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Internet of medical things (IoMT) is a sub category of applications of internet of things (IoT). It is a process of integrating medical devices and applications that can connect to health care information technology systems using networking technologies and help medical institutes with valuable patient information, which further helps in better healthcare services. IoMT devices consist of smart devices, such as wearables and medical/vital monitors, and associated real-time location, telehealth, and other services.
Growth in awareness about health issues among people and adaptation of digital technologies by the health-care industry are the major factor that drive growth of the market. However, data security and privacy concerns hamper the market growth. Furthermore, current situation of COVID-19 is a great opportunity for big players to market their products and is expected to provide lucrative opportunities for the internet of medical things (IoMT) market.Â
Increase in awareness about advantages of smart healthcare products are expected to drive the market growth. Smart wearable devices are expected to contribute highest market share in the growth of the IoMT market as people are getting aware and there is a high craze among youth to purchase smart wearable devices such as smart watches and fitness bands.Â
The market is very competitive so prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers to increase their customer base. For instance, in 2019, General electric Healthcare acquired Monica Healthcare, which enhances GE Healthcare’s mobile and digital offerings by providing clinicians and patients across the globe with more innovative solutions for labor, delivery, and home care.
Key benefits of the report:
Internet of Medical Things (IoMT) Market Report Highlights
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Key Market Players | Medtronic, IBM Corporation, Atlas Wearables, Philips, Hill-Rom, Cisco Systems, Biotronik, General Electronic company, Johnson & Johnson., Siemens |
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