Internet of Medical Things (IoMT): The Megatrend that Revolutionizes Healthcare

Smarted, connected medical devices and the data they generate are fueling the booming Internet of Medical Things (IoMT) industry as Industry analysts project that by 2024 the wearables and remote patient monitoring market will grow to $612 billion, according to Grand View Research.

Medical technology (MedTech) companies manufacture more than 500,000 different types of medical devices, including wearable eternal medical devices (i.e. skin patches, insulin pumps, and blood glucose monitors), implanted medical devices (i.e. pacemakers and implantable cardioverter defibrillator devices), and stationary medical devices (i.e. home monitoring devices, connected imaging devices, and scanning machines).

Like most other industries, the health care sector is increasingly realizing the transformative nature of IoT technologies, as advances in computing and processing power, wireless technology, and miniaturization drive innovation in connected medical device development. Therefore, connectivity enhancement can be applied to most categories of medical device.

According to Mordor Intelligence, the Internet of Medical Things (IoMT) market is anticipated to witness as CAGR of 23.4% over the forecast period 2021 – 2026. The market for IoT medical devices is expected to grow at the highest in the Asia-Pacific region during the forecast period. Implementation of government initiatives for the promotion of eHealth, rising medical tourism, and growing demand for quality healthcare, the increasing prevalence of chronic disorders, increasing per capita income, higher adoption of smartphones, and the growing penetration of advanced connectivity and networks in these countries are some of the factors driving the growth of the market. Moreover, the region also enjoys the presence of several significant vendors in the IoT market, who are investing significantly in the new product innovations.

Alarmingly, between 2009 and 2020, there have been 3,705 healthcare data breaches of 500 or more records reported to the HHS Office for Civil Rights. Those breaches have resulted in the loss, theft, exposure, or impermissible disclosure of 268,189,693 healthcare records. That equates to more than 81.72% of the population of the United States. In 2018 alone, healthcare data breaches of 500 or more records were reported at a rate of around 1 case per day, and the rate had doubled in December 2020.

TAKE-HOME MESSSAGE

In sum, the biggest threat to the rapid adoption of medical devices and digital health is information governance. As IoMT has to be dealing with sensitive information, it is critical to ensure information security and privacy. In the age of relentless ransomware attacks, robust cybersecurity will also imperative to ensure the capability of connected medical devices, patient privacy, and data security. A small data breach can have far-reaching consequences; therefore, this requires additional significant investment to help secure IoMT ecology systems.

Article by: Asst. Prof. Suwan Juntiwasarakij, Ph.D., Senior Editor