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Healthcare is facing one of its major turning points in decades. After penetrating the consumer market, the digital revolution and its related IoT concept is rapidly changing health models.
Yole Développement’s analysts announce an impressive US$9 billion market in 2016 with a 16% CAGR between 2016 and 2022. Connected devices are now part of the IoT industry: the Internet of Medical Things (IoMT) is born. Such developments have been performed in parallel of the numerous technical innovations dedicated to the consumer applications.
- IoMT powers industry momentum in digital health and reinvents healthcare organization.
- Connected medical devices: the digital health revolution has started.
- Innovative models and new players are reshaping healthcare organization.
- Technology overview: from reusing sensor innovation to dedicated devices.
Yole Développement (Yole) releases today the report Connected Medical Devices Market & Business Models. This report analyzes the dynamics of the connected medical devices market, the competitive landscape and its technical innovations. It also details the drivers for the adoption of connected medical devices as well as devices for personal assistance. Trends for connectivity and typical architecture for an IoMT project and much more are presented in this report.
The IoMT powers industry momentum in digital health and reinvents healthcare organization. The Medical Technology team from Yole offers you today an overview of the latest innovations and their impact on our daily life. What will be the tomorrow’s healthcare?
The population is growing and aging, and chronic diseases are exploding. More than 415 million people are living with diabetes worldwide and there are more than 1.5 billion people at risk of cardiovascular diseases. The number of doctors and nurses has stayed consistently flat, as health budgets are shrinking in many regions. Fortunately, connected devices and smartphones are now widespread. People are managing their lives through apps and clouds, and now can do the same with their health, from hospital to home or even just walking in the street.
Healthcare is shifting to a patient centric model with nearly 20% growth over the period to 2022 for the segment of self-quantified devices. This compares to single-digit growth for connected implantable devices, which face serious security issues. Preventive and predictive medicine and even participative medicine are on the way to supplement evidence-based approaches, using the large volumes of data generated by these connected medical devices.
Technical developments for the medical sector were made in parallel to consumer applications. However, introduction of these “connected innovations” was longer due to regulation aspect in healthcare as well as longer development time and test to clearance.
“Convergence of sensor technology and connectivity made possible the set-up of IoT,” asserts Jérôme Mouly, Technology & Market Analyst, Medical Technologies at Yole. “Today, when connected devices are medical-grade approved, we can talk about IoMT. And this is the focus of Yole’s report”.
Bringing connectivity to medical devices has offered new experience to patient and health body: self-monitoring, alerts, patient coaching, exchange and storage of data, records at local level. Therefore, IoMT infrastructure clearly offers a wide opportunity to store millions of data from several devices, from several patients. “We are just at the beginning of data exploitation for the benefit of patients”, comments Jérôme Mouly from Yole.
According to Yole’s report, the connected medical devices market is structured within 4 market segments, each one with dedicated requirements and challenges front of connectivity. They are implantable devices – self-monitored – professional oriented – and assistance devices for people’s lacking autonomy.
The healthcare industry is changing smoothly and connected medical devices will slightly impose their presence. For example, chronic diseases are strongly driving connected medical device market with more than 80% of sales generated by monitoring of diabetes, respiratory and cardiovascular diseases. The connected medical devices penetration rate for chronic diseases is yet reaching 20%+ from comparable market.
These applications will not be the last one. Indeed connected technologies will continue to impact the healthcare industry with always the same objective: move towards an efficient, accurate and personalized healthcare for the benefit of patient.