Medical Device Manufacturing & Engineering

About TRICOR

TRICOR Systems Inc, is a Medical Design Excellence Award winner, FDA-registered, ISO 9001:2015 and ISO 13485:2016 medical manufacturer and design facility.

TRICOR possesses the expertise to design, develop, validate, and manufacture Class I, II, and III electronic medical devices under one roof. Whether you are looking for a complete turnkey solution, or just supplementing your internal capabilities, TRICOR has the background and flexibility to meet your needs. TRICOR offers the opportunity to confidently outsource your project needs.

05/23/2024 04:06:05

Market insight in association witH

Covid-19 pandemic may give wearables necessary push to become healthcare mainstays

Wearables such as the Apple Watch or Samsung Galaxy Watch have the potential to become a staple in post-Covid-19 treatment models due to their ability to collect, track and communicate a variety of health statistics. Due to the global pandemic forcing a shift to remote care and telehealth options, along with increasing technological capabilities and dropping prices for high-end wearables, this market is expected to grow significantly in the coming years.

The interest in wearables has increased considerably since the Covid-19 pandemic necessitated a shift away from traditional face-to-face care options towards remote models of patient care. Wearables include a variety of health trackers such as electrocardiogram (ECG), skin temperature and electrodermal activity sensors that enable them to track various health-related statistics in real time.

This information can then be sent via the internet to a patient’s primary physician, keeping them informed and able to make accurate decisions about treatment without seeing the patient in-person. The real-time data is especially useful for high-risk patients with conditions that need to be continually monitored.

Wearables’ ability to be used as health monitoring devices has improved significantly in recent years and shows no signs of slowing. ECG sensors are now common among high-end models, and the recently unveiled Apple Watch Series 6 can measure blood-oxygen saturation. Device manufacturers are also expanding how the collected data can be used. For example, Fitbit is currently exploring whether the new Fitbit Sense can use the data it collects to detect Covid-19 cases early. Similarly, Apple and its partners are exploring whether data from their wearables can be used to better manage asthma, among other things.

This technological innovation has been followed by declining prices, which is likely due to a combination of increased competition and a maturing of the manufacturing process. For example, the Apple Watch is now on its sixth iteration. These lowered prices have made high-end wearable models with health tracking capabilities more affordable for the average consumer.

This has been especially convenient during the pandemic, which has turned patients towards telehealth and remote care options. Consumers may be more willing to use remote patient care now than prior to the pandemic. All of these factors have combined to augment the growth of the wearables market. GlobalData expects the global wearables market to grow by 137% to a value of $64bn in 2024. Major firms are signalling their confidence in this market with significant investments.

For example, Google is currently in the process of acquiring Fitbit for $2.1bn and awaiting approval from regulators. The pandemic may have been the push that consumers and physicians needed to integrate wearables into the modern healthcare landscape.

For more insight and data, visit GlobalData's Medical Intelligence Centre

Share this article

05/23/2024 04:02:18

Share this article

Market insight in association witH

NIH awards contracts for innovative digital solutions for the Covid-19 pandemic

The Covid-19 pandemic revealed disparities in traditional healthcare and prompted rapid development and integration of healthcare IT. According to GlobalData, the healthcare IT market will reach $48.1bn in 2025, growing at a Compound Annual Growth Rate (CAGR) of 5.1% between 2015 and 2025.

Recognising the effectiveness and importance of new technologies in healthcare, the National Institutes of Health (NIH) announced that it awarded seven contracts to different companies to develop digital health solutions for addressing the Covid-19 crisis.

According to the NIH, the latest technology can address the pandemic in various ways. Examples include smartphone applications, wearable devices, and software that can identify, notify, and trace infected individuals, or monitor verified Covid-19 test results and health status of infected or potentially infected people. As a result, the National Cancer Institute (NCI) and the National Institute of Biomedical Imaging and Bioengineering (NIBIB) have selected seven out of nearly 200 ideas for digital health solutions.

The selected digital solutions will help to contain and handle the Covid-19 crisis by providing additional tools in order to improve social distancing, quarantine, and testing. For instance, Evidation Health was awarded a contract for a health measurement platform to analyse huge amounts of patient data from self-reporting and wearable devices for the detection of Covid-19 and differentiating it from the flu.

Furthermore, NIH awarded another selected organisation, physIQ, a contract for a data analytics and cloud computing platform powered by artificial intelligence and combined with FDA-cleared wearable devices. Using its innovative tools, the physIQ platform can potentially create a personalised baseline index in order to indicate a change in health status for Covid-19 positive patients.

Although there will be no release of the selected digital innovation tools this year, in the foreseeable future those tools will help people to live in a less restricted quarantine environment, reduce the risk of further Covid-19 outbreaks, and accelerate the development and integration of innovative new solutions into the current healthcare industry.

For more insight and data, visit GlobalData's Medical Intelligence Centre

05/23/2024 04:05:49