The medical devices industry has traditionally allowed much of the data it collects to go unused. However, it is now waking up to the opportunities and is beginning to consider the possible benefits of investing in M2M data analytics. In addition, policy incentives, pressure to deliver more with less and fixing accountability for care is transforming the healthcare industry and driving a renewed interest in leveraging M2M data.
According to Harbor Research, the number of medical devices shipped is likely to reach 32.7 million by 2014 from a mere 6.2 million in 2009. Also, the number of connected M2M devices in the healthcare sector will swell to 774 million by 2020. This generates unprecedented opportunity for data collection and analytics.
M2M technologies such as blue-tooth, RFID, motion sensing and wireless are being used in patient monitoring devices. Consider the example of glucose monitoring. Today, several diabetics wear a continuous glucose monitor. The M2M module embedded directly into the sensor sends the information to a monitoring service. According to a research report by Berg Insight, globally, around 2.8 million patients were using a home monitoring service for medical devices with integrated connectivity at the end of 2012.
Medical device companies have been seeking to develop ways of leveraging technology, establishing best practices by understanding how customers successfully utilize their devices and ensuring that the devices work seamlessly in an interoperable manner.
When integrated and analyzed for decision-making, the information from M2M enables proactive service, allows for consumption-based business models and drives recurring revenue and improved customer experience. An integrated medical device data model entails that siloed data in disparate systems be brought together, and advanced analytical models deployed.
The benefits of M2M adoption in medical devices are numerous and can help medical device manufacturers differentiate in the front by delivering optimal customer experience and service and standardize at the core by reducing operating costs and building efficiencies.
While this trend picks up in the industry, what according to you can provide the requisite push to accelerate adoption?