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Demographic Drivers, Cultural Shifts and the Pandemic have Evolved the Medical Device Market

Demographic Drivers, Cultural Shifts and the Pandemic have Evolved the Medical Device Market

DUBLIN, March 6, 2023 /PRNewswire/ — The “Medical Device Market by Device Type, Function, Durability, Therapeutic Segment, Risk Classification, Manufacture Method, Delivery/Acquisition, Operational Support Model, Connectivity and Region 2023 – 2028” report has been added to  ResearchAndMarkets.com’s offering.

This medical device market report evaluates the market for both traditional and connected healthcare devices. 

The report covers the global leading medical device market suppliers and service providers. The report also assesses medical device market drivers, challenges, and the impact of technology convergence. The report also evaluates the issues specific to connected devices such as security and privacy.

The report addresses the new normal in the wake of the pandemic as remote medical maintenance is in high demand as a large number of patients require monitoring and diagnostics that do not require a hospital or clinic visit. Traditionally focused on preventative care, diagnostics, and urgent care, the connected medical device market is increasingly crossing over into the general health and well-being category.

This is especially the case with wearable devices used in the sports and fitness category, which may, for example, double as an apparatus for early detection, such as irregular heartbeat. This is important because an arrhythmia can be indicative of more serious problems developing.

Connected medical devices are increasingly becoming the norm with significant improvements in ICT as a whole, coupled with the evolution of microelectronics, display capabilities, and a fast-growing medical device market. By definition, a connected medical device is one that can communicate information over a distance and/or be controlled remotely as in a telemedicine scenario.

Connections may be local (via WiFi, Bluetooth, or some proprietary local or personal area wireless) with long-distance communication via a gateway device (such as a router) or they may connect directly to a Wide Area Network via cellular technologies such as LTE or 5G.

In terms of medical device market adoption, there are a few factors that inhibit usage. One of the foremost is concerns over security/privacy at both the end-user as well as the corporate level. This is especially true with connected medical devices, which may be prone to malware and hacking.

In terms of security concerns, unwanted access to medical device software and operating systems could potentially render a device non-functioning and/or under the control of an unauthorized user. In terms of privacy issues, client sensitive data is generated continuously within the connected medical device market as equipment communicates device status, measurements, and patient status via wired and/or wireless connections.

Within the medical device market supply chain, there is a need for efficient device tracking in terms of both care of custody for delivery as well as usage for the traditional product and medical device as a service model respectively.

This is true for a variety of reasons, but most notably because some equipment within the medical device market is very expensive and prone to damage if mishandled. In addition, medical devices in acute care situations are needed at the moment, rendering any incidence in which a device is lacking, missing, or damaged a potential cause of great harm to a patient.

Accordingly, there is a growing need within the asset tracking market for solutions to support the medical device market. This is inherently possible as part of the connected medical device market as the equipment is by definition capable of communications locally and/or via a WAN to a centralized monitoring center and/or cloud computing system.

An increasingly interconnected market, coupled with advanced solutions to protect user privacy and device security, are all factors that we see paving the way for over 25{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of developed countries to utilize connected device enabled telemedicine as the primary method of healthcare service delivery by 2030.

Select Report Findings:

  • Driven by the pandemic, the fastest-growing category is remote monitoring and diagnostics medical devices
  • One of the emerging areas is wearable medical devices that monitor temperature and other vitals as a means of predicting potential infection
  • The combination of DIY medical device procurement and telemedicine is an important category for suppliers as users seek greater autonomy and lower prices
  • The market is witnessing an evolution as a new category of multifunctional and multipurpose medical devices is emerging that incorporate fitness and healthcare

Target Audience:

  • Medical Device companies including Abbott Laboratories (ABT), Cardinal Health (CAH), Johnson & Johnson (JNJ), Medtronic (MDT), Royal Philips (RYLPF), Siemens (SIEGY), and many more
  • Managed Healthcare organizations such as Anthem (ANTM), UnitedHealth (UNH), Cigna (CI), Humana (HUM), CVS Health (CVS), Centene (CNC), Molina Healthcare (MOH), and WellCare Health Plans (WCG)
  • Hospitals, Acute, and Urgent Care organizations such as Hospital plays: Community Health Systems (CYH), HCA Healthcare (HCA), Tenet Healthcare (THC), and Universal Health Services (UHS)
  • Telemedicine Solutions providers such as CareClix, CirrusMD, CyberMed, GlobalMed, Kareo, MDLive, MeMD, MyTelemedicine, Net Medical Xpress, SnapMD, Teladoc, Tytocare and many more.

Key Topics Covered:

1.0 Executive Summary

2.0 Medical Device Market
2.1 Medical Device Types
2.1.1 Stationary Medical Devices
2.1.2 Portable Medical Devices
2.1.3 Wearable Medical Devices
2.1.4 Implantable Medical Devices
2.2 Medical Device Functions
2.3 Medical Device Durability
2.4 Medical Device Support of Therapeutic Regimens
2.5 Medical Device Classification by Risk Level
2.6 Medical Device Manufacturing Alternatives
2.7 Medical Device Delivery and Acquisition Alternatives
2.8 Medical Device Support Alternatives

3.0 Medical Device Market Dynamics
3.1 Medical Device Market Overview
3.2 Medical Device Market Constraints
3.2.1 Challenges of a Fast-moving Industry
3.2.2 Medical Device Regulation
3.3 Medical Device Market Drivers
3.4 Medical Device Technology Convergence
3.4.1 Connected Health Technologies
3.4.2 AI, IoT, and Data Analytics

4.0 Connected Medical Devices
4.1 Connected vs. Non-connected Medical Devices
4.2 Connected Medical Device Challenges
4.3 Connected Medical Device Opportunities
4.4 Connected Medical Device Enablers
4.5 Connected Health Sports, Wellness, and Medical Devices
4.6 Connected Healthcare Case Study
4.6.1 Medtronic CareLink
4.6.2 Bruin Biometrics’ Connected Medical Technology
4.6.3 Philips HealthSuite Case Study
4.7 Connected Healthcare Drivers
4.7.1 Integration of IT in healthcare sector
4.7.2 Growth of wearable devices

5.0 Leading Medical Device Companies

  • Abbott Laboratories
  • Abiomed Inc.
  • Accuray Inc.
  • Affectiva
  • Angiodynamics Inc.
  • Atricure Inc.
  • Axogen Inc.
  • Basehealth
  • Baxter International Inc.
  • Becton Dickinson
  • Bio Rad Laboratories Inc.
  • Biodirection
  • Biotelemetry Inc.
  • Boston Scientific Corp.
  • Bruker Corp
  • Cantel Medical Corp.
  • Cardiac Insight
  • Cardiovascular Systems Inc.
  • Clinipace
  • Conmed Corp.
  • Cryolife Inc.
  • Danaher Corp
  • Dexcom Inc.
  • Edwards Lifesciences Corp
  • Evena Medical
  • Fitbit
  • Glaukos Corp.
  • Globus Medical Inc Class A
  • Heska Corp.
  • Hill Rom Holdings Inc.
  • Hologic Inc.
  • Idexx Laboratories Inc
  • Inogen Inc.
  • Insulet Corp
  • Integer Holdings Corp.
  • Integra Lifesciences Holdings Corp
  • Intuitive Surgical Inc.
  • Irhythm Technologies Inc.
  • Lemaitre Vascular Inc.
  • Livanova Plc
  • Livongo
  • Masimo Corp.
  • Medtronic Plc
  • Memed
  • Natus Medical Inc.
  • Nevro Corp
  • Nuvasive Inc.
  • Orthofix Medical Inc.
  • Penumbra Inc.
  • Pocared Diagnostics
  • Qualcomm Life
  • Resmed Inc.
  • Staar Surgical
  • Steris
  • Stryker Corp
  • Surmodics Inc.
  • Tactile Systems Technology Inc
  • Tandem Diabetes Care Inc.
  • Teleflex Inc.
  • Thermo Fisher Scientific Inc.
  • Transenterix Inc.
  • Varex Imaging Corp.
  • Varian Medical Systems Inc.
  • Verb Surgical
  • Viewray Inc.
  • Water Corp.
  • Wright Medical Group Nv
  • Zimmer Biomet Holdings Inc.

For more information about this report visit https://www.researchandmarkets.com/r/3rxmik

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How Amazon’s healthcare strategy has evolved

How Amazon’s healthcare strategy has evolved

Amazon has not been shy about its intentions to disrupt healthcare. 

The tech giant’s $3.9 billion acquisition of primary care company One Medical, which closed Wednesday, is the latest in a series of moves from a company determined to stake its claim in healthcare.

In a letter announcing the One Medical acquisition, Amazon CEO Andy Jassy said the company has been called upon by its customers to “radically improve the healthcare experience.”

Here’s a look at Amazon’s recent history in healthcare dating back to 2018 including discontinued projects, current offerings and what could potentially be next. 

Misses

Splashy announcements haven’t always yielded positive results for Amazon. The company launched a healthcare-specific venture called Haven in early 2018 with JPMorgan Chase & Co. and Berkshire Hathaway.

Haven was an employer-led coalition focused on lowering costs by using the three companies’ collective bargaining power to negotiate prices with providers. But Haven disbanded in January 2021, six months after CEO Dr. Atul Gawande stepped down from the company. The companies didn’t possess the economies of scale to tip the balance when it comes to healthcare, experts said at the time.

Another employer-focused flop was Amazon Care. The service was announced in 2019 as a virtual health clinic for employers enrolled in Amazon health insurance plans. The service became available to all customers in 2021 and added a behavioral health component in August 2022. But a few weeks later, the company shuttered the service after Amazon’s healthcare chief Neil Lindsay said the offering was not complete enough for large enterprise customers.

“We’ve determined that Amazon Care isn’t the right long-term solution for our enterprise customers,” Lindsay wrote in an email to employees.

Pharmacy

In June 2018, Amazon acquired online pharmacy PillPack for $753 million. Initially, Amazon offered drug discounts to its Prime members but PillPack would eventually serve as the foundation for its Amazon Pharmacy service.

Amazon Pharmacy launched in November 2020 and allowed Prime members across 45 states to have access to unlimited, free two-day deliveries of prescription medications and drug pricing transparency tools. The pharmacy service has since expanded to customers in all 50 states with or without a Prime membership but still limits discounts to members.

Last month, the company announced RxPass, a generic drug subscription service aimed at consumers with common conditions like high blood pressure, acid reflux or anxiety. The medication delivery service costs $5 per month for Prime members. 

RxPass will target people with chronic conditions who require multiple prescription medications and pay for them out-of-pocket. 

Christina Farr, an investor at San Francisco-based venture capital firm OMERS Venture, said launching RxPass was unsurprising given the company’s vast logistics networks and PillPack acquisition.

Amazon Clinic

In November 2022, Amazon launched virtual health offering Amazon Clinic in 32 states, allowing users to access third-party telehealth providers for non-urgent health conditions ranging from sinusitis to urinary tract infections. Patients can send prescriptions to any pharmacy including Amazon’s in-house pharmacy service. 

The service operates as a “virtual health storefront” offering users access to third-party telehealth providers. HealthTap, a virtual primary care provider, and SteadyMD, a telehealth provider operating in all 50 states, have listed services in several states and conditions.

The service does not accept insurance for visits but users can choose to use health savings accounts for payment. Amazon said costs of appointments will be shared with members beforehand.

One Medical 

Amazon’s $3.9 billion acquisition of One Medical is the company’s latest and potentially most significant move.

Amazon announced its intent to acquire the primary care provider in July. The deal drew interest from federal regulators and took seven months to close. With the deal finalized, Amazon inherits One Medical’s 836,000 members and 221 medical offices across 27 markets, according to regulatory filings by One Medical’s parent company 1Life Healthcare. 

By acquiring One Medical’s in-person clinics, Amazon dramatically increases the services it’s able to offer patients, said Jacob Effron, principal at venture capital firm Redpoint Ventures. Effron said the tech giant is trying to build an end-to-end patient experience in a way that can scale quickly.

It could also lead to an extension of brick-and-mortar storefronts, experts say. 

“Following the leads of other retail, I imagine we’ll see some collaboration of this [One Medical] storefront with other storefronts they own [such as Whole Foods],” said Nathan Ray, a partner in consultancy West Monroe’s healthcare and life sciences practice.

Competition is expected to heat up as more big retailers look to expand in healthcare services through primary care offerings. Earlier this month, CVS Health announced it will acquire primary care provider Oak Street Health in a $10.6 billion deal. And Walgreens subsidiary VillageMD agreed in November to buy Summit Health-CityMD for $8.9 billion.

AWS endeavors 

Amazon’s healthcare reach is also evident in its efforts to bring hospital data to the cloud, an area experts say will continue to grow as on-site data center environments become increasingly antiquated. Amazon Web Services holds 24.3{08cd930984ace14b54ef017cfb82c397b10f0f7d5e03e6413ad93bb8e636217f} of the global healthcare cloud market, according to market research firm Insider Intelligence.

The cloud computing division of Amazon introduced Amazon Omics in December, described as a “purpose-built managed service” intended to help bioinformaticians and biomedical researchers store, query, and analyze genomic, transcriptomic, proteomic and other data to advance scientific discovery and develop new diagnostics and therapeutics.

Amazon said the goal of the service is to “enable large-scale analysis and collaborative research for organizations to analyze omics data with purpose-built data stores, scalable workflows, and multimodal analytics.” Amazon Omics stores data—and thus bills customers—according to the number of gigabases the platform ingests. This offers “price predictability” regardless of whether the sequences are from short-read or long-read instruments, according to AWS.

What’s next?

Amazon has not commented specifically on what could come after One Medical but experts have their opinions. Ray said forming relationships with payers is likely to be important as the company becomes more deeply intertwined in healthcare.

“The idea here is not to break what you just bought,” Ray said. “They’re going to [need] some expanded relationship with how [their suite] works with payers.” 

Other experts said the company could begin to address price transparency. 

“The question of how much does it cost has still not been solved. Nobody even knows,” Farr said. “I think that’s where they’re moving. A lot of the moves they’ve made already get them some of the data to start putting that together.”

Farr highlighted the strong relationships One Medical has with health systems as a way to see the true costs of primary care referrals. Amazon could pair that data with data it has from prescriptions and expenditures to develop a fuller picture of patient care costs.

Ray said there could be a simpler reason for the company’s healthcare strategy.

“[Connecting] strategically the things they’re doing in healthcare is maybe the wrong way of thinking about it. Just think about each of these [initiatives] as maximizing [profit] until they have to connect.”

This story first appeared in Digital Health Business & Technology.