The COVID-19 outbreak has inflated the demand for smart and digitally connected medical devices such as artificial intelligence (AI)-based mobile medical applications and medical imaging software, ensuring better management of severe respiratory diseases. Innovative medical devices such as mobile medical applications and inhalers are the mainstay of the respiratory disease management industry. However, the high costs of devices, heavy competition, absence of real-time feedback, and lack of awareness among patients have restricted the adoption of such technologies.
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“The respiratory health market is focusing on technology convergence; integrating digital and sensor technologies to create smart, portable, and connected medical devices; and improving clinical outcomes and patient engagement during the disease management process,” said Ashish Kaul, Senior Research Analyst, TechVision, at Frost & Sullivan.
Kaul added: “Mobile medical applications for the diagnosis and management of respiratory diseases can reduce the cost of medical care by eliminating the need for regular medical tests. Further, smart medical devices such as inhalers that offer personalized insights and care anywhere are expected to increase the adoption of a home-based disease management regime in the next one to two years, as it follows the current trend of remote care.”
As mobile medical applications, oxygen concentrators, and smart inhalers are experiencing significant innovations fueled by the COVID-19 pandemic, market participants can focus on the following to tap into these growth opportunities:
- Smart inhaler capable of providing feedback and support: Pharmaceutical companies can collaborate or partner with innovative start-ups that offer real-time feedback on the inhaler technique and use acoustic technology for drug delivery to the patients.
- Innovative and durable oxygen concentrators: Health technology companies and innovators can partner to explore opportunities to produce improved, durable, and easy-to-operate oxygen concentrators for hospital and home purposes.
- Innovative mobile medical applications: Innovators should invest in research-based evidence to showcase the effectiveness of mobile medical applications in the improved management of respiratory diseases.
Respiratory Health Management Technology Growth Opportunities is the latest addition to Frost & Sullivan’s Healthcare research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.