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It’s being half a decade since IoT has made its presence felt and now its popularity has spread to different spheres. Investors witnessing the story of five long glorious years of IoT stocks currently look confident enough before vouching for any.
There are a large number of IoT companies, which are making the world look smarter, smaller and well connected. However, the best part is that its benefits are not limited to the technology space alone. We see a number of other industries benefiting from it including the medical device space.
If you are not conviced yet, investors are almost dumbfounded by the colossal 259.3% surge (since 2014) in medical device Internet of Things stock, Dexcom DXCM. This smart glucose monitoring device maker has had a huge impact on the investment world. It is time for us to wake up to the latest revolution in technology — the Internet of Medical Things (IoMT) or Medical Internet of Things (MIoT).
What's IoMT?
Consider a situation when you get a report on your body’s hydration level just by clicking on the smart water bottle app on your mobile phone. Another smart IoMT device emerging fast is Wireless Vital Sign Monitoring system, providing wireless continuous beat-by-beat blood pressure reading. The same app also measures heart rate, blood oxygen level and other physiological parameters. Smart stethoscope, smart injection device, smart thermostats or advanced hearing aids are a few other IoMT devices through which the medical device industry is fast shifting from reactive patient care to a proactive one.
Another important new-age IoMT device is the smart pill. These oral medications with ingestible sensors for gastrointestinal healthcare are commonly used in patients with dementia or any other mental illness. In this regard, Medtronic's MDT SmartPill motility testing system deserves a mention.
IoMT is not limited to a single device. Going by an article of Isabel Healthcare, IBM’s Watson Health has teamed up with Thomas Jefferson University in Philadelphia to create a smart hospital room for the three hospitals the university oversees. This concept has come into focus on growing demand for remote patient monitoring and chronic disease management.
5G to be a Game Changer
As Jamie Carter says, “Never mind the 'things', it's the data they create which is vital.”
The entire concept of IoMT is based on Internet-connected devices. Undoubtedly, the rise of cloud platforms, phones, phablets, tablets and other smart devices as well as apps has made acceptance of IoMT easier among the masses. In fact, big medical and non-MedTech players are all waiting for the next wave of mobile technology, 5G, which is expected to take IoMT to an all new level. Per a Medical Device Diagnostic Industry report, the “5G capability will allow for much more efficient and prompt device-to-device communication, thus making the medical Internet of things an operational reality.”