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Guide To The Connected Healthcare Device Market and Growing Market Share

Connected healthcare trends and its technology are exciting new trends in the space. Breakthrough developments in the global sector are extensions of telemedicine and telehealth. Each term describes technology to advance healthcare remotely. Only recently has each term been used to describe the connected world of health.

Distance between patient and doctor has been an impediment to quality healthcare for large swaths of the world’s population. Even in today’s ultra-modern world, remote societies have little to no hope of competent connected healthcare. The connected healthcare device market is transforming this human tragedy.

There are many types of connected healthcare devices that are either in research and development, or approved by the FDA and on the market. These include:

Wearable diagnostic and monitoring devices

  • Wearable cardiovascular devices
  • Wearable pregnancy, fetal and infant devices
  • Wearable neurological devices
  • Wearable sleep monitoring devices
  • Wearable glucose monitoring devices
  • Other wearable diagnostic and monitoring devices

Wearable therapeutic devices

Wearable injury prevention and rehabilitation devices

  • Body motion devices
  • Sensing garments
  • Fall detection devices
  • Other devices

Wearable lifestyle and fitness devices

  • Fitness trackers
  • Activity trackers
  • Sports trackers

Connected Landscape

Healthcare technology changes every industry landscape connected to the sector. Apple and a few other global brands stand above other worldwide companies with their involvement in healthcare. Each firm recognized the importance of a connected healthcare device market. Agile, and technology-specific enterprises make up the majority of companies in the device industry. Brilliant minds are seizing opportunities by connecting patients around the world to health solutions they need.

What are some of the innovations in the connected healthcare device market happening right now?

  • eHealth: The term is a broad definition, describing a myriad of connected services, connected healthcare, and associated systems. There is no more used abbreviation in the healthcare sector than eHealth. At least 51 different classifications and meanings are associated with the term. Tools and skills for eHealth include doctor and hospital computers, mobile devices, patient monitoring, and connecting satellites.
  • No industry wants to see an improvement in patient care and connectivity than insurance. A successful future will be those innovations linking insurance customers with their connected healthcare market insurance plans.
  • mHealth: Collecting real-time patient analytics is revolutionizing the healthcare device market and sub-industries. The first smartphone came into being in 1992. Think about how the device has changed lives. Smartphones, apps, and mobile technology have had disruptive impacts on the world of connected health.

How is mHealth shaping global wellness?

  1. Medications and Patient Compliance: For decades, doctors, hospitals, and involved third parties have never been able to make sure their patient is taking medications at the prescribed time and amount. By some accounts, medication non-adherence goes as high as 50%. mHealth is changing this paradigm with easily downloaded apps to smartphones and other connected healthcare device. Pharmacies and hospitals are forcing their patients to stick to a regimen with apps such as Medisafe’s; Medicine Reminder and Alert App.
  2. Enhanced Monitoring and Doctor Access: Connecting practitioners to their patients remotely, is transforming healthcare in ways no one believed possible. The speed at which a doctor can get to a patient in distress is saving lives. Doctor on Demand, currently available only for iOS devices, links board-certified physicians and other licensed specialists on face-to-face connections with their patients. Before long, the doctor visit will be outdated.
  3. Paperless Benefits: Archaic paper legacy systems are moving at a snail’s pace and gumming up the entire healthcare structure. The paperless society marches onward and is dramatical in cutting costs and waste for doctor’s offices and hospitals. The healthcare device market and connected healthcare trends are flooded with new technologies.

This comes from Our Unbelievable Department

Researches from Melbourne University have developed a connected device for controlling exoskeletons. The prosthesis helps paralyzed victims to maintain a sense of mobility. A microdevice is inserted into the jugular of the patient. The blood system carries a wireless device to the brain. The device then measures electrical signals from brain cells. Signals are processed and interpreted then sent to the exoskeleton for patient movement. The technology works well enough to allow patients to participate in the Bionic Olympics.

Internet of Medical Things (iOMT) and Global Connected Healthcare Trend

According to a report published by Zion Market Research in 2017, the global connected healthcare device market was valued at $1,860.26 million. Revenue for the market is expected to grow at a phenomenal rate of 27.74% between 2018 and 2024. The report is broken down into three segments. 1) Function 2) Type 3) Application. – Bill Ross, SEO Expert

Subsets of the segments:

  • Telemedicine and home monitoring
  • Assisted Living and clinical supervision
  • E-Prescriptions and mHealth
  • mHealth Devices, Diagnostics, and treatment
  • Education, Awareness, wellness, and prevention

The current state of global health is a fragmented system with pockets of excellent healthcare. Finding accurate data on global health remains an impossible task. Closed societies such as North Korea and Venezuela have long been known for deplorable human conditions. However, there are shining light examples for the world.

What is iOMT? The Internet of Medical Things is a term describing connectivity through the cloud to individual healthcare devices. The cloud processes and stores information, connected devices deliver the interface for those in need of healthcare. The number of global connected medical devices will soar from the current of around 10 billion to over 50 billion in the next decade. This explosive growth in connectivity is due in large part to the global cloud.

Connected Healthcare Trends and Technologies

Every physician, hospital, and anyone remotely involved in healthcare believes the sector is on the verge of generational change. What are some of the promising connected devices and disruptive technologies on the market right now or very close to reality?

Cardiovascular:

  • IdaFlo byIdaHealth; After heart procedures, the radial artery can often occlude (close) resulting in serious problems. The IdaFlo is a wireless device, wrapped around the wrist which monitors blood flow to the artery. The device sends back data alerting the physician to any issues with the patient’s blood flow.
  • eMurmur: The FDA has cleared the app for next stage trials. The eMurmur app is a cloud and wireless solution, which employs advanced machine learning. The app identifies heart murmurs before they happen. The technology is set to deliver huge cost savings to healthcare systems worldwide.

Imaging:

  • Scientists at MIT have developed a 3D imaging system to remove ovarian tumors during debulking surgeryOvarian cancer is usually in the latter stages when detected. The new imaging system can detect tumors as small as .3mm.

Implantables:

  • Synchron thought to speech. The company is in first clinical trials for neural interface technology, which restores speech to patients with severe paralysis. A Stencode implant in combination with BrainOS software interprets signals from the brain and translates as speech.

Apple:

The company wants a massive slice of the annual $7 trillion spent on healthcare. Apple’s CEO is making health a vital part of the company’s core business going forward. With other tech giants invading Apple’ territory, everyone at Apple sees healthcare as a huge opportunity.

  • Research Kit: The Kit is Apple’s way of letting top-notch talent start developing apps and hardware for the healthcare space. The Research Kit performs several functions 1) makes recruiting talent easier 2) large-scale health studies become feasible 3) enable monitoring and diagnostics for their products.
  • iPhone as a Medical Device: the A12 Bionic chip is specifically designed to improve processing and power. Facial recognition helps in detecting forms of autism. Cameras can help in advanced diagnostics. Ambient light sensors detect blood flow. Third-party apps are leveraging the iPhone 1
  • iWatch: This connected device is Apple’s interface with the body. Along with with an ECG, fall detection, the company has developed a host of other applications. Third-party health organizations are using the iWatch for
    • 1) monitoring physical activity
    • 2) virtual therapy
    • 3) AI adherence
    • 4) data collection.

Read more about trends for connected health.

10 Stats for Mobile Health Technology

  1. According to an mHealth survey, 33% of people across the globe own an iPhone
  2. The fastest growing health markets (Excluding the United States) 1) Asia-Pacific regions 2) the United Kingdom 3) France and Germany.
  3. 52% of connected healthcare device and 50% have downloaded healthcare apps. Wellness and medical are the two most popular app categories. 85% download wellness while the remaining search for medical apps.
  4. The Mobile device market is predicted to be a $26 billion industry with astonishing growth ahead. 80% of medical professionals use their mobile devices.
  5. Mobile devices have transformed clinical offices through improved communication and Hospital information systems.
  6. A pilot study from a major city hospital regularly sent emails and text messages to 350 congestive heart patients, alerting them for follow-ups. Readmissions for the same condition improved by 40%.
  7. The size of the mobile medical app market, on a global scale, is rising at astonishing rates. In 2017, the market was $2.4 billion; by 2025, it is forecasted to be $11 billion.
  8. The number of medical apps on the Apple Store is over 45,000.
  9. Since 2010, mHealth apps is the Top-Funded IT Technology with over $3.5 billion in funding.
  10. The total global market size for mHealth apps will exceed $50 billion by 2025.

The Implications and Future Benefits of Connected Healthcare Trends

The world craves connections, and active non-governmental companies are doing everything in their power to fill this desire. Prestigious universities and global colleges are re-committing their students to the future of healthcare. No global sector will benefit more to connectivity, than healthcare and its sub-industries.

What are the implications for the future of connected medical healthcare?

Healthcare is a massive beast slow to adopt change. Nearly 4 million connected devices monitor every part of the human body. These related tools are giving physicians better decision-making capabilities.

Technology is driving down medical costs and increasing accessibility to more people. Near-field Communications (NFC) and Radio Frequency Identification Tags (RFID) provide better communications with hospital IT systems. Big-data healthcare clouds are leveraging massive amounts of data offering better, more complete care to disparate global systems. High-speed internet and favorable governments have also contributed to the rapid growth of iOMT.

The world’s population is aging. By 2025, over one-eighth of the eight billion people on Earth will be considered elderly. Older citizens have more health issues, placing tremendous cost pressures on already depleted health systems. Smart technologies added to current devices are providing better care with reduced outlays for equipment.

The iOMT has opened personalized care opportunities. Customized pharmaceuticals, monitoring armbands, and watches are giving unprecedented insights into a person’s biological system. Qualified and better healthcare has arrived.

Currently, in the United States alone, there are over 6,500 medical device companies. Over 80% of these firms have less than 50 people. The implication here; medical innovation does not require thousands of people, only a few dedicated to the same goal. The momentum of healthcare connectivity is accelerating.

Obstacles and Downside to Connected Health Device Market

A bright future lies ahead for iOMT and companies associated with the healthcare device market. However, all is not red roses for the sector. What are some of the challenges for the connected medical device industry and iOMT?

  • Infrastructure: Dropping sensor costs and mass production provide economies of scale to the market. The problem becomes the high cost of infrastructure to build and distribute the technology. Cloud platforms, dedicated networks, specialized manufacturing technologies are all necessary and costly. Transitioning from older legacy technologies to the new paradigm will take time and money.
  • Security: No other aspect stands in the way of advancement more than data and patient protection. It seems there are daily occurrences of millions of customer records compromised. Most solutions to the problem of curtailing world hackers are reactionary rather than pro-active. The burning question for technology becomes; if data cannot be secured now, how will companies protect data in the future and secure the healthcare device market. William Saito, a Japanese investor is a big believer in pro-active internet security systems.
  • Existing Networks: A foregone conclusion for a successful transition to the iOMT is a technologically advanced network. The move will be a heavy strain on existing infrastructure, communication systems, and legacy networks. Present hospital and other healthcare facilities have neither a robust network nor the security to provide advanced connectivity. World technology companies are building out cloud resources to handle the additional healthcare load. The problem becomes, can these enterprises build out the cloud fast enough?
  • Standardizing Technology: Establish technology standards across the healthcare device market is by most accounts a major headache. Every technology inventor wants their name emblazoned forever in the standards book. The world should recognize this difficulty and start now with an international commission to speed the process.

The world’s health is at stake. The brightest minds in history are innovating at an incredible pace, bringing competent care to everyone. Recent trends and technologies are beyond exciting.