Published by Pye.ai
Have you noticed that on every hospital visit, you encounter at least one medical device? These devices can range from low-risk instruments such as thermometers and blood pressure monitors to high-risk ones such as pacemakers and implants. Deloitte’s report states that there are currently over 500,000 medical technologies.
Medtech has always been diligent in adopting the latest tech to improve health care and wellness. With internet-connected devices making way into the medical field, IoMT is all set to transform Medtech’s role in the future of health care
What is IoMT?
IoMT is a collection of medical devices connected to a health care provider’s computer system through the internet. These devices are WIFI equipped, which enables machine to machine communication.
The IoMT market value was at $44.5 billion in 2018 and is expected to rise to $254.2 billion in 2026. Alltheresearch report states that the smart wearable devices segment is expected to dominate the market throughout the forecast period. Smart wearable devices accounted for approximately 27% of the global IoMT market in 2018.
The rise of IoMT comes when health care becomes increasingly expensive, and we have a large aging population.
Consumer health wearables
There are various IoMT devices that can be used on the body, in-house, and in-hospitals. The most popular and common IoMT devices are consumer wearables.
Consumer health wearables include devices such as activity trackers, wristbands, sports watches, etc. This segment of IoMT has the largest share of the global market. It is also further integrated with Artificial Intelligence (AI) to provide better consumer health analytics.
According to Business Insider Intelligence, the total installed base of fitness trackers and health-based wearables in the US will surpass 120 million by 2023.
Clinical Grade wearables
These are the health grade wearables that can be used only under expert advice or a physician’s prescription. Examples include ADAMM, an intelligent asthma monitor, Neurometrix’s Quell for relief from chronic pains, and smart belts that detects falls in elderly patients.
There are several other IoMT devices to address in-house, in-clinic, and in-hospital needs.
AI and IoMT
IoMT devices backed by AI analytical capabilities is the future of smart hospitals. The pairing of IoMT and AI provides up-to-date information to physicians. It reduces diagnostic errors, which are inevitable in human clinical practice.
According to research published in Circulation: Arrhythmia and Electrophysiology, a journal of the American Heart Association, doctors may be able to apply AI to electrocardiogram data to measure overall health status.
Using IoMT we can now monitor remotely for long-term diseases, thereby reducing medical costs. AI can ideally analyze a continuous stream of data from sensors and provide actionable insights, thus minimizing a physicians’ overload.
The global pandemic, COVID-19, has only accelerated the need for IoMT in Medtech. IoMT helps physicians provide accurate diagnoses and reduce the medical costs of patients. As patients begin to trust tech with personal medical data, security of data becomes of paramount importance. These challenges need to be addressed as we try to go contactless for medical advice.
- @aitrends: Internet of Medical Things is Beginning to Transform Healthcare
- @healthtechmagazine: How the Internet of Medical Things Is Impacting Healthcare
- @deloitte: Medtech and the Internet of Medical Things
- @aabme.asme: Internet of Medical Things Revolutionizing Healthcare
- @ncbi.nlm.nih: Trends in IoT based solutions for health care: Moving AI to the edge
Published by Pye.ai