Internet of Medical Things Market Assessment, by Component, by Mode of Delivery, by Product, by Type, by Application, by End User, by Region, Opportunities and Forecasts, 2016-2030F



Internet of Medical Things market assessment, by component [Hardware, Software, Services]By delivery method [On-premises, Cloud]By product [Stationary, Implanted, Portable, Wearable, Others]By type [Vital Signs Monitoring Devices, Implantable Cardiac Devices, Respiratory Devices, Others]By application [Telemedicine, Medication Management, Patient Monitoring, and Others]For end user [Hospitals, Clinics, Home Care, Research & Academic Institutions, Others]By region, opportunities and forecasts, 2016-2030F.

New York, June 28, 2023 (GLOBE NEWSWIRE) — announces the release of the report “Internet of Medical Things Market Assessment, By Component, By Mode of Delivery, By Product, By Type, By Application, By End-User, by region, opportunity and forecast, 2016-2030F” –

The global market size of Internet of Medical Things (IoMT) was valued at USD 152.87 billion in 2022 which is expected to reach USD 561.82 billion in 2030 at a CAGR of 17.67% for the period of forecast between 2023 and 2030. IoMT is growing in popularity due to its many benefits such as real-time patient monitoring, improved health outcomes, increased patient engagement, and improved chronic care management. IoT has accelerated the development of telemedicine, remote patient monitoring, interactive medicine, fitness and well-being assessment devices, and automation in healthcare institutions.

The global IoMT market has witnessed significant growth in recent years, driven by several key factors such as growing focus on active patient engagement and patient-centered care, growing burden on healthcare facilities with higher incidence of chronic health conditions and increased use of mobile computing devices.

For example, IoMT devices are widely recommended by doctors to find the cause of gastrointestinal bleeding, diagnose cancer, celiac disease and so on. One such emerging trend is capsule endoscopy which is performed via smart or digital pills for areas that are not easily accessible through traditional endoscopy. Medtronic, Olympus Corporation and CapsoVision are some of the organizations that manufacture and sell endoscopic capsules.

Furthermore, with the help of smart bracelets and cloud servers synchronized with artificial intelligence, patients now have access to personalized care with real-time monitoring. To automate these procedures and implement effective safety regulations, sanitation and sanitation manufacturers have also launched UV-based mobile solutions. Medical device manufacturers are introducing AI-powered IoT devices and machine learning solutions to drive better detection and enhance treatment capabilities.

Digitization is accelerating market expansion

The healthcare sector has adopted digital technology to switch from mechanical and analog electrical devices to existing digital technology. Digital technology is often used in the healthcare sector to monitor the quality of patient care, improve clinical support, and search for medical information resources. The rapid digitization of healthcare systems has contributed to effective patient care. Digitization helps to improve the continuity of treatment, the promotion of good health and the prevention of disease. The use of digital tools has the potential to improve the way health data is used in research and innovation, supporting more personalized treatments, superior health interventions and better health and wellness services.

The American Medical Association (AMA) reported that 85% of physicians in the United States agreed that telehealth improved the timeliness of care and more than 70% of them were willing to increase their use of telehealth.

Growing demand for real-time patient health monitoring

The Internet of medical things (IoMT) connects the physical and digital worlds tracking and regulating patient behavior in real time to treat chronic diseases such as hypertension, diabetes and asthma. Furthermore, IoMT technology can also improve the flow of information and various clinical processes by linking people (patients, caregivers and physicians), patient or performance data, processes (care delivery and monitoring), and enablers (devices doctors and mobile applications). With the help of this technology, patients can receive treatment at home, in outpatient care facilities, or elsewhere not connected to a hospital. For example, in June 2022, GYANT, the patient journey automation company, launched the asynchronous care platform to automate patient onboarding into EHR to make virtual visits more efficient and save time with minimal physical contact .

Government Regulations

In June 2022, the American Hospital Association introduced the Protecting and Transforming Cyber ​​Healthcare (PATCH) Act, which represents nearly 5,000 healthcare organizations and millions of healthcare professionals. Under the PATCH Act, device makers are required to exhibit cybersecurity precautions to the FDA before entering the market; provide a transparent software bill of materials (SBOM) for transparency and more information about the security of device software components and vulnerabilities; and provide timely information on device safety throughout the product lifecycle. Depending on their level of cybersecurity maturity, most organizations should consider stricter governance to assess the risk of the new devices they plan to build and seek FDA approval to comply with Patch Act requirements and upcoming requirements of the FDA.

Wearable medical devices will grow at a faster pace

Wearable medical devices are becoming popular among patients of all ages. While they are among the most basic and innovative types of wearable technology, they are enduring because they connect easily with smartphone apps to provide users with invaluable health and fitness advice. Companies are devoting a significantly higher percentage of their R&D budget to the development of wearable devices. Many new companies are approaching the market with cutting-edge wearable devices.

Smartwatches, which in the past served only as timepieces and pedometers, have evolved into clinically useful health tools. For example, in September 2022, Apple presented its latest smartwatch models. The 8 Series model is packed with industry-leading health features, such as a temperature sensor that enables sophisticated features for women’s health and vehicle crash detection. With a faster processor and longer battery life than its predecessor, the second-generation Apple Watch SE is a great alternative to the 8 Series for those looking for an affordable option.

Smart pills gradually gaining traction

Smart pills are the upcoming trend in remote patient monitoring and personalized medicine applications. Smart pills offer the ability to collect real-time data on medication adherence, vital signs and other physiological parameters, allowing healthcare providers to monitor patients’ health remotely and tailor treatment plans accordingly. This trend is in line with the broader shift towards telehealth and digital health solutions, which aim to improve patient care, increase efficiency and reduce healthcare costs. For example, Proteus has developed an FDA-approved smart pill system that combines sensor-enabled drugs with a wearable patch and mobile app. Their system allows for remote monitoring of medication adherence and patient health data.

Remote patient monitoring will revolutionize healthcare

Remote patient monitoring aims to reduce healthcare costs by decreasing the need for hospital visits and hospital stays, while maintaining timely and efficient care. It also improves patient outcomes by enabling healthcare professionals to identify and address health problems early, reducing the likelihood of complications. The remote patient monitoring segment is expected to expand as the elderly population continues to grow. Companies are focusing on introducing new innovative products and more convenient monitoring devices for home use. For example, in January 2022, Omron Healthcare launched VitalSight, a remote patient monitoring program that allows patients to engage in routine cardiac health monitoring from the comfort of their homes.

The World Health Organization (WHO) reports that the age percentage of people aged 65 and over increased from 6% in 1990 to 9% in 2019 and is expected to reach 16% in 2050. Nearly half of Americans are very supportive of integrating remote patient monitoring into medical care.

Impact of COVID-19

The sudden emergence of the COVID-19 virus had put the entire healthcare sector on alert. It had forced healthcare facilities, hospitals and diagnostic centers around the world to embrace the use of IoMT technology. The creation of a new intelligent healthcare system based on early diagnosis, spread control, education and medicines has been supported by the Internet of Medical Things and COVID-19, making it easier to live in the new norm. Patients with various health conditions have been forced to use technology-led approaches and remote care because traditional care facilities were closed or reserved for COVID-19 patients. Telehealth and IoT-enabled wearables were in high demand during the pandemic and have helped treat patients with serious illnesses.

Scenario and perspectives of the main players

Healthcare providers and technology companies are engaging in mergers and acquisitions, joint ventures and expanded collaborations in the IoMT industry. IoMT applications are becoming more prevalent, which is creating new challenges and opportunities for digital health companies and spurring M&A activity. For example, Medtronic Plc. and Surgical Theater, Inc. jointly developed StealthStation S8, launched in June 2023, which is a surgical navigation system. The exclusive Stealth-Midas MR8 high-speed drill provides the ability to easily navigate Midas Rex tools with StealthStation navigation during spinal surgery.

Additionally, healthcare companies such as Philips and Medtronic, as well as technology giants such as Cisco Systems, Inc., IBM Corporation, Abbott Healthcare Pvt Ltd, and Boston Scientific Corporation are all building capabilities in the IoMT segment.
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