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MedTech

Yole Développement (Yole) expects the connected medical device market to reach $23B in 2022, with a 16.3% CAGR from $9B sales in 2016. More than 80% of the $9B sales contribute to the monitoring of major chronic diseases such as diabetes, cardiovascular, and respiratory diseases. 

All devices, whether implanted, wearable or portable, could be connected to generate data and patient information. This will radically transform the management of health by creating a patient centric approach requiring innovative business models to be set-up.

Healthcare is not an exception: IoT is penetrating the health market and is finding a number of applications greatly expected to improve a patient’s life through use of the information generated. How is patient information generated? Key systems, medical devices and related sensors, are connected and the information gathered is transmitted to the internet. This ecosystem is named Healthcare IoT as well as IoMT, for Internet of Medical Things. $9B Sales have already been generated, and we expect connected medical grade devices, as well as assistance devices for people lacking autonomy, to increase more than 16% year-on-year to reach $23B in 2022.

Almost 2 billion people are using smartphones around the world today, and access to the internet is widespread. This is changing people’s habits as they get easier access to data allowing them to manage their lives around high technology devices. As patients, they are more and more involved in management of their own diseases and medications. Chronic diseases represent more than 80% of the connected medical device sales today and, as examples, give patients marked improvement in the monitoring of their glucose level for diabetes type 1, or alert caregivers and family in case of sudden crises for asthmatic people. Several companies are developing connected devices, such as Adherium, recently receiving FDA approval for its connected inhaler, or Omron, developing connected blood pressure monitoring devices interfacing with its Omron Connect environment. 
Where is innovation occurring? Mainly in connectivity, software, and data exploitation. The first step in adoption for patients, hospitals and health bodies is to find the right use cases and business models. Sensors integrated to connected medical devices are already available from other markets such as consumer or automotive, and are already miniaturized, low-cost, offering low-power consumption…, but are not specific to the medical market. After stabilization and large-scale adoption of connected medical devices, we expect a second wave of innovation with development of sensor solutions specifically dedicated to medical grade requirements in terms of reliability and accuracy, as well as new criteria such as low invasive sensors, taking advantage of MEMS technologies.

Connected medical devices

From home to hospitals or simply walking in the street, a patient’s data need to be transmitted and stored in the cloud, sent to Personal Health Information (PHI) systems, exploited using machine learning and artificial intelligence. This involves a new supply chain with several new players. Diversity of connected medical devices with proprietary protocols require an interoperable platform for data integration such as that developed by Qualcomm Life with its 2net platform. Innovative business models need to be set-up, involving not only healthcare insurers but also employers, telemedicine companies, and pharmaceutical companies. This will take advantage of the amount of data generated to increase patient medication adherence, motivate people to self-quantify their health and develop a personalized medical approach. In a nutshell, it will turn an evidence based medicine to a preventive, predictive and even participative medicine. IoMT offers huge opportunities for the benefit of the patient, for development of new medication for diseases such as cancers, as well as reducing time for clinical trials through the use of collected data. Quality of Data is the key to be exploited…all starting from the sensors!

SourceYole Développement

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