1.6 trillion by 2025.
In 2020, the smart wearable devices segment dominated the market. This can be attributed to the increasing popularity of various wearable devices among the population, particularly in developed markets. Furthermore, the inclusion of innovative features in wearable devices is propelling the segment forward. For example, Neurometrix created the Quell neuro-modulation wearable device, which relieves chronic pain by stimulating sensory nerves. Another segment in the market is point-of-care kits, which accounted for the highest CAGR of around 30 percent in the global Internet of medical things (IoMT) market during the forecast period.
The market for the internet of medical things is fragmented, with players such as GE Healthcare, Medtronic, Johnson & Johnson, Koninklijke Philips N.V., and Siemens Healthineers accounting for a significant share in 2020. To strengthen their global positions, the top market players focus on strategies such as acquisitions, collaborations, and new product development and launches. Medtronic, for example, announced CE approval for InPen Smart fingersticks for diabetes calibration in May 2021, a smartphone app connects the smart pen to real-time CGM.
Market Key Players
Boston Scientific Corporation (Marlborough, U.S.), General Electric Company (GE Healthcare) (Chicago, U.S.), Johnson & Johnson Services, Inc. (New Brunswick, U.S.), Medtronic (Dublin, Ireland), Koninklijke Philips N.V. (Amsterdam, Netherlands), Siemens Healthineers AG (Munich, Germany), Cisco (San Jose, U.S.), IBM (Armonk, U.S.), Hill-Rom Services, Inc. (Welch Allyn) (Indiana, U.S.), BIOTRONIK (Berlin, Germany)
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