Internet of Medical Things Market revenue to hit USD 516.40 Billion by 2033, Says We Market Research
NEW YORK, Dec. 5, 2023 /PRNewswire/ -- As per the most recent analysis conducted by We Market Research, the Internet of Medical Things Market is on track to reach a value of $516.40 billion by the end of 2033. Looking ahead, the market's prospects appear even more impressive, with projections suggesting a significant increase to $ 61.56 million in 2022. This remarkable growth trajectory is underpinned by a strong compound annual growth rate (CAGR) of 23.70% expected between 2023 and 2033.
The increasing prevalence of chronic diseases ranks first in priority to shape the growth of Internet of Medical Things market
Chronic diseases such as heart disease, diabetes, and cancer are becoming increasingly common, particularly as the population ages. Internet of Medical Things devices can be used to monitor patients with chronic diseases remotely, helping to prevent complications and improve patient outcomes.
The growing prevalence of chronic diseases is a major global health concern, with an estimated 73% of all deaths worldwide attributed to non-communicable diseases (NCDs) such as heart disease, stroke, cancer, diabetes, and chronic respiratory diseases. This alarming trend is driving the demand for effective healthcare solutions that can manage and prevent these chronic conditions.
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The Internet of Medical Things, a rapidly evolving technology, is emerging as a promising solution to address the challenges posed by chronic diseases. It enables the collection and analysis of real-time patient data through connected medical devices, wearables, and sensors, providing healthcare providers with valuable insights for personalized and proactive care.
Internet of Medical Things devices can continuously monitor vital signs, blood glucose levels, and other health parameters of patients with chronic conditions, allowing for timely interventions and early detection of potential complications.
Wearable devices can track physical activity, sleep patterns, and heart rate variability, providing valuable data for managing conditions like diabetes, obesity, and hypertension.
Internet of Medical Things Market Report Scope:
Implantable Internet of Medical Things devices can monitor internal conditions and deliver therapies, such as insulin for diabetes or medication for heart failure, directly to the patient's body.
The increasing prevalence of chronic diseases is poised to fuel the growth of the Internet of Medical Things market, as healthcare providers seek innovative solutions to effectively manage and prevent these conditions. The Internet of Medical Things's ability to provide real-time patient data, facilitate remote monitoring, and enable personalized care makes it a transformative force in addressing the global challenge of chronic diseases.
Advancements in IoT technology, is poised to slash the Internet Of Medical Things Market
The rapid advancement of IoT technology is making it possible to develop more sophisticated Internet of Medical Things devices that are smaller, more powerful, and more affordable. This is making Internet of Medical Things devices more accessible to a wider range of patients.
IoT enables the development of wearable devices and sensors that continuously monitor patients' health parameters. Advancements in sensor technologies and connectivity allow for real-time transmission of health data to healthcare providers. Continuous glucose monitors for diabetic patients can provide real-time glucose level data, enabling healthcare professionals to make timely adjustments to treatment plans.
IoT technology facilitates connectivity among various medical devices, such as infusion pumps, pacemakers, and diagnostic equipment. This connectivity enables seamless data exchange and integration with electronic health records (EHRs). Smart inhalers for patients with respiratory conditions can monitor medication usage and send adherence data to healthcare providers for better disease management.
IoT advancements contribute to the expansion of telemedicine services. Connected devices enable remote consultations, video conferencing, and the exchange of vital health information between patients and healthcare professionals. Remote monitoring solutions for elderly patients allow healthcare providers to conduct virtual check-ups and monitor health metrics, reducing the need for frequent in-person visits.
Edge computing, an IoT-related technology, enables data processing closer to the source rather than relying solely on centralized cloud servers. This is particularly valuable for Internet of Medical Things applications that require real-time data analysis. Edge computing can be employed in wearable ECG monitors to analyze cardiac rhythms locally, allowing for quick detection of abnormalities without relying on distant servers.
IoT advancements include improved security protocols and encryption methods to protect sensitive health data. Robust cybersecurity measures are crucial in healthcare IoT to ensure patient privacy and compliance with regulations. Secure IoT platforms can be used to transmit and store patient data from medical wearables, ensuring that the information is encrypted and accessible only to authorized healthcare professionals.
U.S., China and Japan to be a gamechanger within the Internet of Medical Things market
The United States is at the forefront of IoMT innovation, with a strong track record of developing cutting-edge medical technologies. The country is home to many of the world's leading IoMT companies, including Medtronic, Philips, GE Healthcare, and Abbott Laboratories. These companies are developing a wide range of IoMT solutions, including implantable devices, wearable sensors, and remote monitoring systems.
For instance, Medtronic has developed a wireless insulin pump that can be controlled from a smartphone and Philips has developed a wearable sensor that can monitor vital signs and detect falls.
China is the world's largest manufacturer of electronics, and this expertise is giving the country a competitive edge in the IoMT market. Chinese companies are developing a wide range of IoMT devices, including wearable sensors, smart home appliances, and medical robots.
For instance, Huawei has developed a wearable sensor that can monitor heart rate, blood pressure, and blood oxygen levels and Xiaomi has developed a smart home appliance that can dispense medication and track medication adherence.
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Japan faces challenges related to an aging population, leading to a higher prevalence of chronic diseases. IoMT plays a crucial role in addressing these challenges by providing remote monitoring and personalized healthcare solutions. Japan is a leader in robotics and artificial intelligence (AI), and these technologies are being used to develop innovative IoMT solutions. Japanese companies are developing a wide range of IoMT devices, including robotic caregivers, AI-powered diagnostic tools, and telemedicine systems.
For instance, Panasonic has developed a robotic caregiver that can assist with activities of daily living (ADLs) and NEC has developed an AI-powered diagnostic tool that can detect cancer at an early stage.
Major companies operating within the Internet of Medical Things market are Koninklijke Philips N.V.; GE healthcare; LifeFuels Inc.; Carre Technologies Inc.; Breathometer Inc.; Wimm Labs; Honeywell International; Medtronic MiniMed; IBM Corp.; Meru Health; Nike; Apple; Medtronic, Koninklijke Philips N.V and GE Healthcare combined dominate the market with an active share of around 45-50%.
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