Introduction and Overview
It probably won’t surprise you that the Internet of Things (IoT) is revolutionizing the healthcare industry, creating new opportunities for improved patient care, cost reduction, and operational efficiency. However, the Internet of Medical Things (IoMT) looks to bring even more innovation to the healthcare sector. IoMT includes some systems that were already staples of IoT, such as remote monitoring systems and wearable technology devices. However, IoMT expands the field through implanted devices and other smart connected devices that can feed critical and expensive or hard-to-access data back to healthcare providers.
The market for this technology now appears set to grow from approximately $48.7 billion in 2022 to $370.9 billion by 2032, at a projected Compound Annual Growth Rate (CAGR) of 23.15% (Source: Market.us). All signs suggest that North America will continue to be the most important region, given a market share of 35.8%. In comparison with other global regions, North America’s embrace of IoMT and the accompanying adoption of advanced healthcare technologies has been faster and more widespread. In turn, the availability of these technologies has driven demand for remote patient monitoring technologies and services.
Tern plc (LON:TERN) backs exciting, high growth IoT innovators in Europe. They provide support and create a genuinely collaborative environment for talented, well-motivated teams.