LOS ANGELES, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Market for Internet of Medical Things (IoMT) is expected to grow at a CAGR of around 27.2% from 2020 to 2027 and reach the market value of over US$ 155.8 Bn by 2027.
The global Internet of Medical Things (IoMT) market is segmented on the basis of product type, services, application, end-user, and geography. Based on product type, the market is divided into smart wearable devices, home-use medical devices, and point-of-care kits. On the basis of services, the market is bifurcated into on-premise based services and cloud-based services. The Internet of Medical Things (IoMT) market offerings have application across real-time monitoring, end-to-end connectivity, data assortment & analysis, tracking & alerts, and remote medical assistance.
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Additionally, the end-user of the Internet of Medical Things (IoMT) market include hospitals & clinics, research institutes & academics, and homecare. By geography, the market is divided across North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Additionally, the above mentioned prominent regions are further bifurcated into major countries.
In 2019, North America held the major share in terms of revenue of the Internet of Medical Things (IoMT) market, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The presence of major players in the region and the early adoption of new and advanced technologies by them are supporting the regional market value. For instance, Proteus Digital Health has announced the launch of digital oncology medicines for cancer patients in January 2019, which is significantly helping in improving the outcomes of treatment. The launch of the new development was announced in partnership with the Fairview Health Services and the University of Minnesota Health.
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Furthermore, Asia Pacific is anticipated to experience the fastest growth during the forecast period from 2020 to 2027. The developing economies of the region including China and India are majorly contributing to the regional market value. The increasing funding in the healthcare sector of the region in order to provide effective treatment to the increasing population base coupled with the increasing number of chronic disease patients.
Some of the leading competitors are Boston Scientic Corporation (US), Cisco Systems Inc. (US), General Electric Company (GE Healthcare) (US), Honeywell Care Solutions, IBM Corporation (US), Johnson & Johnson Services, Inc., Koninklijke Philips N.V. (Netherlands), Medtronic Inc. (Ireland), Microsoft Corporation (US), NeuroMetrix, Inc. (US), and Siemens Healthcare GmbH (Germany) among others. Internet of Medical Things (IoMT) companies' have announced mergers and acquisitions, partnerships & collaborations, and new product development to expand their position in the Internet of Medical Things (IoMT) industry. Major players are also moving into new regions along with their advanced technologies for gaining the competitive advantage.
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Some of the key observations regarding Internet of Medical Things (IoMT) industry include:
- Qualcomm Life, Inc., a US-based company and a subsidiary of Qualcomm Incorporated have announced several new offerings in November 2018 on its smart platform that make data more visible and actionable. Additionally, the smart digital platform helps clinicians and caregivers to make better decisions for their patients based on insight. The newly launched platform connects medical devices with the clinical systems, subsequently collects and examines all available data, and securely integrates the data into other applications and systems.
- Sensimed S.A. has announced the approval of the Sensimed Triggersh in Japan in September 2018. The approved Sensimed Triggersh is a non-invasive soft contact lens-based solution that provides an automated recording of continuous ocular dimensional change over 24 hours.
- Otsuka and Proteus have announced the approval of their digital medicine system, Abilify MyCite (an antipsychotic medication) in November 2017 by the U.S. Food and Drug Administration (FDA).
- F. Homann-La Roche Ltd. has announced the launch of the CoaguChek INRange system in June 2016. The launched system allows patients to monitor the quickness of the formation of their blood clots.
- General Electric Company has acquired Monica Healthcare in March 2017. The strategic acquisition is expanding its Maternal-Infant Care business division and is intended to help in innovations and enhanced product offerings for expecting mothers and babies worldwide.
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