The recent year of pandemic made a real breakthrough in health tech sector and the growth will likely continue. Changes that would normally take 10 years to implement were made in a single year and this momentum should maintain.
A challenge of accessibilityOne of the biggest issues we are facing today is healthcare accessibility. According to Deloitte, global healthcare expenditure is now around $8 trillion and it keeps constantly rising. Despite this spending each year, half of the world’s population has no access to adequate healthcare.
During the last year situation in health care accessibility became dramatically sad. Pandemic impact on diagnosing and treating heart diseases caused in reduction of 65% of cardiology diagnostic procedures compared to the same period in 2020.1 It is suggested that many patients may have been suffering from cardiovascular diseases at home because they were concerned about catching covid-19 in hospitals where they would get potentially life-saving medical help.
Moreover, today we have a shortage of around 8 million healthcare workers globally. As the WHO predicts this number should raise up to 12.9 million by 2035. An aging population and constantly growing number of chronic diseases should worsen the situation.
Digital medicine shows a promising cost-effective way to prevent deaths, improve functional recovery and make healthcare more accessible to all.
The trends in digital healthDigital medicine has shown tremendous growth in recent years and healthcare is projected to be the next big digital frontier.
Q3 2020 was a record year for investments in healthcare companies. Venture capital investment during the recent year has moved to alternative forms of health care delivery, such as remote monitoring and virtual health, AI solutions, and digital therapeutics. Providers who had not already invested in these technologies turned to them quickly.
According to research company Gartner (2020)2 IoT spend will reach nearly to $52 billion in 2028. The next TOP 5 digital healthcare segments that will be the key market movers in upcoming 7 years are estimated to be global AI in healthcare, healthcare wearables, IoT in healthcare, mHealth apps and global digital healthcare.
As for Teltonika Telemedic we are deeply concentrating in 3 of them: Wearable market, IoT in healthcare and mHealth App market. From our perspective and current presence in Telecare business we see that the market is moving towards the wearable solutions for quite a while now. Nonetheless, wearable devices most of the time are combined with a cloud system or app that supports its easy-to-use features and remote monitoring. As we are in IoT business for more than 23 years now, we are merging our knowledge in IoT with Digital health and its future.
Healthcare wearable market is picking up the speed in recent years and is expected to have a market volume of $27 Billion by 2023. nalysts expect that the whole Internet of Medical Things (IoMT) market will cross $188 billion mark by 2028, and in just two years it will triple its market size to enormous $508.8 billion.
According to Nasdaq3 there are three major IoMT trends in MedTech to keep an eye on3. First to mention is telemedicine, that enables health care professionals to diagnose and treat patients remotely through the use of telecommunications technology. The other is remote patient monitoring designed to collect patient data and monitor patient health status. And lastly, market focus goes on digital diabetes management.
Deloitte4 projects a vision of shifting from treatment to prevention. As almost 70% of healthcare expenditure goes into predictable and easily preventable diseases, lifesaving early diagnosis and continuous monitoring of vital parameters should be one of the priorities. Patients will also play an active role with more power being put in their hands.
Making healthcare more accessibleTeltonika Telemedic decided to focus on remote monitoring and early detection of atrial fibrillation (AF). This is a hard-to-detect on spot task for cardiologists and it has great benefit for patients as their survival chances are much higher when abnormalities in a heart rate are found earlier.
We are about to launch a smartwatch Horizon OneTT with medically approved six-lead electrocardiography (ECG). Why we mention that in the first place? This device have a patented technology which is close to the devices that are being used in hospitals for vital parameters monitoring. Highly anticipated functionality will let physicians to determine and monitor vital heart parameters. Real-time continuous collection of data, fall-down detection of a patient and two-way communication will transmit & ensure that acquired information will be provided immediately to close relatives, caregivers, or medical staff.
Atrial fibrillation is considered one of the fastest growing global health problems. It is one of the main reasons for stroke and other embolic events. 60 million people are diagnosed with this disease and the number is projected to rise 5.4% each year. While it is predicted that almost 120 million people worldwide may suffer from undiagnosed and asymptomatic atrial fibrillation.
The testing results of atrial fibrillation detection of Teltonika® Horizon OneTT have shown high precision of 97.1% overall accuracy. The aim is to provide early diagnosis to physicians and patients of AF both in-hospital and out-of-hospital. It is essential to live-saving therapy (e. g. anticoagulants).
Teltonika® Horizon OneTT is changing the market of digital health and improving the accessibility of healthcare to our aging society worldwide. It will provide continuous monitoring of the heart’s activity and alert about possible atrial fibrillation detection in a timely manner. This will not only serve as an early diagnostic and remote monitoring solution but will also assist in promoting day-to-day wellness in the population globally.