The Latin America, Middle East and Africa Internet of Medical Things (IoMT) Market would witness market growth of 23.2% CAGR during the forecast period (2023-2030).
IoMT's advantage is that it provides fewer errors and more accurate diagnoses at a reduced cost, thereby improving market-driving healthcare outcomes. With the Internet of Things and mobile applications, patients can transmit their health information to their physicians, allowing them to observe chronic diseases more in-depth.
IoMT increases human-machine interaction, enhancing real-time health surveillance solutions and patient participation in decision-making. Diet, physical activity, and quality-of-life monitoring systems have become more accessible due to the Internet of Medical Things-enabled devices. Innovative devices such as implantable processors, wearable devices, and biomedical embedded systems continually track patient activity and vital signs. Telemedicine is the remote monitoring of patients in their residences using IoMT devices.
The use of telemedicine and telehealth have surged in recent years owing to factors like increased internet penetration, smart devices’ accessibility, and the growing need for remote monitoring. It facilitates the development of new technologies that enable patient self-service and reduce the need for in-person visits. The Internet of Medical Things (IoMT) furnishes data, providing clinicians with a more precise understanding of their patients' health conditions.
According to the ITA, the UAE's healthcare industry is a lucrative opportunity, especially since public spending accounts for more than two-thirds of healthcare expenditures. The federal budget 2022 allocated $15.8 billion (AED 58.931 billion) for public spending, of which 8.4% is allocated to healthcare. The UAE's Vision 2040 identifies healthcare as a priority sector, and the country will continue to be a desirable location for establishing a regional distribution center for healthcare services. Therefore, the market is anticipated to expand with this region's growing healthcare infrastructure.
The Brazil market dominated the LAMEA Internet of Medical Things (IoMT) Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $11,124.6 million by 2030. The Argentina market is showcasing a CAGR of 23.9% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 22.9% during (2023 - 2030).
Based on Deployment Type, the market is segmented into On-premise, and Cloud. Based on Component, the market is segmented into Hardware (Stationary Devices, Wearable Devices, Implantable Devices, and Others), Software (Device Management, Application Management, Cloud Management, and Data Analytics & Others), and Services. Based on End-use, the market is segmented into Hospitals, Research Institutes & Academics, Clinics, Homecare, and Others. Based on Application, the market is segmented into Telemedicine, Connected Imaging, Clinical Operations & Workflow Management, Medication Management, Inpatient Monitoring, and others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Internet of Medical Things (IoMT) Market is Projected to reach USD 588.9 Billion by 2030, at a CAGR of 20.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Boston Scientific Corporation, Biotronik SE & Co. KG, Cisco Systems, Inc., General Electric Company, Honeywell International, Inc., IBM Corporation, Koninklijke Philips N.V., Lenovo Group Limited and Medtronic PLC.
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