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HealthTech market advantages and disadvantages
Health tech is a fast-growing industry and one of the most promising areas in the investment market. The Global Market Insights economic Forecasting organization predicts the growth of the electronic health services market to $504.4 billion by 2025
What Health Tech is?
All technological developments related to human health belong to HeathTech. From tracking his condition to life insurance. The industry is distinguished by its specifics of launching digital products: narrow specialization, a strict system of state regulation, and limited access to historical medical data.
In general, Health Tech includes technological developments for health:
devices for tracking a person's condition, both personal and professional;
software and programs that collect data from these devices and process them;
services that advise on lifestyle adjustments;
new equipment for medical examinations, for example, ECG, temperature measurements, monitoring of asthma symptoms, and more;
cloud platforms that send research data to the doctor.
The main advantages of Health Technologies are that they help with:
Reducing healthcare/medical costs
Predicting epidemics
Avoiding preventable deaths
Improving the quality of life
Reducing healthcare waste
Improving care efficiency and quality
Producing new drugs and treatment procedures
The two opposite poles of this sphere are solutions for personal and medical monitoring. And with the latter, the development of products is complicated by a large number of regulations and requirements of medical legislation, from which it is impossible to depart. On the other hand, devices similar in characteristics to professional ones are being created, but for personal use. For example, there is a case for the iPhone CardioQVARK, with which you can record a cardiogram anywhere and at any time. Data about a person's heartbeat is also sent to the cloud, where they can be viewed by a doctor. But at the same time, the doctor does not yet have the right to make a diagnosis based on such information, but can give recommendations — take medicine and urgently conduct an examination.
Some applications are not designed to communicate with a doctor at all. For example, Welltory. This service analyzes heart rate variability and concludes stress levels and energy reserves. (In the blog tceh.com the co-founder of Weltory, Evgenia Smorodnikova, told why it is important and how a startup can overcome stress).
* data by CB Insights
The volume of the Health Tech market
The global medical services market is $500 billion, the Russian market is $2 billion. In developed countries, 36% and 25% of budgets are spent on finding solutions for the treatment of cancer and cardiovascular diseases. Within it, you can single out the Digital Health or Health Tech market. The average annual growth rate of this segment is 20%.
The main disadvantages of Health Tech are the increased cost of the treatment for the patients and lack of information about the patients. With the last one, our Mobile Reality could help not just help your company to organize the data but also monetize and make a profit.
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