Internet Of Medical Things Market - Enables Machine To Machine Interaction and Real-Time Intervention Solutions

Internet of Medical Things (IoMT) allows machine to machine interaction and provides real time intervention solutions which further assists in transforming the healthcare affordability, delivery, and reliability over the forecast period. The advancement of artificial intelligence along with growth in IoT in healthcare solutions and investments is expected to drive the market. With IT services platforms and advancing technologies, healthcare industry is more exposed for bringing radical changes in the market.

Increasing geriatric population along with technological advancements are few factors spurring the market over the forecast period. Also, awareness for advance disease management tools such as remote patient monitoring, Health Management Information Systems (HMIS) and telemedicine are also other probable factors propelling the market.

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Tracking devices and wearable devices are also entwined with evolving healthcare models. Moreover, technological innovations in smartphones including Advanced RISC Machine (ARM) cortex M processor, and increasing demand of first-generation IoT medical devices, such as fitness bands & smart watches are few driving factors representing the penetration of technologies in global industry.

Few other key factors boosting the growth includes rapid adoption of new technologies in healthcare industry such as data analysis, data management, and data transfer through machine to machine (M2M) communication services wearable user interface, and, hybrid cloud computing.Furthermore, upgraded technological advancements such as nanobots & robotic flight stimulator for surgeries, big data analytics, rising demand for effective treatment, are few substantial factors positively influencing the market growth. Emerging demand of home healthcare services, increasing costs of hospital equipment, and increasing pediatric and geriatric populations will also enhance the growth over forecast period.

Apart from advantages of cost savings, profitability, and customer experience, Internet of Medical Things (IoMT) also assists in financial interests for stakeholders including physicians, investors, providers, and investors. These advantages helped to transform the traditional healthcare industry into proactive care-deliver centers.

The rise of IoMT has addressed the imminent need for targeted therapeutic tools along with better diagnostics. Furthermore, apart from working as remote patient monitoring for physicians, the technology also performs the tasks as a dose reminder for patients along with wellness and fitness tracker for athletes. Effective application of IoMT in remote observant for asthma and diabetes patients with mutual penetration of wellness and fitness devices have created a huge demand in the market.

The global market has been segmented by components, by application and by end-users. The components segment is further bifurcated as devices, systems and software, and services. The market has varied application from telemedicine, medication management, patient monitoring, connected imaging, drug development to fitness & wellness measurement. The end-users for the market include healthcare providers & payers, patients, government authorities and biotech research labs.

North America region is projected to dominate the IoMT industry owing to various factors such as Electronic Health Record (EHR) & Intellectual Property Rights (IPR) regulations as well as established healthcare IT infrastructure. The technological initiatives from IBM and Microsoft for IoMT have led the U.S. to lead the North America region. Asia Pacific region is been anticipated to grow steadily owing to the initiatives taken by government to adopt EMR and EHR technology. The involvement of private sectors and nonprofit entities for information exchange, better clinical outcomes and cost effective approaches is also anticipated to spur the market over the forecast period in the region.

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Key market players for IoMT include CISCO Systems, Microsoft Corporation, IBM, and CERNER. Other notable players are Proteus Digital Health, GE Healthcare Ltd., St. Jude Medical Inc., Google (Alphabet), Qualcomm Life Inc., Medtronic PLC, International Business Machines Corporation, and Koninklijke Philips N.V.

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