In the Internet of Things market, the medical Internet of Things will become the second largest application area after the Industrial Internet of Things. It is reported that the medical Internet of Things is estimated to reach US$27 billion in 2017. The largest share of the medical Internet of things is the medical device market. It will be a huge business opportunity for medical networking in the next decade.
Frost & Sullivan Medical Industry Director Sowmya Srinath has more than 10 years of experience in medical technology and research consulting, and was invited to share her views on the medical industry at the 2017 International Summit of Medical Electronics and Equipment Industry. She pointed out that the medical industry is one of the top industries that actively adopts Internet of Things (IoT) technology. Nearly 60% of medical institutions have adopted IoT technology, and up to 73% of them are satisfied with their cost savings. The effect is estimated to be about 87% of hospitals using IoT technology by 2019. The application of the Internet of Things has also brought about changes in the way of medical care. In the past, patients need to be treated in hospitals. In the future, regardless of where the patients are, they can be remotely diagnosed, monitored and treated. The treatment and care methods are also shifting from passive to more Active.
The main players in the medical industry – including health care organizations, equipment manufacturers, suppliers and physicians – benefit from the Internet of Medical Things (IoMT): health care organizations can reduce claims and suppliers reduce maintenance burdens. Increasing value and information generated by IoMT is more helpful for physician diagnosis and treatment. The Internet of Things is suitable for the transformation of today's medical industry, but also meets the needs of health-conscious patients. Therefore, the Internet of Things and the medical industry can be said to be a hit.
According to the different use scenarios of networked medical devices, Shrina divides the medical network into five sub-markets: wearable, home-based, community-based, clinic-type, and hospital equipment. These five sub-markets together form the medical networking ecosystem. The application, strategy and success of each sub-market are different, and Shrina also made a detailed analysis.
Successful strategy for medical networkingIn the overall Internet of Things market, medical networking is the second largest application area, accounting for 30.3%, second only to the Industrial Internet of Things. In terms of market size, the 2017 medical network is estimated to reach $27 billion, compared with an estimated $72 billion in 2021. According to market classification, the largest is the hospital equipment market, followed by the wearable market.
The wearable market is widely used, including products for pregnant women, babies, disabled people, and disease management products. Shrina believes that there are two successful strategies in this market. First, the equipment needs to meet the needs of different users at the same time, including doctors, insurance organizations, pharmacists, hospitals, and consumers themselves. Therefore, products must be of high quality and accurate. information. Second, the range of products for wear is extremely wide. Products should be separated and avoided. For example, pedometers, heartbeat calculations and sleep monitoring products have entered the market. For example, AliveCor has launched a mobile phone to monitor ECGs and provide analysis reports to physicians.
The home-based networked medical device market covers applications such as personal emergency response systems, sleep tracking, post-operative monitoring, and home security for the elderly. Successful strategies in such markets, in addition to being partnered with medical units, will increase market visibility if medical staff believes that this home care device is of value and recommends patients to use it; at the same time, it can work with smart home product manufacturers to jointly market products. In terms of product features, integration with related platforms, allowing data to be automatically synchronized, will be more attractive to consumers. For example, Cue, a home medical testing device, can quickly detect and recommend medical advice based on the value; Beddit, a sleep monitoring product, is not only a monitoring of sleep status, but also can analyze the collected information through software and provide suggestions for improvement.
In the community market, related applications include vehicle life trackers, point of care inspections, public information stations, emergency intelligence, and more. The vehicle life tracker can be used as a monitoring device when an asthma patient drives to avoid an accident when an asthma attack occurs.
In the clinic-type equipment market, it is mainly used as a doctor's diagnosis. Because the patient's proper diagnosis usually requires a lot of examinations, it is costly. The successful strategy in this market needs to be a partner with physicians and regulatory related groups, and it is a medical networking device. Prepare for interoperability. Like the EksoGT Exoskeleton Aid, which assists patients with stroke and spinal cord injuries, this accessory is paired with proprietary software that assists the rehabilitation practitioner in training patients to walk with EksoGT.
The hospital equipment market is the largest market for IoMT, including hospital operations management, clinical treatment and patient experience devices, such as the application of smart wards. To be a leader in this market, products or solutions must provide added value, patient-centric, improve patient health and reduce costs, while addressing IT concerns. For example, the Cedars-Sinai hospital distributes the iPad to patients as a communication tool with the health care team; the Thomas Jefferson University Hospital allows patients to be voice-activated in the ward. Get information; Emerson Healthcare's digital intensive care unit.
Shrina predicts that the development of smart cities will increase the penetration of medical networking, with an estimated penetration rate exceeding the current 50%. Second, by 2025, standardization of data formats between devices will solve interoperability problems and streamline processes. Third, the medical networking market needs to cooperate with medical equipment providers, IT infrastructure providers, solution platform providers, and application service providers. Traditional medical equipment manufacturers should be transformed into digital medical services. Vendors can grasp the huge business opportunities of medical networking in the next decade.
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