Grasp the Big Business Opportunities of Medical Networking
Trend

Grasp the Big Business Opportunities of Medical Networking

The medical device industry is transforming. Nearly 80% of medical material companies believe that medical networking is the most important growth opportunity in the future, and 45% believe that cooperation with strategic partners is necessary. In fact, for medical IT solution vendors, the next decade is also an opportunity for their growth.
Published: Aug 11, 2020
Grasp the Big Business Opportunities of Medical Networking

The global medical equipment market has shown an explosive growth trend in recent years. Frost & Sullivan, a well-known market research agency, estimates that it will grow to a scale of US$500 billion in the next ten years. The business model of the medical materials industry has also undergone great changes. The sales of medical equipment in the past have turned to the service model of medical technology, and the service level agreement has been established by contract; in the future, it will evolve to the core business of medical technology solutions. Form a partnership with physicians.

Current status and future trends of medical networking

The medical industry is one of the top industries that actively adopt the Internet of Things (IoT) technology. Nearly 60% of medical institutions have adopted IoT technology. After adoption, up to 73% of people are satisfied with the cost-saving effect. It is estimated that by 2019 Approximately 87% of medical institutions adopted IoT technology each year. The application of IoT has also brought about changes in the way of medical care. In the past, patients only needed to be treated in a hospital. In the future, no matter where the patient is, they can be diagnosed, monitored, and treated remotely. The way of treatment and care is also changing from passive to more. initiative.

Major stakeholders in the medical industry-including health insurance organizations, equipment manufacturers, suppliers, and physicians, all benefit from the Internet of Medical Things (IoMT): health insurance organizations can reduce claims, suppliers reduce maintenance burdens and increase value, and IoMT the information generated is more helpful for doctors to diagnose and treat. The Internet of Things appropriately meets the needs of the transformation of the current medical industry and also meets the needs of health-conscious patients. Therefore, IoT and the medical industry can be said to be a hit.

According to different usage scenarios of networked medical equipment, medical networking is divided into five sub-markets: wearable, home-based, community-based, clinic-based, and hospital equipment. These five sub-markets together form the medical network ecosystem.

Successful strategies for medical networking

In the overall Internet of Things market, the medical Internet is the second-largest application field, accounting for 30.3%, second only to the Industrial Internet of Things. In terms of market size, medical networking is estimated to reach US$27 billion in 2017 and US$72 billion in 2021. According to market classification, the hospital equipment market accounts for the largest share, followed by the wearable market.

The wearable market has a wide range of applications, including related products for pregnant women, infants, and disabled persons, as well as disease management products. In this market, there are two successful strategies. The first is that the equipment must meet the needs of different users at the same time, including doctors, insurance organizations, pharmacists, hospitals, and consumers themselves. Therefore, products must be of high quality and provide accurate News. Second, the range of wearable products is very wide, and product differentiation should be done and commercialization should be avoided. For example, many manufacturers have entered the market for products such as pedometers, heartbeat calculations, and sleep monitoring, and they can be monitored through mobile phones. The electrocardiogram can provide an analysis report to the physician for review.

The home-based networked medical equipment market covers applications such as personal emergency response systems, sleep tracking, post-operative monitoring, and home safety for the elderly. A successful strategy in this type of market requires that in addition to becoming partners with medical units if the medical staff consider this home care device to be valuable and recommend it to patients, it will increase market awareness; at the same time, it can cooperate with smart home product manufacturers to jointly market products. In terms of product functions, it integrates with related connected platforms so that data can be automatically synchronized, which will be more attractive to consumers. For example, home medical testing equipment can quickly detect and provide medical advice based on the value; sleep monitoring products are not only monitoring sleep status but also can analyze the information collected through software to provide improvement suggestions.

In the community-based market, related applications include car life trackers, Point of Care inspections, public information stations, emergency information, etc. The vehicle life tracker can be used as a monitoring device for patients with asthma while driving, to avoid accidents caused by asthma attacks.

In the clinic-type equipment market, it is mainly used as a diagnosis by physicians. The proper diagnosis of patients usually requires a lot of examinations, and the cost is not cheap. A successful strategy in this market requires partnerships with physicians and regulatory bodies and medical networking equipment. Be prepared for interoperability. For example, the "exoskeleton assist device" that assists stroke and spinal cord injury patients to walk. This assistive device is equipped with exclusive software to help rehabilitation practitioners train patients to walk.

The hospital equipment market is IoMT's largest market, including hospital operation management, clinical treatment, and patient experience equipment, such as smart ward applications. To be a leader in the medical equipment market, products or solutions must provide added value, be patient-centric, improve patient health and reduce costs, and address the doubts of the IT department at the same time.

The development of smart cities will increase the penetration of medical networking, and the penetration rate is estimated to exceed the current 50%; secondly, by 2025, the standardization of data formats between devices will solve interoperability issues and simplify processes. Third, the medical networking market needs to rely on the cooperation of medical equipment providers, IT infrastructure providers, solution platform providers, and application service providers. Traditional medical equipment companies should transform into digital medical machinery manufacturers. Only to grasp the big business opportunities of medical networking in the next ten years.

Forecast of the market size and development trend of the global medical device industry in 2020

"Internet + Medical" helps the industry develop

Medical devices refer to instruments, equipment, appliances, in vitro diagnostic reagents and calibrators, materials, and other similar or related items used directly or indirectly on the human body, including the required computer software. With the improvement of the living standards of global residents and the enhancement of medical and healthcare awareness, in recent years, the demand for medical device products has continued to grow. The data shows that the global medical device industry market size was US$427.8 billion in 2018, a year-on-year increase of 5.63%. The global medical device industry is expected to reach 477.4 billion US dollars in 2020, an increase of approximately 5.64% year-on-year.

In terms of the distribution of the global medical device market, the medical device industry in developed countries and regions such as Europe and the United States started early. The income level and living standards of residents are relatively high, and the quality and service requirements of medical device products are relatively high. Huge and stable demand growth.

Looking to the future, the development of the medical device industry will show the following development trends:
  1. The medical device industry has performed well in economic development. The pilot and implementation of the Medical Device Marketing Authorization Holder System (MAH) have clarified the responsibilities of product holders from the perspective of "responsibility", and the development of the industry is facing unprecedented opportunities.
  2. Policies and industrial planning guide the increase in the concentration of the medical device industry, mergers, and acquisitions, and integration will intensify in the next 2 to 3 years, and the concentration will increase rapidly. The overall medical device industry is relatively fragmented and will tend to be concentrated in the future, and industry integration will intensify. The concentration will increase rapidly in the next 2 to 3 years.
  3. The state's supervision of the industry is becoming more stringent. Irregular companies will be eliminated, and the industry market environment will gradually improve. Compliance companies are the future hope, illegal companies will be gradually eliminated, and the industry environment will gradually improve.
  4. New technologies can create efficiency and save costs for medical service organizations and patients, and enable medical device companies to play a broader role in prevention, diagnosis, treatment, and care. It is predicted that in the next 3 to 5 years, the medical device industry will introduce a large number of innovative products, and traditional diagnosis and treatment will be subverted.
  5. "Internet + Medical" promotes the development of the industry. The Internet is closely integrated with the device industry. The level of informatization of the entire industry will generally be improved, and product information can be traced. Information technology is used to control the production and circulation of medical devices. Process supervision. With the advent of the 5G era, the Internet of Everything will greatly increase the widespread application of medical devices. At present, the information traceability mechanism, system, coding, etc. in the field of medical devices are not yet complete and need to be further improved.
  6. In terms of market and clinical application, a new "drug + device integration" model will be born. Medicines and equipment play a synergistic role in the diagnosis and treatment of medical institutions and patient health care. In recent years, some manufacturing companies have explored the integrated marketing model of "integration of medicine and equipment" and have achieved success; some pharmaceutical commercial companies have also sought from equipment the breakthrough point of development, the formation of a "drug + device common development" model.
  7. Capital assists the cross-step development of the medical device industry. Mergers and reorganizations in the field of international and domestic devices are in the ascendant. In 2018, capital is developing towards high-quality investment, giving unlimited impetus to the development of medical device companies.
  8. Artificial intelligence application services will develop rapidly. There will be breakthroughs in artificial intelligence technology, medical robots, large-scale medical equipment, emergency rescue medical equipment, biological three-dimensional printing technology, and wearable devices. Develop a clinical diagnosis and treatment decision support system based on artificial intelligence, carry out intelligent medical image recognition, pathological classification and multidisciplinary consultations, as well as intelligent voice technology applications in various medical and health scenarios, and improve the efficiency of medical services"; "Strengthen the integration and sharing of clinical and scientific research data And applications to support the research and development of medical and health-related artificial intelligence technologies, medical robots, large-scale medical equipment, emergency rescue medical equipment, biological three-dimensional printing technology, and wearable devices, etc.".
Published by Aug 11, 2020 Source :collegeplus, Source :kknews

Further reading

You might also be interested in ...

Headline
Trend
rPET and Beyond: How Recycled Polyester Is Transforming the B2B Textile Supply Chain
Recycled polyester (rPET) is increasingly used in textiles as industries seek to reduce dependence on virgin petroleum-based materials.
Headline
Trend
How to Choose the Right Badge Holder for Your Organization: A 2026 Buyer's Guide
Three questions decide the right badge holder: where it’s worn, what it protects, and how many you need.
Headline
Trend
From 3D-Printed Metal to Turbine Rings: The Jobs Wire Cutting EDM Is Taking Over in 2027
Where conventional cutting stops and spark erosion starts
Headline
Trend
Coffee Costs Keep Climbing: How Cafés Are Building a High-Margin Tea Program with Commercial Tea Bags
With coffee prices near record highs, more cafés are turning to commercial tea bags to serve fresh iced tea, lattes and fruit teas quickly and consistently.
Headline
Trend
Mono-Material Fabrics Gain Ground as EU Textile EPR Puts a Price on Recyclability
The revised EU Waste Framework Directive makes every apparel producer pay for textile waste management, with fees adjusted for recyclability. That turns fibre blends, from a design choice, into a cost line.
Headline
Trend
Beyond Freight Rates: How the Hormuz Closure Is Reshaping Q4 2026 Sourcing
Seven months after the Strait of Hormuz effectively closed, the biggest effects on B2B sourcing are coming less from Gulf shipping routes themselves and more from fuel costs, port congestion and the price of plastics made from Middle East feedstock.
Headline
Trend
Popping Boba Moves From the Tea Shop to the Cocktail Bar
Boba cocktails have moved from social media novelty to chain restaurant menus and ready-to-drink test markets. Two product routes are emerging, alcohol-filled pearls and non-alcoholic pearls for mocktails, and they serve different buyers.
Headline
Trend
Industrial AI Is Moving Into CNC Machining—But What Is It Actually Doing?
Artificial intelligence is appearing more frequently in CNC controls, CAM software, inspection systems, and production monitoring tools.
Headline
Trend
From Standalone Automation to Connected Production: Linking Machines, Data, and Systems
For years, manufacturing automation often focused on individual tasks. A robot loaded a CNC machine.
Headline
Trend
Bubble Tea Flavor Trends: How Taro, Matcha, and Fruit Powders Create a More Distinctive Menu
A successful bubble tea menu needs more than a long list of flavors. New drinks have to stand out while still being practical to develop and prepare consistently.
Headline
Trend
The Forgotten Layer of Identity Security: Protecting Physical Credentials After Issuance
Why protecting employee badges, smart cards, and contactless credentials throughout their lifecycle is an essential part of modern identity security.
Headline
Trend
Wi-Fi 6E and Wi-Fi 7 RF Filter Requirements: Designing for 6 GHz Coexistence, Wide Channels, and Low Latency
Wi-Fi 6E and Wi-Fi 7 Raise the Bar for RF Filter Design
Agree