THE INTERNET OF MEDICAL THINGS: The coronavirus is catalyzing a need for healthcare IoT in the US — here's how connectivity and technology providers are carving out their place in the market
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Healthcare providers have been turning to the Internet of Medical Things (IoMT) to facilitate their digital transformation since before the coronavirus hit the US — but the pandemic has caused a sea change in providers' willingness to implement IoT solutions that augment efforts in preparing for, containing, and diagnosing the virus.
As the backbone that powers the IoMT, connectivity and technology providers have a mounting opportunity to capture a larger slice of the market as it evolves alongside the coronavirus pandemic. Prior to the pandemic, healthcare providers were forecast to adopt IoT devices at one of the fastest rates of any industry segment, with the installed base of IoT endpoints expected to grow 29% year-over-year in 2020.
And pre-pandemic, healthcare was among the top three industries expected to see the fastest growth rates (15.4%) in IoT investment in terms of spending over the 2017-2022 forecast period. But the coronavirus is fundamentally changing how healthcare can be accessed and delivered in the US, and we expect to see even faster growth throughout 2020 — and that this upward momentum will outlast the pandemic.
In The Internet of Medical Things, Business Insider Intelligence assesses the North American IoMT market and explores how the IoMT opportunity for connectivity providers is evolving alongside the coronavirus pandemic, and how these players are carving out their place in the growing segment. We first unpack the opportunities for connectivity and technology providers in the IoMT market and outline how the coronavirus pandemic will impact demand for various IoT solutions in healthcare. We then detail how emerging techonlogies are propelling the healthcare IoT space forward. Finally, we explore how connectivity and technology players can expand within the IoMT ecosystem.
The companies mentioned in this report include: AT&T, Augmedics, AVIA, Choice IoT, DarioHealth, Eko, GE Healthcare, Intel, Medtronic, Packet, Phillips, PlushCare, PTC, Smardii, Sprint, Telit, Vuzix, XENEX, Zebra.
Here are some of the key takeaways from the report:
- Healthcare providers are prioritizing IoT investment in solutions that enhance virtual care delivery, augment emergency services and triage, and automate or streamline tasks.
- The IoMT opportunities for connectivity and technology providers will only be amplified as the IoT intersects with other emerging technologies.
- We interviewed executive decision-makers in the connectivity and technology space to gather their insights on how they determine which IoMT opportunities to prioritize, the best go-to-market strategy for these new opportunities, and what goes into the decision process when selecting a partner to expand within the IoMT.
- The report also highlights the opinions of executive decision-makers in the connectivity and technology space on topics that include: telemedicine, preventative care, administrative operations, 5G, edge computing, artificial intelligence, and augmented reality.
In full, the report:
- Sizes the North American IoMT market through 2022 and explains how it compares with pre-coronavirus estimates.
- Identifies the three biggest IoMT opportunities for connectivity and technology providers based on conversations with companies entrenched in the IoMT ecosystem, and on our analysis of their impact, scalability, early evidence of value creation, and increased utility amid the coronavirus pandemic.
- Provides recommendations for connectivity and technology providers on how to carve out and expand their footprint in ways that unlock the most value.
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