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The Internet of Medical Things (IoMT) is a collection of medical equipment and applications that can use networking technologies to link to healthcare information technology systems. This technology will allow patients to be connected to their doctors and permit the secure transmission of medical data, thus reducing unnecessary hospital visits and pressure on medical systems.
According to Fortune Business Insights™, the global market size for Internet of Medical Things (IoMT) will rise from USD 30.79 billion in 2021 to USD 187.60 billion in 2028 during the projection period. Smart devices, such as wearables and medical/vital monitors, that are solely for healthcare usage on the body, in home, or in community, clinic, or hospital settings, and associated real-time location, telehealth, and other services, surge the implementation of IoMT.
In the midst of this unprecedented global pandemic threat, COVID-19's influence is readily apparent in the healthcare industry. Global demand for IoMT devices has increased sharply following the COVID-19 outbreak, which had a significant effect on the market. The pandemic is serving as a catalyst for accelerating digital transformation due to increase in opportunities and applications it offers. Individuals, healthcare organizations, and government agencies had to adjust to new priorities due to limitations brought by the pandemic.
Medtronic, one of the world's leading manufacturers of medical devices, focuses on four business segments, vascular and cardiac, restorative therapies, minimally invasive treatments, and diabetes. The company operates in over 370 locations across 160 countries throughout the world.
Medtronic has been working to improve its market position by acquiring companies, such as Cardiocom, and forming partnerships with Qualcomm and LHC Group to pursue prospects in the wireless, home care services, and home monitoring platform segments. In 2020, Medtronic had net sales of USD 30.11 billion. In May 2021, the company received CE clearance for the InPen Smart Insulin Pen for multiple daily injections and the Guardian 4 Sensor for diabetes calibration that does not require fingersticks. The InPen connects to a smartphone app for real-time CGM.
Koninklijke Philips N.V. is a key player in the global IoMT industry with its products in the patient monitoring category. In 2020, the corporation made USD 22.61 billion in sales. Image-guided therapy, diagnostic imaging, patient monitoring, and health informatics are all areas where the organization excels. For the IoT in the healthcare segment, Koninklijke Philips N.V. collaborates with YpsomedSelfcare Solution, Alcon, and Chipmunk Health. The company offers over 450 products and services and has a significant global presence, with over 100 subsidiaries around the world. Philips and Cognizant signed a collaboration agreement in July 2021 with the goal of developing end-to-end digital health solutions that will improve patient care and speed up clinical trials.
Boston Scientific Corporation is a major player in the global market of IoMT with goods in the business categories of remote patient monitoring and implanted medical devices. In 2020, the corporation made USD 9.91 billion in sales. The interventional cardiology, urology & pelvic health, cardiac rhythm management, neuromodulation, and electrophysiology businesses of the company offer a diverse product portfolio.
Furthermore, Boston Scientific Corporation announced the acquisition of Devoro Medical, Inc., a thrombectomy system developer to ensure that the necessary instruments are available to improve procedural efficiency. With corporate operations in about 130 countries and a large customer base of 35,000 hospitals, clinics, and outpatient facilities of the Internet of Medical Things around the world, the company has a strong network and direct presence. TheraSphere Y-90 glass microspheres, designed to treat patients with hepatocellular carcinoma, were approved by the U.S. FDA in March 2021. (HCC).
GE Healthcare is ranked among the largest internet of medical things (IoMT) industry players with its presence in the top-tier earning firms. In 2020, the corporation brought in USD 17.58 billion in sales. The General Electric Company's healthcare division is one of the leading providers of goods and solutions for patient treatment, diagnostics, and monitoring.
GE Healthcare is a global company with operations in more than 140 countries and leadership positions in the imaging and life sciences industries. BK Medical has lately piqued GE Healthcare's interest in expanding its ultrasound offering into surgical vision. In January 2021, the company announced Edison Accelerator, a new artificial intelligence start-up program in Europe. Six businesses participated in this program, which specialized in the use of artificial intelligence in medical imaging, oncology, and improving the patient experience.
Johnson & Johnson Services, Inc. is a prominent player in the global market, and it maintains its tier-one status. In 2020, the corporation made USD 82.58 billion in sales. The organization operates through a network of more than 260 enterprises in more than 60 countries throughout the world. Auris Health, Inc. was purchased by the firm with the purpose of advancing lung cancer research and expanding its digital surgery portfolio across numerous surgical specialties. DePuy Synthes, Australia established a strategic relationship with Navbit, a startup firm, in June 2021, with the goal of launching Navbit Sprint, a navigation system with smart sensor technology that allows surgeons to align the acetabular cap during hip replacement surgery.
With products in the digital health solution segment, Siemens Healthineers AG is one of the largest internet of medical things players and a tier 2 company in the global market. In 2020, the corporation brought in USD 17.35 billion in sales. Siemens Healthineers AG is a global pioneer in medical technology, including cutting-edge treatments and diagnostic imaging, laboratory diagnostics, and molecular medicine products and services.
Furthermore, Siemens Healthineers AG acquired Varian, with whom it will collaborate on AI-assisted analytics and data-driven precision care for early and precise cancer detection, more efficient diagnosis, and improved treatment quality. It has strong agreements with nearly 90 of the world's top 100 healthcare providers, allowing it to provide consumers with a wide range of treatment alternatives through the use of a digital healthcare platform. Siemens Healthineers AG received FDA certification for its MULTIX Impact C ceiling-mounted digital radiography (DR) system and MULTIX Impact VA20, a new version of the existing floor-mounted parent DR system, in January 2021.
Abbott is a tier 2 company that is a major player in the global market. In 2020, the corporation made USD 34.60 billion in revenue. It has a variety of well-known products in the diagnostics, diabetes management, and cardiovascular segments, such as XIENCE, FreeStyle Lite, Proclaim DRG, and others, as a result of which it has risen to the top of the medical device industry. Abbott has been actively acquiring companies, such as Alere and IDEV Technologies, to expand its product line. Abbott's Amplatzer Talisman System, which will be available in September 2021, is based on Amplatzer PFO Occluder, the world's leading Patent Foramen Ovale (PFO) closure device, which has been used to treat over 180,000 patients globally.
Cisco is also a major player and a tier 2 company in the global market, with cybersecurity solutions available in the healthcare sector. In 2020, the corporation brought in USD 49.30 billion in sales. Cisco has been collaborating on telehealth for home services and remote care such as video communication via a telepresence robot. Large organizations, service providers, commercial firms, and consumers are targeted for the company's products and services, which are sold both directly and through channel partners. ThousandEyes, Inc., a network intelligence company, was acquired by the company in May 2020.
Biotronikis is a prominent player in the global market and is classified as a tier 2 company. It is a privately-held company with over 50 years of experience in the development of products for cardiac rhythm control, electrophysiology, and vascular intervention solutions. Biotronik is based in sophisticated countries, such as Germany, Switzerland, the U.S., and Singapore, where it develops and manufactures its products. Acutus Medical and Biotronik established cooperation in June 2020 with the goal of adding electrophysiology-related solutions to their existing cardiac rhythm management portfolio.
For the global market, IBM Corporation cemented its position among the top players and is in the center of tier 2 firms. In 2020, the corporation made USD 73.62 billion in sales. IBM is a global technology corporation based in the U.S. that is one of the world's leading cloud platform and cognitive solutions providers.
IBM Corporation and the Cleveland Clinic have agreed to a 10-year collaboration to accelerate medical and life science discoveries through the use of high-performance computing on hybrid clouds, artificial intelligence, and quantum computing technologies. IBM is the world's largest technology and consulting employer, with more than 350,000 people spread across 170 countries. In addition, the corporation employs over 3,000 researchers in 12 facilities spread across six continents. In June 2021, Telefonia Tech and IBM announced the launch of a new cloud service that uses AI and blockchain technologies to accelerate enterprise digital transformation.
IoMT Devices are Here to Last Long in the Medical Sector
Constant evolution is changing the face of predictability in several industries, digital transitions coupled with traditional treatments to boost the market growth of Internet of Medical Things. Furthermore, these devices are here to stay in the long run and will act as a catalyst to save time for patients.