The smart healthcare devices market has expanded to unprecedented proportions in recent years, and with technology developing at a rapid, its effects are set to impact the market. Furthermore, the United Nations Sustainable Development Goal No. 3 (SDG - Goal 3) is to ensure healthy lives and promote well-being for all at all ages. This also forms as a rationale for bringing about new and improved means of effective and continuous healthcare monitoring. The growing incidences of busy work schedules, increased usage of remote devices, sedentary lifestyle, technological advancements in healthcare monitoring devices, are some of the important factors fueling the growth of the smart healthcare devices. Some of the major players in this market are Abbott Laboratories, GE Healthcare, Healthcare, Honeywell International Inc., Life Watch, Omron, Philips Healthcare, Siemens Healthcare and so on.
Moreover, the Fourth Industrial Revolution is gaining a lot of currency and smart healthcare devices are at the zenith of rapid innovation and development. Furthermore, the increasing integration and interconnectedness with other commercial smart devices are enabling the smart healthcare devices market. Guided by increasing demand of consumers to monitor their health, and evidenced by the inclusion of FItBits and wearable blood pressure monitors in the zeitgeist the future of the smart healthcare devices certainly looks promising. The implications of the smart healthcare devices market on global healthcare delivery will be looked into.
So, what exactly are smart healthcare devices! In general, the term refers to medical devices that are portable as well as wearable which has been made possible by the miniaturization and the enhanced wireless connectivity. The wide range of devices can be subsumed under this category of products are inclusive of but not limited to smartwatches, activity monitors, smart clothing and wearable patches. Moreover, a variety of players that ranges from legacy players to startups who have entered this space have made it possible for these devices to be applied in an ever-growing field of healthcare. The applications scope includes diagnostic and monitoring, injury prevention or rehabilitation, treatment. Smart healthcare devices have become lifesaving.
Smart Healthcare Devices – Key Developments
In February 2020, the Israeli based Cardiovalve announced that the U.S. FDA has granted a breakthrough device designation for its transcatheter system that is intended to replace regurgitating Mitral and Tricuspid valves, using a transfemoral - transseptal approach.
In January 2020, a California-based startup Cognita Labs has won FDA clearance for its first device, a smart cap called CapMedic, for inhalers used by people with asthma, chronic obstructive pulmonary disease, and other respiratory disorders. The device is positioned on top of the inhaler and a sensor is housed in the device that collects data for remote patient monitoring and guides users. While the product has significant competitors in the smart inhaler segment, it has certain competitive advantages over other such products.CapMedic is the first one to communicate directly with patients enabling then to use inhalers more effectively.
In January 2020, California based Mojo Vision is in the research and development phase of developing a smart contact lens with a built-in display that will provide beneficial patient information to prevent loss of focus. The device will provide real-time contrast and lighting enhancements along with zoom functionality. The smart contact lens is expected to allow a hands-free experience and provides an enhanced functional vision to support reading, sighting, and mobility.
In January 2020, San Diego, US, based VisionTree Software was acquired by German-based digital technology company Brainlab for an undisclosed amount. The former is known for its cloud-based and patient-centric data collection and health management solutions. Brainlab software is involved in critical treatment workflows to produce an array of structured, validated, digital data. With this acquisition, Brainlab will now have access to tools and standardized forms to gather granular and well-structured outcomes data directly from patients who have consented the data collection.
In July 2019, the French firm Biocorp has entered into exclusive negotiations to connect its Mallya device with pharmaceutical company Sanofi’s diabetes care platform. Mallya smart sensor cap that can be clipped onto an insulin injection pen for automatic recording and the transmission of dosage information. It is a part of the firm Biocorp’s connected devices portfolio. As per the terms of the negotiations struck between the two organizations Biocorp would receive a payment of €4m to support related development activities.
Key outcomes and future trends
Thus, with the developments evidenced above the devices are expected to incentivize patient adherence and, as a result, reduce hospital readmissions which result from poorly managed health. It will also help in freeing up time for health professionals and saving costs incurred by the healthcare industry. The data sets that are gathered through the means of such devices will help in the expanding fields of healthcare that are still under research and development and clinical trials. Further, the growing demand for Internet-of-Things (IoT) in home healthcare will drive the smart home healthcare market during the forecast period.
The wireless segment of this healthcare industry is projected to grow even further during the forecast period due to the associated convenience that it offers. The smart home healthcare segment also includes devices like the fall prevention detection system that consumers are increasingly preferring to install in their homes due to the reported cases of accidents that occur in the home as well as due to the growing population of old age. The North America and APAC market will augment the growth of this market due to the dynamic IT sector that is facilitating the key development, rising disposable income making adoption of the smart healthcare devices affordable. To sum it up the market prospects of smart health care devices are vast since, for individual user’s smart healthcare devices can facilitate better health self-management. For medical institutions smart health care can achieve unified management of materials and information, improve the patient's medical experience, reduce costs and relieve personnel pressure.