Innovations in the field of health tech are enabling healthcare professionals to improve the quality and longevity of people’s lives. While some breakthroughs are harder to come by (such as the cure for cancer), strides are being made in the detection and restriction of disease spread.
Among these innovations,
Three forthcoming products will soon be a regular part of our lives and will perform crucial tasks in their own right.
The manufacturers of these products are startups with breakthrough ideas or research-oriented med tech companies that do not have experience in marketing their products.
In order to become widely used products that can help everyone, they need to be marketed, advertised, and projected through every available channel so they may receive the funding and attention from healthcare providers that are needed to make them accessible to all.
Let’s learn about these health-tech inventions and why the world needs them as soon as possible!
Electronic Health Record:
An electronic health record (EHR) is a digital version of a patient’s healthcare profile. These are notes, diagnoses, and prescriptions of healthcare providers pertaining to individual patients, all recorded and saved digitally. Like all organizational paperwork, shifting to a digital platform has made the management of patient data a much simpler and more efficient task to increase hcp engagement.
While these are some of the basic advantages of maintaining an electronic health record.
The most innovative application of the EHR has been remote access to health tech.
If healthcare providers are able to access and maintain patients’ health reports without physically being present, they can treat patients in far-flung areas who cannot travel or do not have healthcare professionals near them.
The invention of electronic health records has made e-clinics more feasible. EHRs are being adopted at the top healthcare institutes around the world, but have not yet made their way to the countries with comparatively lower income levels.
The reasons for rare EHR usage are lack of awareness among healthcare administrators of its benefits and hesitation due to perceived difficulties in adoption of a tech-intensive alternative.
Smart Pill:
The smart pill is a normal-sized capsule that can be swallowed and perform useful functions within the body! Smart pills may include cameras to observe abnormalities in the digestive tract or include temperature, pH, and pressure sensors for a number of applications, such as:
- Diagnostic Imaging
- Vital Sign Monitoring
- Targeted Drug Delivery
Several million patients are affected by gastrointestinal (GI) diseases like cancer and hepatitis. These require invasive, hurtful procedures like endoscopies and colonoscopies that can lead to internal wounds and sometimes spread infectious diseases.
Smart pills provide doctors with the information needed to make a more precise diagnosis pertaining to GI problems and related illnesses without invasive procedures.
This aids healthcare providers, eliminates patient discomfort, and reduces the spread of disease via shared medical apparatus.
This technology is in the advanced phase of its development. It has gained FDA approval but is yet to make its way into hospitals around the world. The affordability of smart pills is in question as there is very little demand for the breakthrough med tech device.
Smart Syringes:
Smart syringes have specialized safety features to prevent re-use and accidental needlestick injuries. Their various types are differentiated by their specific safety mechanism.
WHO reported that in 2010;
1.8 million people in the United States were infected with Hepatitis B, Hepatitis C, or HIV through an unsafe or reused injection.
The global numbers are much higher today, especially in the Asia Pacific region where HIV cases are uncontrolled due to negligent usage and disposal of syringes.
While smart syringes present the opportunity for safer drug provision, they do so at a significantly higher cost. Smart syringes cost at least double an ordinary syringe and WHO has repeatedly urged bringing these costs down to increase access.
Marketing prospects and the global necessity for these inventions:
Just by capitalizing upon these inventions, particularly to contain the spread of infectious disease, quality of life can improve across the world. Paired with that, greater access to healthcare providers (especially remotely) would save countless lives annually. Then why is it that implementation is not matching expectations?
There is a disconnect between the manufacturers of these revolutionary health tech devices and the healthcare providers around the world who could benefit from their usage. Each of these products has great potential to be sold in the life sciences industry but needs to be marketed more effectively.
For instance, the valuation of the smart syringe market stands close to $7 billion and is projected to hit $14 billion by 2027, with a CAGR of 8.7% in the Asia Pacific region specifically. However, distribution is limited to the US and Northern Europe.
Similarly, the smart pill market is projected to stand at $6.8 billion in 2025 with a CAGR of 17.5%. Its demand is increasing around the world as geriatric GI diseases are prevalent and many healthcare providers are focusing on the provision of excellent healthcare to the elderly.
The EHR market holds the highest value among the three, standing at $25.5 billion in 2020. While its demand is high in North America and Europe, it also has a growing market share in China and India due to supportive health policies and the deployment of e-clinics in Asia.
By increasing marketing efforts and connecting buyers to sellers, enough demand could be created in the rest of the world to effectively lower costs through mass production of these innovations. This is also in line with the agenda of the WHO, and their support would augment marketing efforts made by manufacturers.
Marketing efforts at this scale need to be complemented by effective content management. Xavor Corporation specializes in building and enhancing content management systems specifically to enable global life sciences manufacturers to reach their audience better, with regulatory and brand-compliant content. Get in touch today to see how you can best leverage your CMS for your marketing needs.