UK: Medtech And The Internet Of Medical Things: How Connected Medical Devices Are Transforming Health Care

Last Updated: 23 July 2018
Article by Mark Steedman

This week, we launched our report Medtech and the Internet of Medical Things: How connected medical devices are transforming health care. Our report takes an in-depth look at how connectivity is impacting the medtech industry, the challenges and opportunities that medtech companies are facing due to the rise of the Internet of Medical Things (IoMT), the specific role connected medical devices are playing in the growth of the IoMT and what the future will bring for medtech and the IoMT.

Medical devices are everywhere; most patient interactions with the health care system involve devices and equipment made by medtech companies. Over 500,000 types of these devices exist, including wearables (skin patches, insulin pumps and blood glucose monitors), implantables (pacemakers and cardioverter defibrillator devices) and stationary medical devices (home monitoring services, connected imaging devices and scanning machines).

Major advances in wireless technology, miniaturisation and computing power are driving innovation in medtech. This is leading to the development of an increasing number of connected medical devices that are able to generate, collect, analyse and transmit health data or images, and connect to health care provider networks, transmitting data to either a cloud repository or internal servers. These connected devices, along with the data they produce, IT systems and software, and connectivity technologies and services, are combing to create the IoMT, which can impact health care in numerous ways (see Figure 1).

Figure 1. The benefits of the IoMT

MarketsandMarkets valued the IoMT market at $41.2 billion in 2017 and expects it to rise to $158.1 billion in 2022. This growth will occur in all regions of the world and across all the different segments of the market (see Figure 2).

Figure 2. Significant IoMT market growth is predicted

The rise in the IOMT comes at a time when health care is becoming increasingly expensive. Global health care spending is expected to grow 4.2 per cent per year, from $7.1 trillion in 2015 to $8.7 trillion by 2020, due largely to the fact that more people are living longer but with multiple comorbidities. Consequently, health care risks becoming unaffordable in many countries if these rising costs persist. The medtech industry has a key role to play in helping to improve the quality and efficiency of care and support the delivery of more cost-effective care. The ability of connected devices to generate health data is critical to the shift to value-based care (VBC). However, medtech also faces a number of opportunities and challenges that need to be addressed if the full value of the IoMT is to be realised (see Figure 3).

Figure 3. Challenges and opportunities for medtech

Creating the IoMT at scale requires close collaboration with patients, providers, payers, pharma and other medtech manufacturers. Our research identified multiple ways that medtech is utilising the power of the IoMT to transform health care. Our report features several case studies that provide evidence of how the following key enablers are driving the transformation of health care:

  • collaboration between health care providers and medtech – these collaborations allow all stakeholders to improve their understanding of patient needs and deliver more proactive, cost-effective care
  • connected medical devices benefitting patients, providers and payers – being able to quantify, contextualise and communicate data generated on a patient's condition and the effectiveness of the health care providers operations allows the medtech industry to provide solutions that deliver value to both the patient and provider
  • joining the dots between connected medical devices and health care IT systems – linking disparate sets of data that sit within health care organisations is central to achieving connectivity, data acquisition and analytics at scale
  • applying advanced analytics to provide critical insights and empower better decision-making – insight generated from mining, managing and analysing data can play a key role in aiding health systems to reduce costs and improve quality, identify populations at risk, connect with consumers and better understand performance
  • medtech services that demonstrate improvements in patient outcomes and reduce health care costs – service orientated solutions that support the tenants of VBC are improving patient outcomes and reducing the costs of health care, transforming medtech companies from a manufacturer to a health care provider.

As we look to the future, cost-effective and purposefully-designed, technology-enabled health care solutions will improve the well-being of millions of people and radically change the way services are delivered to patients. For this to occur, medtech companies and will need to capitalise on the possibilities presented by the IOMT and the new models of health care that are emerging, including VBC and population health management (PHM). These changes will help connect patients with providers and payers, and enable providers and payers to become more patient centric, productive and cost effective.

More specifically, connected medical devices are a key enabler across the six predictions made in our November 2017 report The future awakens: Life sciences and health care predictions 2022. The extent to which the predictions are realised is heavily dependent on the continued innovation and adoption of connected medical devices at scale. Moreover, in realising the predictions, current boundaries between the IoMT and consumer IoT will start to blur, giving rise to new opportunities for medtech companies.

Furthermore, technologies such as AI, machine learning, robotics, 3D printing and voice technology are creating new opportunities for medtech companies, while at the same time changing ways of working across the whole IoMT ecosystem. A growing number of medtech companies are capitalising on these trends to develop service-oriented solutions that support VBC, aligned to the therapeutic expertise and specialised products of the organisation. Consequently, these medtech companies are maintaining high-quality patient outcomes while reducing costs compared to similar services run by traditional health care providers.

Other companies are utilising IoMT capabilities to aggregate data and offer consultative services and predictive analytics, including opening up health data to organisations that have typically found it difficult to gain access to data outside of their own organisation. These and other developments provide clear opportunities for medtech companies to transition from a provider of innovative products to an insightful partner in health care (see Figure 4).

Figure 4. Connected medical devices are helping medtech companies transition from innovative product suppliers to insightful partners in health care

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
 
In association with
Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions