IoT or the Internet of Medical Things can be defined as a suite of medical devices and applications connected to the internet to allow real-time, rapid, and dynamic analysis.
Trends on Internet of Medical Things
Research from Deloitte UK’s center indicates that the IoMT market is projected to grow by $160 billion by 2022. This increase will also be seen in the use of IoMT devices and the R&D allocation budget. Apart from the other applications of IoMT, one of the most well-recognized and promising applications of IoMT is the field of medical research.
With IoMT, various financial problems in medical research can be resolved, especially those related to expenses. Nowadays, an average clinical trial in medical research costs around $30-$40 million. Also, these trials face many problems at various stages of their conducting. With IoMT, however, this amount can be reduced significantly.
Challenges in IoMT
There are various challenges related to its use, some of them being related to viability, feasibility, applications, etc. One of the most profound challenges regarding the adoption of IoMT is cyber security.
IoMT and Cyber Security
With IoMT, there is a stringent need to ensure the security of the IoMT devices. This is because these devices store a considerable amount of critical patient data. Ensuring the integrity and security of the stored information will help subside the concerns of the patients and the doctors alike, especially when cybercrimes are rampant and have seen a sharp spike in recent years. Also, it is essential to gain patients’ trust in the modern digital age, especially with the use of digital and electronic devices.
IoMT industry is also facing a talent shortage resulting in supply-side issues within the industry.
The Market of the Internet of Medical Things
The IoT market is linked closely to the growth of the healthcare industry and the IoT (Internet of Things) market. This market is projected to see a boom in its growth, as the majority of the population of the countries of the work comprise an aging population, thus demanding allocation of more resources for geriatric healthcare. When combined with the decreasing IoT costs, it can be estimated that the healthcare industry will invest itself more in point-of-care devices in the upcoming future.
The Size of IoMT Market
IoMT market has seen much growth recently. However, one may see variations in the IoMT requirements according to the differences in the regional markets.
In this regard, the prediction of Deloitte for the IoMT markets situated in North America, Europe, and Asia-Pacific can be regarded as follows:
- North America: $13 billion – $45 billion
- Europe: $12 billion – $44 billion
- Asia-Pacific: $11 billion – $51 billion.
The projected increase in the IoMT market for the rest of the world speculates a lesser amount, as the markets of these regions are not digitally mature enough. In this context, the projections for the regions of South America, the Middle East, and South America are as follows:
- South America: $2 billion – $9 billion
- The Middle East and Africa: $2 billion – $9 billion.
Applications of IoMT
IoMT has a massive scope of applications. At present, it has been implemented in various areas related to healthcare, such as clinical research, diagnostics, medical care, and medical data.
Application of IoMT in Connected Medical Devices
With the increasing use of IoMT, it is estimated that the wearables will come with more variety. The most notable changes will be seen in the patient monitoring devices, which are a very important tool for serving patients living in remote locations. Other devices that IoMT will influence will be a smart belt for the elderly and chest straps incorporating ECG and heart rate monitors.
Smart speakers can also be cited as another critical IoMT application with which the patients can get at ease. These speakers are voice-based devices that can perform basic diagnostic and evaluation functions. With these mart speakers, medical professionals can also assist their patients in a variety of ways.
When it comes to getting answers during an online survey, chatbots are usually preferred over the conventional web form. This feature of theirs can heavily benefit the healthcare industry, as it can help them with
- Scheduling appointments
- Logging patient symptoms
- Performing automated prescription fillings.
Virtual appointments can be a more fruitful alternative to conventional in-person consultation sessions for patients living in remote areas. IoMT can prove itself in this field by providing specialized software that can collect the essential information regarding the patient (e.g., breathing status, temperature, weight, etc.) and relay it to the doctor in real-time, thereby ensuring an efficient consultation experience.
It is a norm to use specialized and sophisticated machinery and tools for EP (electrophysiology) mapping and imaging in conventional practices. Sometimes, it becomes almost impossible to view the insides of a patient’s body without any invasive imaging technique. With IoMT, however, this has become easier. For example, doctors can borrow neuroimaging techniques to utilize the medical imaging software for performing a non-diagnostic imaging procedure.
Cloud-Based Radiologic Solutions
I can prove helpful to the healthcare sector by shifting from the on-premise PCAS (Picture Archiving and Communication Systems) to the cloud-based PACS. The cloud-based PACS offers greater versatility and durability to medical professionals regarding radiologic findings and interpretations.
Q & E can Help Prove Compliance to the IoMT Products
Although considered a lucrative and successful market, IoMT is still new in the paradigm of advancements in healthcare. It is, therefore, necessary to have the proper knowledge when it comes to showing compliance to the regulatory requirements for the IoMT products. TSQ and E has experts in this field who can help medical device manufacturers fulfill the regulatory requirements concerning IoMT devices. As a medical device manufacturer interested in developing IoMT devices, you can learn more about TSQ & E’s service in this regard by visiting our website tsquality.ch.