The transition of point of care from hospital to home provides an opportunity for investors to move in on an emerging tech and healthcare market.
Cloud and mobility-driven medical devices are gaining popularity more and more, thanks to the growth of connectivity. This means more consistent and timely interaction between patient and doctor, but also reduced costs from shorter patient visits and reduced readmissions. Also giving a steady head to help this growth is telehealth, as remote monitoring of patients by doctors or hospitals becomes a reality.
This week, Persistence Market Research released data forecasting the global medical device connectivity market to increase at a compound annual growth rate of 25.2 per cent and reach US$23.2 billion by the end of 2033.
From the report:
“The adoption of medical device connectivity in vital sign monitoring systems is set to increase rapidly over the coming years. The integration of medical device connectivity in vital sign monitoring systems allows for real-time monitoring and remote access to patient data, improving the quality of care and enabling healthcare providers to make informed decisions.”
There’s more to this market than just wristwatches, let’s take a deeper look at a few companies involved in this space.
Headquartered in Vancouver, BC and Minneapolis, MN, Neovasc Inc. (TSX:NVCN) is a specialty medical device company that develops, manufactures, and markets products for the cardiovascular marketplace.
Its products include Reducer, for the treatment of refractory angina, which is under clinical investigation in the United States and has been commercially available in Europe since 2015, and Tiara. The company made news recently following its acquisition by Shockwave Medical.
Source: Neovasc.
The medical device product lifecycle can be daunting, but some companies deliver solutions to help the whole industry advance.
From design to prototyping, and pilot manufacturing, TE Connectivity (NYSE:TEL) offers services that enable innovators to get their products to market. Based out of Schaffhausen, Switzerland, TE recently reported Q1 2023 net sales at $3.8 billion, up 1 per cent on a reported basis and 8 per cent organically, year over year.
Source: TE Connectivity Ltd.
Infosys (NYSE: INFY) stock is up 4.4 per cent year to date.
This digital services company’s medical device connectivity solution acquires, renews, and uploads device data into standard formats providing seamless data flow between devices and information systems.
Hospital information systems, electronic medical records, and clinical information systems can access stored device data for diagnosis and treatment to provide better patient care.
Infosys’ solution includes a software development kit which allows access to patient demographics and device data using application programming interfaces for medical record integration.
Source: Infosys.
Though Canada is known for its healthcare and tech sectors, connected device development is still in its infancy. Only a small fraction of exports accounts for medical devices, even considering the exchange rate with the United States and its medical device industry.
Each of these companies, as well as their colleagues in the health care and tech industries, are providing a connection to anytime, anywhere service through mobile devices and wireless technology. This means reduced deployment costs with quicker and cost-efficient integration.