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Perspectives

Medtech and the Internet of Medical Things

How connected medical devices are transforming health care

With the Internet of Medical Things (IoMT) market estimated to be worth $158.1 billion in 2022, how can medical technology (Medtech) companies can get IoMT right from a business perspective and how they can use the opportunity to deliver more value to health care?

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How will MedTech transform the next generation of health care?

Medtech and the Internet of Medical Things

Major advances in technology are driving innovation in Medtech, leading to the development of an increasing number of connected medical devices that are able to generate, collect, analyze and transmit data. The data, along with the devices themselves, are creating the IoMT—connected infrastructure of medical devices, software applications and health systems and services.

New research from Deloitte UK Center for Health Solutions examines how the IoMT is transforming Medtech’s role in health care. It outlines how Medtech companies can get digital transformation right—whether by adapting their existing business models, inventing new ones or both. The industry's future will depend on its ability to demonstrate to providers and payers how connected medical devices contribute to the new value-based paradigm.

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Medtech and the Internet of Medical Things

Significant IoMT market growth predicted

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What is the Internet of Medical Things?

From pregnancy testing kits to surgical instruments, artificial joints and MRI scanners, the medical technology industry designs and manufactures a wide range of products. Technology is allowing these devices to generate, collect, analyze and transmit data, creating the Internet of Medical Things (IoMT)— the connected infrastructure of health systems and services.

The IoMT and its relationship to Medtech is instrumental in helping health care organizations achieve better patient outcomes, lower climbing health care costs, improve efficiency and activate new ways of engaging and empowering patients. The pace and scale of health care transformation will be exponential if Medtech can harness the IoMT.

The benefits of the IoMT

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Is Medtech ready for the IoMT?

According to our survey of medical device companies with connected medical devices, manufacturers are anticipating an increase in the percentage of devices that are produced, as well as an increase in R&D investments.

Estimated percentage of connected medical devices today and in five years' time

Estimated R&D budget allocation towards the development of connected medical technologies today and in five years' time

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Factors affecting Medtech’s digital transformation

How will Medtech companies evolve as connected devices transform health care?

While the IoMT has the potential to help alleviate some of the cost, access and care coordination challenges facing health care, the generation of data points through millions of connected medical devices will have little impact unless turned into actionable insight.

Medtech companies will need to develop new strategies to harness the data provided by their digitally-enabled products and make their business and operating models relevant and competitive. For some Medtech companies, this will include shifting from a product-based model to a value-based system.

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