Internet of Medical Things (IoMT) Market Size, Share, Growth Analysis, By Product(Stationary Medical Devices, Implanted Medical Devices, Wearable External Medical Devices), By Application(Telemedicine, Medication Management, Patient Monitoring, Others), By End-User(Healthcare Providers, Patients, Government Authorities, Others), By Region - Industry Forecast 2024-2031

Internet Of Medical Things Market Driver

• Increased Spending on IoT in Healthcare to Flourish Global Market

The internet of health things helps to considerably cut patient expenditures, ultimately lessening the burden of healthcare costs on both patients and governments. The collaboration between IoMT and MedTech businesses is beneficial in improving healthcare organizations in order to achieve better outcomes, enhance efficiency, and provide advanced treatment to patients. Businesses want to empower and alter the way patients are cared for.

Furthermore, businesses, as well as government agencies, are actively investing in IoT technology. According to the McKinsey analysis, IoT deployments in healthcare will rise faster than in any other business. According to the study, IoMT will have a global economic impact of USD 1.6 trillion by 2025. Furthermore, the Global Telecommunication Development Conference predicted that by the end of 2020, 40% of IoT technology would be driven by healthcare. This is predicted to boost the growth of the internet of medical things industry.

Internet Of Medical Things Market Restraint

• Surging Risk of Data Breach/Cyberattacks to Limit Adoption of IoMT Technology

Data security is always a concern with advanced technologies. Medical device businesses are constantly working to discover risks and reduce the risk associated with them. According to experts, IoMT devices are more difficult to monitor and defend against cyberattacks than other wireless gadgets. Without an appropriate security solution, the device is vulnerable to data leaks and cyberattacks.

According to a CyberMDX research, more than 60% of medical devices are always at danger. Furthermore, according to the American Journal of Managed Care, the healthcare industry is the most targeted industry for hackers. As a result, the growing number of cyber-attacks on healthcare data are anticipated to dampen demand for such cutting-edge solutions.