New York: The increasing prevalence of chronic diseases ranks first in priority to shape the growth of Internet of Medical Things (IoMT) market, We Market Research found after a recent analysis.
The growing prevalence of chronic diseases is a major global health concern, with an estimated 73% of all deaths worldwide attributed to non-communicable diseases (NCDs) such as heart disease, stroke, cancer, diabetes, and chronic respiratory diseases.
This alarming trend is driving the demand for effective healthcare solutions that can manage and prevent these chronic conditions.
“Internet of Medical Things (IoMT) devices can be used to monitor patients with chronic diseases remotely, helping to prevent complications and improve patient outcomes”, We Market Research said.
“The Internet of Medical Things is emerging as a promising solution to address the challenges posed by chronic diseases”, it added.
“The rapidly evolving technology enables the collection and analysis of real-time patient data through connected medical devices, wearables, and sensors, providing healthcare providers with valuable insights for personalized and proactive care”, the firm said.
The US based market analytics and research firm further said that the Internet of Medical Things (IoMT) market is well on track to reach a value of $516.40 billion by the end of 2033.
“Looking ahead, the market's prospects appear even more impressive, with projections suggesting a significant increase to $ 61.56 million in 2022”, it said.
“This remarkable growth trajectory is underpinned by a strong compound annual growth rate (CAGR) of 23.70% expected between 2023 and 2033”, it said.
We Market Research further said that the rapid advancement of Internet of Things (IoT) technology is making it possible to develop more sophisticated Internet of Medical Things (IoMT) devices that are smaller, more powerful, and more affordable.
"This is making Internet of Medical Things devices more accessible to a wider range of patients", the researcher said.
"IoT enables the development of wearable devices and sensors that continuously monitor patients' health parameters. Advancements in sensor technologies and connectivity allow for real-time transmission of health data to healthcare providers. Continuous glucose monitors for diabetic patients can provide real-time glucose level data, enabling healthcare professionals to make timely adjustments to treatment plans", it said.
The researcher further said that the United States, home to many of the world's leading IoMT companies, along with the world's largest manufacturer of electronics China and a leader in robotics and artificial intelligence (AI) Japan are playing major role in IoMT innovation and shaping its growth.
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