Internet of Medical Things (IoMT) Market Projected to Register a CAGR of 25.6% During 2019 - 2025 - Report by Market Research Future (MRFR)

New York, US, Oct. 27, 2021 (GLOBE NEWSWIRE) -- IoMT Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Internet of Medical Things Market information by Product Type, by Components, by Application and Region – forecast to 2027” market size to grow at a compound annual growth rate of 25.6% by 2025.

Market Scope:
Internet of medical things (IoMT) is a collection of devices that can connect to networking technologies for sharing and collating data. It is likely to take off in the healthcare sector owing to penetration of high-speed internet and efforts by governments to digitize healthcare data and alleviate the burden on the healthcare ecosystem. The global internet of medical things market report by Market Research Future (MRFR) unveils new insights on the nascent technology and its prospects for the forecast period (2020-2027). The COVID-19 pandemic and its impact on the industry is explored in high detail.

Dominant Key Players on Internet of Medical Things Market Covered are:

  • Biotronik
  • Welch Allyn Inc.
  • Cisco Systems Inc.
  • Telit
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Agamatrix
  • KORE Wireless
  • STANLEY Healthcare
  • Sciencesoft
  • Boston Scientific Corporation
  • Johnson & Johnson Services Inc.
  • IBM Corporation
  • Siemens AG
  • Medtronic

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Market USP Exclusively Encompassed:
IoMT Market Drivers
Awareness of IoMT to be a Major Driver
Nations aiming to connect the large populace of cities with rural areas can lead to heave investments in rail infrastructure. Expansions of rail road projects to serve as a reliable backup for trade and being integral to logistics and supply chains can drive the internet of medical things market. Bids and auctions invited by governments to modernize the railways can serve as an incentive to internet of medical things manufacturers.

Need to Improve Patient Outcome Rate to Bolster Market Growth
The fuel burn penalty for internet of medical things emitting nitrogen oxide can motivate railroad operators to opt for engines with alternative fuels such as diesel, LNG, and electric. Replacement of gasoline engines with diesel and encouragement of brake thermal efficiency can bode well for the market. Investments in fuel injection technology to improve the performance of internet of medical things engines has high potential in the market.

Data Security Concerns to Impede Market Growth
Hybrid internet of medical things are estimated to gain precedence slowly in the market as nations look to introduce sustainable development goals in their budget. Benefits of low fuel consumption and noise reduction compared to its conventional counterpart can drive its demand. Modernization initiatives by nations to rapidly upgrade its railroad infrastructure and connect citizens to faraway routes can bode well for the market.

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Segmentation of Market Covered in the Research:
Software to be Vital Component in Global Market
By component, the market has been segmented into medical devices, systems and software, and services.

Vital Signs Monitoring Devices to Lead in Market Share
By product type, the market has been divided into vital signs monitoring devices, implantable cardiac devices, respiratory devices, anesthetic machines, imaging systems, ventilators, and others.

Inpatient Monitoring Application to Dominate Market Share
By application, the market has been divided into telemedicine, clinical operations and workflow management, connected imaging, inpatient monitoring, medication management, and others.

BLE to be Dominant Connectivity Technology
By connectivity technology, the market has been divided into Wi-Fi, Bluetooth low energy, ZigBee, near field communication, and others.

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Regional Analysis
North America to Lead Global Internet of Medical Things Market
North America is touted to be highly lucrative for the market owing to a large customer base and the potential for railroad networks. Rapid industrialization and transport of goods through freight carriers can drive the regional internet of medical things market growth. Huge production of rolling stock and investments in railroad connectivity projects can influence the market.

COVID-19 Impact on the Global Internet of Medical Things Market
The COVID-19 outbreak has accelerated the demand in the market owing to need for rapid diagnostic solutions. Applications of portable tests in remote areas as well as use of artificial intelligence and machine learning can drive market growth. Recently, MediCircle Health has introduced a spectrometry test that can provide results rapidly for the detection of the COVID-19 virus within seconds. The need to screen people at entry and exit points of borders can widen its prospects in the IoMT market.

Efforts to improve diagnosis speed and accuracy of tests can drive the demand in the market. Access to personalized data of patients using telemedicine, connected assistance, and remote patient monitoring can bode well for the market.

Industry News
Laipac Technology, a IoMT specialist, has partnered with YAS Pharmaceuticals and Pure Health for developing a smartphone application for detecting COVID-19 from a nasal sample.

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