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With half of the IoT market, IoMT constitutes the largest part IoT market. In 2017, IoT market was at $41 billion and expected to increase to $158 billion in 2022 with connected medical devices contributing to one-third of the market by 2022 [7]. The statistics indicate the gradual penetration of IoT technology. Almost 7 billion IoT devices were there in 2018, and in 2019, it jumped to 26.66 billion active IoT devices. Every second, 127 new IoT devices are connected to web, and by end of 2021, there will be almost 35 billion IoT devices installed worldwide. In terms of revenue generation for IoT market, the global spending on IoT in 2016 was $737 billion, and by 2021, it is expected to reach $124 billion, and only by 2026, it will reach $1.1 trillion. This indicates the enormity of IoT markets as global IoT healthcare market should reach 14 billion USD by 2024 [8].

Electronic patient records and patient monitoring are the largest usage of IoT in the present situation. Security in usage of IoMT is a major challenge. IoMT has improved the efficiency of healthcare delivery while lowering the cost of delivery per patient along with rapid implementation, thereby saving time and further lowering costs. The major challenge in IoMT is non-standardization of devices being in various platforms and inability for devices of one manufacturer to communicate with software or hardware of another. Multiple platform results in inefficiency. New devices and software need capital in terms of development and Food and Drug Administration (FDA) approval. Data privacy and security are factors that are to be kept in mind during its development and implementation. But implementation of IoMT increases cost of healthcare for devices, apps, cloud storage, and security. Data bandwidth required for the Big Data generated continuously by IoMT devices strains internet networks.