Earlier this year, Gartner released a forecast for the Internet of Things (IoT)predicting that 8.4 billion connected things will be in use worldwide in 2017 and that total spending on endpoints and services will reach almost $2 trillion this year. This forecast is certainly encouraging, but due to the prevalence and influence of the Internet of Things in almost all business arenas, it’s not wholly surprising. What is quite eye-opening is the massive growth potential of certain emerging sub-sectors of the IoT – with one of those being the Internet of Medical Things (IoMT).
The IoMT market, which stood at $22.5 billion in 2016, is expected to grow at an impressive compound annual growth rate of 26.2 percent to reach $72 billion by 2021, according to analyst and research firm Frost & Sullivan. For some perspective on that $72 billion projection, that’s roughly the same size as forecasts for the virtual reality market – which is generating a lot more buzz than the IoMT. And in addition to healthcare industry stalwarts such as Medtronic and Philips, tech giants like Apple, IBM and Cisco are currently developing applications for the IoMT. So, considering all of this economic promise for the IoMT, it’s worth taking a deeper look at the sector and the opportunities and challenges it presents.