Internet of Medical Things Market Sales Volume, Status, Growth, Opportunities
The internet of medical things (IoMT) market is garnering substantial traction across the globe. The internet of medical things is impacting healthcare exponentially. The market growth attributes to rising numbers of connected medical devices, improving access to health services. New-age internet-connected devices are designed to improve efficiencies, lower healthcare costs, and bring better treatment outcomes. Besides, increasing healthcare expenditures worldwide boost market growth.
Given the improved computing power and wireless capabilities, healthcare organizations are increasingly leveraging IoMT technologies’ potential. Moreover, considerable progress in the digital transformation of health care this year, majorly due to the pandemic, escalates the market growth. According to Market Research Future (MRFR), the global internet of medical things (IoMT) market is projected to register a double-digit CAGR of 25.6% throughout the review period (2019–2025).
Additionally, the rising demand for connected devices and cost reduction in the medicinal delivery act as a key tailwind for the IoMT market. Furthermore, the need for improved healthcare outcomes and the evolution of high-speed networking technologies such as low-power wide-area networks (LPWANs) and similar others foster market growth. Technological advances are some of the promising areas of IoMT device market developments.
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Players leading the global IoMT market are Koninklijke Philips N.V., GE Healthcare, Medtronic plc, IBM Corporation, Cisco Systems, Inc., Siemens AG, Boston Scientific Corporation, Welch Allyn, Inc., Johnson & Johnson Services, Inc., Agamatrix, Biotronik, Sciencesoft, Telit, KORE Wireless, and STANLEY Healthcare, among others.
Industry/ Innovation/ Related News:
October 16, 2020 —- Savana (Spain), an international medical company, announced raising €12.8M funds to transform electronic health records into Big Data to unlock life-saving insights. Technologies such as the Internet of Medical Things (IoMT), cloud computing, Natural Language Processing (NLP), and Artificial Intelligence (AI) can help streamline health care delivery and align it with changing consumer preferences.
Savana develops technologies such as artificial intelligence (AI), machine learning, and deep learning, providing real-time access to patient population information, reading all clinical documents, including unstructured information, and converting the collected information into knowledge.
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