The global internet of medical things (IoMT) market was valued at USD 44,565.6 million in 2018 and is expected to reach USD 254,233.6 million in 2026, growing at a CAGR of 24.4% during the forecast period. Growing need for advance data monitoring application, changing lifestyles, growing awareness among end users are expected to drive the growth of the internet of medical things (IoMT) market.
The internet of medical things has significantly revolutionized the traditional paper-based to data management to real-time patient data and remote patient monitoring. IoMT promotes high living standard and personalized care with the help of data-based remedies. IoMT is an interdependent system which controls the end-user applications via device connectivity, data transfer, real-time data collection, and analysis. The emergence of this technology provides a verity of solutions to the end-users. These advantages are expected to boost the adoption of IoMT and increase the market size over the forecast period.
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IoMT provides fitness and wellness tracker as well as medication reminder for patients, thus the changing lifestyles and growing awareness among end-users boosts the adoption of these technologies. Also, to improve patient participation during decision making and real-time monitoring, IoMT boosts the interaction between man and machine. Advantages such as optimal utilization of resources, reduce emergency medical response time, and fewer follow-ups leading to reduced morbidity and financial burden are prime contributors to the growth of the globe IoMT market.
However, challenges such as data security and hacking, lack of standard communication protocols, lack of medical expertise, and data overload on healthcare facilities, are expected to hamper the growth of the global internet of medical things (IoMT) market during the forecast period. Moreover, the limited awareness and misconception towards the usage of these technologies in developing or underdeveloped regions are the prime challenges in the global internet of medical things (IoMT) market throughout the forecast period.
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