About Internet of Medical Things
Internet of medical things (IoMT) is a combined infrastructure of medical devices, software, and health systems and services, which is rapidly transforming the medical technology’s role within health care. Internet of medical things is aiding the health care organizations to streamline their clinical, workflow management and expand their patient care from remote locations. Devices such as smart wearables, portable smart monitors, and other health status checking smart devices are the key factors of the IoMT.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Internet of Medical Things market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Honeywell International, Inc. (United States), Apple, Inc. (United States), Cisco Systems, Inc. (United States), General Electric Company (United States), IBM (United States), Softweb Solutions Inc. (United States), Koninklijke Philips N.V. (Netherland), Medtronic (Ireland), Siemens Healthcare GmbH (Germany) and Johnson & Johnson Services Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Boston Scientific Corporation (United States), Welch Allyn (United States), Biotronik (Germany), AliveCor, Inc. (United States), BioSerenity (France) and HQSoftware (United States).
Segmentation Overview
AMA Research has segmented the market of Global Internet of Medical Things market by Type (Smart Wearable Devices, Home-Use Medical Devices and Point-Of-Care Kits), Application (Telemedicine, Medication Management, Patient Monitoring and Others) and Region.
On the basis of geography, the market of Internet of Medical Things has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Type, the sub-segment i.e. On-premise will boost the Internet of Medical Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Users, the sub-segment i.e. Hospitals and Clinics will boost the Internet of Medical Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Offering, the sub-segment i.e. Software will boost the Internet of Medical Things market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Evolution of Technologies, Such As Artificial Intelligence and Big Data
Market Growth Drivers:
Increasing Adoption of Wearable Devices and Rise in the Demand for Real-Time Healthcare Solutions and Rising Focus on Active Patient Engagement and Patient-Centric Care
Challenges:
Data Security and Privacy Constrictions and Integration of Multiple Devices and Protocols Leading To Data Overload and Accuracy
Restraints:
Absence of Infrastructure Facilities and Trained Specialists in the Hospital and Medical Sectors and Internet Disruptions Leading To Rugged IoT Device Performance
Opportunities:
Rise in the Demand for Connected Devices in the Healthcare Sector and Government Initiatives for Promoting Digital Health
Market Leaders and their expansionary development strategies
In April 2019, Royal Philips and Spencer Health Solutions expanded their partnership to offer in-home medication adherence and the telehealth platform of Philips to chronically ill patients in selected European Union (EU) countries.
In January 2019, Medtronic partnered with IBM Watson to introduce a new feature IQcast, in its existing product Sugar.IQ, available for iOS mobile devices in the US. The app would offer patients a hypoglycemic event to monitor their low glucose level by predicting the occurrence anywhere between 1 to 4 hours in advance.
Key Target Audience
Internet of Medical Things Service Providers, Software Developers, Potential investors, Government, Research Institutes, End-Use Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.