Internet of medical things (IoMT) is a sub category of applications of internet of things (IoT). It is a process of integrating medical devices and applications that can connect to health care information technology systems using networking technologies and help medical institutes with valuable patient information, which further helps in better healthcare services. IoMT devices consist of smart devices, such as wearables and medical/vital monitors, and associated real-time location, telehealth, and other services.
Growth in awareness about health issues among people and adaptation of digital technologies by the health-care industry are the major factor that drive growth of the Internet of Medical Things (IoMT) Market. However, data security and privacy concerns hamper the market growth. Furthermore, current situation of COVID-19 is a great opportunity for big players to market their products and is expected to provide lucrative opportunities for the internet of medical things (IoMT) market.
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The market is very competitive so prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers to increase their customer base. For instance, in 2019, General electric Healthcare acquired Monica Healthcare, which enhances GE Healthcare’s mobile and digital offerings by providing clinicians and patients across the globe with more innovative solutions for labor, delivery, and home care.
Increase in awareness about advantages of smart healthcare products are expected to drive the market growth. Smart wearable devices are expected to contribute highest market share in the growth of the IoMT market as people are getting aware and there is a high craze among youth to purchase smart wearable devices such as smart watches and fitness bands.
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Impact of COVID -19 Pandemic Internet of Medical Things (IoMT) Market:
- Globally, people are now more health conscious after corona virus outbreak, which acts as a great opportunity for market vendors who provide IoMT services to market their products while taking a stand against COVID-19.
- Particularly, the health care industry is expected to contribute a huge share to drive the market growth as hospitals would adopt IoMT services at a large pace, owing to its features such as machine-to-machine communication, information exchange, lower care costs, and data movement that makes healthcare service delivery more effective.
- IoMT also helps patients to send their health information to doctors to better surveil diseases and track and prevent chronic illnesses.
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Key benefits of the report:
- This study presents analytical depiction of the global internet of medical things (IoMT) market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global internet of medical things (IoMT) market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis based on the present and future competitive intensity of the market.
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