Internet of Medical Things Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Internet of Medical Things Industry Overview

Key players currently dominate the IoT market with their technological expertise, and the global market for IoT is expected to be consolidated. GE Healthcare, Koninklijke Philips N.V., Medtronic plc, Cisco Systems, Inc., IBM Corporation, Siemens AG, Welch Allyn, Inc., Boston Scientific Corporation, Johnson & Johnson Services, Inc., and Biotronik are some of the major players present in the current market. However, the majority of these players are engaged in competitive strategic developments such as partnership, deployment of new product innovation and launch, and market expansion in order to gain a global market leadership position.

In June 2022, PatientBond, the consumer science-driven patient engagement SaaS provider, collaborated with Zyter, Inc., a digital health and IoT-enablement platform. According to the terms of the agreement, Zyter will now be able to use PatientBond's exclusive healthcare consumer psychographic insights and dynamic workflows to improve patient engagement through personalized care plans and patient communications.

Moreover, with seamless integration with health systems, healthcare providers and payers can use Zyter's digital healthcare platform for AI-based risk stratification of patients using patients' physiological and clinical data for better health insights and analytics, patient engagement and access for an omnichannel experience, population health management for chronic condition management using care plans, care pathways, and care assessments, and order and prescribe devices for continuous monitoring.

In January 2022, Hill Rom launched digital and physical assessment innovations to advance connected care. The innovations built into the new PanOptic Plus and MacroView Plus technologies are complete game changers in the quest to help improve patient outcomes through routine physical exams. These devices are highly advanced tools designed to help clinicians make earlier and more accurate diagnoses of ear and eye conditions that may provide more options for effective treatment.

Moreover, following a successful launch in the United States in May 2022, these products are now available in the European Union, the United Kingdom, the Middle East, and Africa. Due to regulatory and registration requirements, individual country launch dates may vary. These devices will be available in Japan, Australia, New Zealand, Mexico, Colombia, and Brazil later this year.

Healthnet Global, a subsidiary of Apollo Hospitals, launched Automated in February 2022. Automated is an innovative in-patient room automation system that can monitor a patient's breathing rate, heart rate, and other clinical parameters from a distance.

In February 2022, Zyter Inc., a digital health and IoT-enablement platform, and Qualcomm collaborated to develop applications and a dashboard for 5G private networks. The goal of the collaboration is to help show how 5G private networks work by providing network management services, a user interface/dashboard, and three initial production-ready applications, such as autonomous mobile robots (AMRs), LiDAR-based analytics, and AI-based cameras.

Furthermore, current public 5G and Wi-Fi networks lack the bandwidth, low latency, flexibility, security control, and network management capabilities that modern organizations require, impeding the digital transformation of factories, warehouses, hospitals, airports, and even rural areas. any industry seeking to adopt cutting-edge applications that require higher performance, lower latency, greater flexibility, improved security, and superior network management features that current public 5G and Wi-Fi networks cannot provide.