Internet of Medical Things (IoMT) Market 2020 Size, Demand, Rising Impact of COVID-19, Competitive Insights- GE Healthcare, Koninklijke Philips NV, Medtronic PLC, Cisco Systems, Inc., IBM Corporation

Internet of Medical Things (IoMT) market is anticipated to witness a CAGR of 23.4% over the forecast period 2020 - 2025. The increasing need for cost reduction in medicinal delivery and increasing penetration of connected devices are some of the major factors influencing the growth of IoMT market. Especially, the need for improving healthcare outcomes and the evolution of high-speed networking technologies are some of the promising areas of market advancement in IoMT devices. However, the lack of proper IoT technology skills across healthcare organizations is anticipated to obstruct the market growth of IoMT market.

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The market for IoMT is primarily segmented by device type, product, connectivity technology, end users, and region. The scope for the device type market includes wearable devices, stationary devices, implantable devices that address the need for patient-centric care delivery. Products include vital signs monitoring devices, implantable cardiac devices, respiratory devices, imaging systems, anesthetic machines, and ventilators. The technology used for the connectivity of IoT devices includes ZigBee, Bluetooth, and WiFi, while the end user market includes hospitals, clinics and others (nursing homes, long-term care centers, home care settings).

The prominent players in the global Internet of Medical Things (IoMT) market are:

GE Healthcare, Koninklijke Philips NV, Medtronic PLC, Cisco Systems, Inc., IBM Corporation, Siemens AG, Welch Allyn, Inc., Boston Scientific Corporation, Johnson & Johnson Services, Inc., Biotronik

Market Segmentation by Region:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam, Europe, Germany, France, UK, Italy, Russia, Rest of Europe, Central & South America

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Global Internet of Medical Things (IoMT) Market: Research Methodology

Increasing Penetration of Connected Devices

- IoT Medical tools and devices used in healthcare organizations are revolutionizing medical care in unique ways. Connected devices such as glucose monitors, ECG monitors, pulse oximeters, and blood pressure monitors are positioned close to a patients body and ensure enhanced customer satisfaction by providing round the clock medical assistance and services.
- Cisco estimates that more than 50 billion devices will be connected to the Internet worldwide, in another five to six years. Around 30% of these connected devices are estimated to be deployed in the medical field. The only challenge for manufacturers in the process of adoption is to demonstrate how connected medical devices can benefit value-based care.
- Wearable external medical devices segment of the connected devices is expected to grow at the highest CAGR during the forecast period owing to increasing per-capita income in developing countries and the ease-of-use and interpretation of medical devices..

Recent Developments

-June 2019 - TCS, a leading global IT services organization, in partnership with SAP, launched an Intelligent Field Inventory Management (IFIM) solution. This solution is used to leverage IoT and blockchain to help medical device manufacturers streamline surgical kit handling.
-January 2019 - Cynerio, IoMT Startup raises USD 7 million funding from the investors Accelmed, RDC; and MTIP. The company is planning to expand its healthcare-focused cybersecurity platform in the US.
Furthermore, Global Internet of Medical Things (IoMT) Market following points are involved along with a detailed study of each point: –

– Global Internet of Medical Things (IoMT) Market Overview, Drivers, Restraints and Opportunities, Segmentation overview

– Global Internet of Medical Things (IoMT) Market competition by Manufacturers (2020-2026)

– Production and Consumption by Regions

– Complete profiling and analysis of Manufacturers (2020-2026)

– Manufacturing cost analysis, Materials analysis, Region-wise manufacturing expenses

– Industrial Chain, Sourcing Strategy and Downstream Buyers

– Marketing Strategy Analysis, Distributors/Traders

– Global Internet of Medical Things (IoMT) Market Effect Factors Analysis (2020-2026)

– Global Internet of Medical Things (IoMT) Market Forecast (2020-2026)

– Global Internet of Medical Things (IoMT) Market Research Findings and Conclusion

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key players and the market as a whole. It also analyses key emerging trends and their impact on present and future development.

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