The statement “Health is Wealth” has never been more resounding until the pandemic struck the world. Social distancing has been of paramount importance in prioritizing our physical wellness and this has led to a dependency on the power of the internet. Today, technological advancement has been a key driver in transforming the healthcare industry by playing a crucial role in providing quality healthcare, access, and other essential services online for the global population.
With the majority of the population compelled to stay home during the pandemic, telehealth utilization has significantly increased. Telehealth allows the delivery of healthcare and health information services through remote technologies. One evident usage of telehealth is virtual consultation. Patients can meet virtually and schedule appointments easily with their doctors to get detailed diagnostics of symptoms of disease/s they might have. Thus, they can filter who needs immediate help and who will have regular check-ups without the effort of going to hospitals. Telehealth is here to stay, even after the COVID-19 pandemic, making healthcare services more accessible to everyone.
The aging population, or the elderly, is the key driver of the booming healthcare technology worldwide . They are the target market for the internet of medical things (IoMT). IoMT is the collection of medical devices and software applications that enables connections to healthcare IT systems through the internet. These devices are linked to different cloud platforms that store the data gathered for future use . The goal of IoMT is to provide a “connected health” system, which allows the efficient monitoring of medical devices with its cloud storage among users and healthcare providers . As technological advancement continues, it makes human life easier, better, longer, and most especially, healthier. Some of the technologies currently available are telehealth and smart devices, like wearables and medical or vital monitors .
IoMT has already existed in the market for years and has been crucial in the transformation of health technology even before the recent global pandemic. To date, IoMT has morphed into different devices for specific purposes, from blood pressure and glucose monitors to MRI scanners. In addition, movement restrictions and physical distancing measures in place paved the way for wearable devices such as smartwatches, skin patches, insulin pumps, among others, and health-tracking apps to become a growing trend in the healthcare space this year. Currently, there are more than 500,000 medical technologies available.
Our ongoing battle against the pandemic and other possible infectious diseases reinforces the widespread use of IoMT. The quick digital transformation of the health care world has definitely increased the demand for “internet-connected” devices. Needless to say, the market is expanding fast .
Wearable devices in the market are increasing from smartwatches to smart patches, to name a few. Different medical devices collect other data depending on their function. Usually, it is connected to their mobile phones to track and store data. It can monitor heart rate, the fertility of women, oxygen level, glucose level, and more . The data collected will be helpful not just for clinicians and doctors but also for the patients. It will allow them to monitor and assess the health of their patients even outside medical institutions. Strong growth has also been seen on the market for devices that will help the elderly live independently. With AI’s help, these devices can detect sudden changes in their routine that alert healthcare providers and their families in case of emergencies .
While the internet-connected devices enable smooth remote access to patients’ physical details through the seamless flow of information among devices, cybersecurity poses a serious threat because of wireless connectivity. More than 60% of all medical devices are exposed to cyber attacks, according to the recent report of CyberMDX, a healthcare cybersecurity company.
A lot of well-known companies are investing in IoMT developing products for medical applications backed up with research. Health insurance is one of the industries that leveraged the power of IoMT. It helps them interact with their customers 24/7. It also helps them speed up and simplify their processes through their mobile applications where customers can submit their requests. Also, they are now integrating biosensors, wearables, and connected health devices into their products. Thus, having real-time data for each of their clients. It will help monitor customers’ behavior, enabling companies to offer much more personalized services and products to their clients because they understand clients’ current wellness and behavior. Because of the real-time data they have, it is also easier for health insurance companies to figure out the cause, exact time of the accident, and how serious it is .
By 2027, the global IoMT market is projected to reach $284.5 billion with a compounded annual growth rate (CAGR) of 18.5% from 2021-2027 . According to Gartner, this year’s global spending on wearable devices is at $81.5 billion in total . Some of the market growth’s major contributors are the increasing rampant of chronic diseases and the improving healthcare infrastructures worldwide .
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- Internet of Medical Things Market to Reach US$ 284.5 Billion by 2027 Globally | CAGR: 18.5% | UnivDatos Market Insights
- Gartner Forecasts Global Spending on Wearable Devices to Total $81.5 Billion in 2021
- Internet of Medical Things (IoMT) Market Set for Rapid Growth and Trend by 2021-2026 | Covid-19 Analysis