AI and IoT are Enabling a New Class of Biomedical Market Solutions including Enhanced Service Delivery
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This report evaluates the market for convergence between the Information and Communications Technology (ICT) industry and biomedical science and technologies. The report evaluates the latter and analyzes the former in terms of ICT innovation such as connected medical devices.
In addition to forecasts for IoT-connected healthcare devices (standalone, wearable, and implantable), the report also assesses the outlook from 2022 to 2027 for various biomedical products, services, and solutions poised to benefit from various IT and telecom technologies.
Select Report Findings:
- The biomedical ICT market is expected to reach $73 billion USD by 2027
- North America will lead the biomedical ICT market during the forecasted period
- The hardware technology will represent over 52% of the biomedical ICT market by 2027
- Diagnostic and research will be the prime application area within the biomedical ICT market
- Biomedical and ICT convergence is the foundation for the preponderance of biomedical technology
The field of biomedicine is concerned with the application of various natural science disciplines for the development of knowledge, interventions, and/or technologies for use in healthcare. The Information and Communications Technology (ICT) sector focuses on telecommunications, computing, and the integration of both.
The convergence of biomedical and ICT represents a high opportunity area for both healthcare and ICT industries. In addition to seeking cures to disease and ailment prevention, combined biomedical and ICT solutions will lead to improved treatment efficacy as well as overall improvements in healthcare service delivery efficiency and effectiveness.
With healthcare costs growing much faster than the general inflation rate, it is of the utmost importance to simultaneously seek improved treatment while continuously driving down business costs. These costs include ongoing operational expenditures as well as expensive R&D such as drug discovery and other pharmaceutical-related areas such as vaccine development that takes into account precision medicine practices.
Various ICT tools may be employed such as IoT-enabled monitoring to determine the effectiveness of medical procedures, which can be especially important when administering new and unproven healthcare modalities. One specific example is the administration of vaccines, which is believed to potentially cause harm to a subset of the population based on epigenetics, which is the study of changes in organisms caused by modification of gene expression rather than alteration of the genetic code itself.
This is believed to be an area in which a healthcare modality (in this example, vaccines) is designed with one intent (to inoculate one to prevent the onset of disease), but may actually trigger unintended consequences such as causing harm based on an individual’s unique gene expression.
One of the fastest-growing areas for ICT in healthcare is the use of wireless access by IP-enabled, handheld digital devices. Wearables and implantable technology hold the promise of a level of monitoring and healthcare administration that is unprecedented in the history of health science. Ranging from treatment administration to clinical decision support, connected devices are a rapidly evolving tool for the advancement of healthcare practices.
These same tools may be used for both reactive and proactive medical modalities such as insulin modification and vaccine optimization respectively. The convergence of ICT and biomedicine is therefore anticipated to lead to both improved economics (lower costs and improved revenues through the identification of new healthcare treatments) as well as improve overall public health.
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Table of Contents
1. Executive Summary
Companies Mentioned
- Abbott
- Amgen Inc.
- Analog Devices
- AstraZeneca
- Bio-Rad Laboratories
- Biodirection
- Biogen
- BioTelemetry
- Carpenter Technology
- Celgene Corporation
- Dentsply Sirona
- First Sensor
- GE Healthcare
- Gilead Sciences
- Haier Biomedical
- Helmer Scientific
- Hoffman-La Roche Ltd.
- Honeywell
- Johnson & Johnson
- Lonza Group
- Medtronic
- Merck & Co
- Nonin Medical
- Novartis AG
- Novo Nordisk
- NXP Semiconductor
- Panasonic
- Pfizer Inc.
- Sanofi Aventis
- Smiths Medical
- STMicroelectronics
- TE Connectivity
- Texas Instruments
- Thermo Fisher
- Wright Medical Group
- Zimmer Biomet
Methodology
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