MENA’s ‘Internet of Medical Things’ to reach $9bn by 2022
Tuesday, 01 07 2020, Category: Health, Country: Middle East
The value of Internet of Medical Things (IoMT) for the Middle East and North Africa (MENA) region is expected to increase to $9bn by 2022, according to a recent Arab Health report, official news agency WAM reported.
IoMT’s global market, valued in at $41.2bn in 2017, is expected to increase to $158.1bn in 2022, according to The Future Of Health Information Technology and The Internet Of Medical Things report released in the lead up to the Arab Health 2020 exhibition.
“In the MENA region, the figure is expected to increase from $2bn to $9bn during the same period, representing a compound annual growth rate (CAGR) of 35 per cent,” the report added.
The upcoming edition of the Arab Health exhibition, to be held from January 27-30 in Dubai is expected to host over 4,250 exhibitors from more than 64 countries, and 55,000 visitors, showcasing technology instrumental in bettering the accuracy and speed of diagnosis and treatment in the healthcare industry, the statement said.
“The IoMT refers to connected infrastructure of medical devices, software applications and health systems services which have grown in the prominence of supporting clinical decisions, reducing incorrect diagnosis, and improving quality of services through the management of chronic diseases and monitoring of hospitalised patients,” said Ross Williams, exhibition director of Arab Health.
The Innovation Hub – a part of the 2020 exhibition – will highlight several disruptive technologies in the IoMT ecosystem including artificial intelligence, augmented and virtual reality, mobile device accessories, smart watches, fitness trackers and applications, disease management devices, health monitors, home care devices and telemedicine devices and others, the statement said.
For the UAE alone, healthcare spending is expected to reach $2.4bn by 2025 and $3.6bn by 2030, according to research figures by Colliers International Healthcare Analysis.
Source: Gulf Business