From IoT to IoMT: The Future of Healthcare

What is IoMT?

IoT is the integration of technology in industries such as manufacturing, transportation, agriculture, infrastructure, and home automation, followed by the exchange of data across numerous devices for production efficiency and monitoring. Similarly, the Internet of Medical Things (IoMT) is the interconnection of medical devices across cloud computing platforms to analyze and store medical data. IoMT devices include medication tracking, and remote patient monitoring, such as glucose, blood pressure, and heart rate monitors, which use multiple sensors and artificial intelligence (AI) to provide an accurate diagnosis while also analyzing previous reports and ailments. The utilization of the Internet of Things (IoT) in healthcare has sharply increased across various specific Internet of Things use cases. The capabilities of IoMT are more accurate diagnoses, fewer errors, and lower costs of care. For instance, the healthcare industry stands as the third most advanced industry in IoT implementation, with 60% of healthcare organizations having introduced IoT already into their patient care activities. Further, 87% of healthcare organizations across the world implemented IoT-related services in 2019, making IoMT one of the most sought-after technology platforms in the coming years.

The analysts at UnivDatos Market Insights have recently worked on such a report which gives a holistic view of the Internet of Medical Things Market.

Government Initiatives for Promoting Digital Health

Various initiatives have been taken by governments across the world for promoting digital health. These initiatives range from heavy investments for setting up the requisite infrastructure and the promotion of digital health, organizing conferences, inviting investors and top market players, restructuring the healthcare system, and implementing regulations mandating the use of EHR (electronic health records) with help of advanced technology.

• Global Strategy on Digital Health 2020-2025: In 2020, the WHO global strategy on digital health was adopted by the World Health Assembly which presented a roadmap to link the latest developments in innovation and digital health and put these tools to action for improving health outcomes. The objective of WHO’s Global Strategy on Digital Health is basically to support countries in strengthening their health systems through the application of digital health technologies and achieve the vision of health for all. The strategy is designed to be fit for purpose and for use by all Member States, including those with limited access to digital technologies, goods, and services.
• The government of the United States is continuously recognizing the role of digital health and innovation in healthcare as an integral part of successful healthcare infrastructure. In fact, entities such as the U.S. Food & Drug Administration’s Digital Health Center of Excellence (DHCoE) reiterate the government’s commitment to digital health and mark the beginning of a comprehensive approach to digital health technology, setting the stage for advancing and realizing the potential of digital health. The aim of the organization is to empower digital health stakeholders to advance health care by fostering responsible and high-quality digital health innovation.

The analysts at UnivDatos Market Insights have recently worked on such a report which gives a holistic view of the Internet of Medical Things Market. Few of the interesting insights from the study to pique your interest in the market are:

• The Global Internet of Medical Things Market was valued at US$ 71.6 billion in 2020 and is projected to expand significantly with a CAGR of 22.9% from 2021-2027.
• The novel coronavirus outbreak has accelerated the digitalization in the healthcare sector as never before. This gradual evolution in the healthcare industry has attracted numerous investors owing to the surge in venture funding over the last few years. For instance, over the decade, a large share of the overall venture capital investments has been acquired by private digital health companies, moving from just 2% of all venture investment in 2011 to 9% in 2020.
• Among several applications, building and construction captured around 30% of the total market share in 2020. The overall global telehealth investments increased 169% from the second quarter of 2020 and were up 17% from the first quarter of 2021.
• North America accounted for the largest share of the internet of medical things market because of the rapid digitization of health care systems to aid efficient patient care, the rise in the demand for mobile health care technologies, and an increase in demand from an aging population.

Conclusion

IoMT technology has undeniably enhanced healthcare by introducing innovative breakthroughs such as diabetes management, depression, and mood tracking, Parkinson's disease supervision, contact lenses, automated insulin delivery, and many more. Moreover, healthcare providers now have more reliable information, faster assessments, and better decision-making, which will help expand the IoMT market substantially.?The internet of medical things aids in reducing patient costs significantly, thereby reducing the burden of healthcare costs on patients as well as governments. Further, the strengthening relationships between IoMT and MedTech companies are enabling various healthcare organizations to accomplish better outcomes, improve efficiency and deliver advanced care to the patients. Therefore, companies are focusing on empowering and delivering patient-centric healthcare.