Article preview from Medtech Insight - August, 2012
While device manufacturers look for ways to utilize wireless technology to enhance the use of their products, a number of nontraditional health care partners are emerging as important players in the market. Firms such as Qualcomm, AT&T, and other telecommunication companies are working to establish an infrastructure that will make it easier and safer for patient data to flow from remote devices to caregivers. These technology firms have already established deals and partnerships with some manufacturers, and although there is still a lot of work that needs to be done, their presence in this market is an important step that could hasten the ongoing wireless health care revolution.
Article preview from Medtech Insight - August, 2012
As health care's quest to embrace the wireless revolution continues, the demands on medical devices are changing, and the industry is seeing a significant increase in the number of companies and products – at various stages of development – that utilize mobile technology. A good deal of emphasis is being placed on patient-monitoring devices designed to be used outside health facility walls. Although the types of information these devices measure are not really changing, the way the data is transmitted and utilized is poised to change how care is delivered. The players involved in this technology-based transformation are also shifting, as many of the large communication companies are not only becoming heavily invested in the process, but also are taking lead roles in the market's direction.
One of the biggest names active in this evolving field is Qualcomm Inc., which established a new business unit, Qualcomm Life Inc., in late 2011 for the sole purpose of working with device manufacturers on wireless connectivity. (See "Market & Industry Briefs" — Medtech Insight, December 2011.) Rick Valencia, the new operation's VP and general manager said the company's decision to move into the health care space came after hearing directly from medical device firms that said they needed help with the connectivity piece. Valencia told Medtech Insight that device manufacturers are very good at creating patient care products, but do not necessarily have the time and expertise to master the wireless functionality required to keep up with the latest trends, and that has opened the door for Qualcomm and others.
Qualcomm's noted success in wireless technology makes its move to work with device manufacturers a logical one, and from a purely business standpoint, the venture could come with high rewards. Industry observers say a stake in the technical side of health care could be very profitable simply based on the size of suitable patient populations. Although determining the exact figures for the potential market size varies and is not precise, Qualcomm believes the US market for remote monitoring and wireless patient monitoring could potentially be worth more than $2.6 billion.
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