Internet of Medical Things: What This Market Can Offer Today

Updated on August 19, 2021

fkKrcKGThe fact that technologies have already been integrated into all the spheres of our lives does not sound surprising anymore. That’s a completely common thing. Healthcare is definitely not an exception. The same can be said about the global COVID-19 pandemic that turned upside down the life of the society. And there is no doubt that the healthcare industry is affected more than others.

The pandemic has made it absolutely obvious that the healthcare infrastructure worldwide has to be improved and changed to be able to ensure reliable and fast data sharing between medical establishments, remote operation of medical devices, as well as better access to data for doctors and patients.

All these tasks can be solved with the help of the Internet of Things (IoT) and, precisely, the Internet of Medical Things (IoMT) solutions. The IoMT includes a system of devices that are connected to an external network or to each other. Information sharing between them is possible thanks to the internet connection. One of the key roles of IoMT devices is to monitor the patients’ condition and to send notifications to doctors in case of any emergency.

The estimations show that in 2015 the IoMT network included 4.5 billion devices, which accounted for 30.3% of all IoT devices worldwide. By 2020, the number of IoMT devices increased to 20-30 billion.

The volume of the global IoT market reached $24.4 billion in 2019 and is expected to hit the mark of $158.1 billion in 2022 and  $285.5 billion by 2029. 

This year, according to the forecasts, the market has all chanced to rise to $135.7 billion which will be a three times higher figure than we could observe in 2017.

Today the IoMT development is gaining momentum with a growing number of strong players entering the market.

According to recent data, nearly 60% of healthcare institutions have already started to use IoT or IoMT solutions in their work. 

What results have been achieved?

  • Significant cost savings
  • Enhanced profitability
  • Increased customer satisfaction
  • Higher accuracy of diagnoses
  • Better communication between patients and doctors
  • Streamlined medical workflows

The most popular use cases for IoMT solutions

  • Clinical Equipment and infrastructure management. Thanks to innovative trackers that can be installed on medical equipment, staff can easily detect the location of their equipment and transport it to the emergency room practically in no time when it is needed.
  • Remote patient monitoring. IoT solutions can continuously track the changes in data, such as heart rate, received from practically any sensor inserted into patients’ bodies. All this is done not only for monitoring the history of the disease but also to warn medical staff about any serious changes in the patient’s state.
  • Chronic disease monitoring. As the IoT technology allows facilitating chronic disease management by real-time tracking and information gathering, the costs of these procedures are significantly reduced. Moreover, IoMT eliminates the necessity of face-to-face consultations and examinations for tracking chronic diseases. Doctors can get access to patients’ data in real-time 24/7 and introduce changes to treatment even remotely based on the received data
  • Psychological monitoring. IoMT devices can also help to track the psychological state of patients with such problems as depression or paranoia to prevent any injuries that they can cause to themselves. Doctors are notified about any changes in the patient’s mood and can react in time.

If you are interested in launching a solution for interrelated medical devices but do not have in-house developers, you can always use the services of an IoT development company, such as Cogniteq, for example. Being a reliable IT partner for numerous prominent businesses from all over the world, Cogniteq ranks high among leading software developers. To get more info about the company’s services, its projects, and successfully launched solutions do not hesitate to visit its website and contact the team.

The Editorial Team at Healthcare Business Today is made up of skilled healthcare writers and experts, led by our managing editor, Daniel Casciato, who has over 25 years of experience in healthcare writing. Since 1998, we have produced compelling and informative content for numerous publications, establishing ourselves as a trusted resource for health and wellness information. We offer readers access to fresh health, medicine, science, and technology developments and the latest in patient news, emphasizing how these developments affect our lives.