Global IoT healthcare market value
According to PR Newswire, the global patient monitoring market is expected to grow at a mid single digit CAGR from 2020 to 2027 to reach $42,974.9 million by 2027. As most western societies face low birth rates and an ageing population as well as an increasing number of people suffering from ‘diseases of civilization’ this market is expected to grow further in the foreseeable future.
How did it start?
Early adoption of IoT began to emerge in the early 2000s when EMRs (electronic med
ical records) were introduced together with telemedicine. Since then healthcare data started to be integrated with devices.
Later came the advent of wearable devices, glucose monitors, step trackers, pulse metres etc. People started to use technology that was an affordable way to measure, assist treatments and achieve sport goals.
After that the medical devices started to become more connected and able to send user/ patient data to their healthcare providers in real-time. Allowing medical specialists and healthcare providers to monitor patients even more frequently in comparison to keeping them in a hospital.
Today IoMT is making its way into these medical facilities and changing them in a way previously unthought of. Important to mention is that IoMT devices collect data that is transmitted with limited or no direction from the patient or medical professional.
Brilliant solutions
Let us look at some IoMT smart devices companies and solutions they developed.
Cogniteq
This company has been on the IoMT market for more than 15 years. The company’s portfolio includes an app that aims to help enhance autistic children’s language skills.
‘Smooth Talker AAC allows speech and language therapists, teachers, and parents to boost language and communication skills in autistic children. The idea behind this app is to create a platform where users can record and replay a series of voice messages.’ -Cognitec
Another solution from Coniteq comes in the form of a cross-platform mobile app for detailed documentation of treatment.
App user’s /patient’s medical data is stored in a format regulated by the FHIR (Fast Healthcare Interoperability Resources) standard.
Health records include:
- Basic questionnaire (overall feeling, general notes)
- Vitals (blood pressure, heart rate, blood sugar),
- Medication list
- Laboratory test results
- Activity tracker (walking, running, sleeping, sports, etc.)
Kore Wireless
Is a company founded in 2002 at the beginning of the IoMT revolution.
The company focuses on providing a full suite of technology and solutions called Connected Health.
Smart devices collect telemetry and assist patients in managing chronic conditions like diabetes or heart conditions.
The flag products include artificial pancreas that offers continuous, non-invasive glucose monitoring.
Mindbowser
The company has developed EHR integration services and integrated electronic health records from various leading systems: Epic, Cerner, Athena Health, eClinicalWorks, etc.
Mindbowser offers healthcare integration in the form of Healthcare Connect Copilot.
Furthermore Mindbowser integrated apps using APIs such as Google Fit API, Apple HealthKit, Fitbit API, Garmin. These are used for keeping track of not only individuals’ health but also sports activities that contribute significantly to keeping the wearers in good physical and mental health.
Also medication management is taken care of by
Folio3
Another major player on the IoMT field is Folio3. This company offers numerous services:
- AI Solutions in Healthcare
- Medical Imaging Software Development
- AI healthcare chatbot development
- Healthcare Process Automation Solutions
- Healthcare Analytics Solutions
- Custom Medical Diagnostic Software
For example Folio3 Healthcare Analytics offer early diagnostics predicting disease risk by analysing patients’ historical data. Hospitals can benefit from implementing workflow efficiency that allow medical facilities administrators to optimise efficiency across departments or maximise revenue by introducing healthcare KPI’s into their systems.
Folio3 also focuses on development and usage of AI in IoMT.
The AI medical solutions include:
- AI Decision-Making Systems
- Artificial Intelligence for Medical Image Analysis
- AI in Telemedicine and Remote Patient Monitoring
- Clinical Trial Solutions
- Clinical Text Processing with NLP
- Automated Drug Development & Discovery
- Smart Workflow Automation & Data Handling
- Smart Health & Wellness Technology
- AI Wearable Patient Health Trackers
- Proactive Diagnosis & Intervention
- AI-Supported Pregnancy Wellness
What is the future?
The medical industry has accepted the fact that IoT brings obvious benefits into the healthcare sector.
It reduces costs, improves patients outcomes as it is easier for them to adhere to a mobile app treatment plan or a pill reminder. Thus patients are empowered to take more control and responsibility for their health. The large amount of data generated by IoMT allows healthcare providers, policymakers and researchers to make data-driven decisions which in turn saves costs.
There are also challenges
Certainly so much integration of confidential information poses security risks. There is also the challenge of ensuring the data is accurate and valid. The data also needs to be compatible and interoperable across devices and operating systems. Another challenge comes in the form of adopting common standards and protocols like HL7 Europe.
HL7 International established its European Office as a private foundation in Brussels in 2010 to support its mission in creating HL7 standards and frameworks that are widely and easily used enabling interoperability in healthcare, also serving the specific needs of the European community and its national HL7 affiliates.
From –https://www.linkedin.com/company/hl7-europe?trk=article-ssr-frontend-pulse_little-mention\
Sources:
https://www.forbes.com/councils/forbestechcouncil/2021/03/31/how-iot-is-transforming-healthcare/
https://www.cogniteq.com/blog/top-10-iomt-companies-best-iot-healthcare-solution-providers
https://www.korewireless.com/iot-connected-health
https://www.linkedin.com/pulse/future-internet-medical-things-iomt-grand-view-research-uk88f
