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How MedTech Companies Are revolutionizing The Healthcare Space

Personalized healthcare refers to the practice of tailoring treatment to the specific needs of an individual. This means that the patients have more control over their care. They receive treatment exactly how and when they need it.

This kind of treatment is especially beneficial for long-term, life-threatening illnesses like cancer. No two cancer patients are the same. Tumors grow in different places, at different rates, to different sizes. As such, personalized treatment tailored to the needs of the patient leads to more effective treatment.

While this line of treatment is beneficial to many different types of patients, few individuals are able to actually take advantage of it. The cost of regular doctors appointments and in-person visits with specialists add up quickly. Luckily, that landscape is changing.

Thanks to advances in healthcare technology, personalized healthcare is becoming more accessible. As we find new ways to use medtech, the industry will only grow in the coming years. Recent reports show that the personalized healthcare industry is expected to reach earnings of $194.4 billion by 2024.

Here are 5 medtech companies that are helping push forward the personal healthcare field by investing in technology.

  1. Livongo

Livongo provides a way to monitor chronic conditions like diabetes, high blood pressure, and more. 

This monitoring has the power to impact the lives of so many people today. Over 2 million Americans suffer from at least one chronic condition. By using smart devices like smartphones and smartwatches, patients can easily track their chronic conditions.

Livongo connects a smart device to a blood pressure monitor, glucose meter, or smart scale. It then creates reports to help patients and their doctors track conditions. It also provides insights and coaching.

This technology is used by over 160,000 people today. It helps to lower the costs of care for both patients and their employers. On average, Livongo users save $88 per month. For those suffering with lifelong chronic illnesses, that adds up quickly.

  1. Propeller Health

Propeller Health helps people with asthma and chronic obstructive pulmonary disease (COPD) by putting sensors on inhalers. The sensors track the frequency and location every time a patient uses their inhaler. This information is then sent to an app on their smartphone to create reports for them to review.

This data will help patients and doctors identify what is triggering asthma attacks or COPD flare-ups. The details can be used to tailor treatment to their needs.

Propeller Health sensors work on all regularly prescribed inhalers. The technology does not require patients to buy treatment products from Propeller, only the sensor. The adaptability of the product makes it easy for anyone to use.

This is a great example of software as a medical device, or SaMD. According to Orthogonal, “SaMD tools assist physicians in designing personalized treatment plans for patients with chronic diseases based on data collected by software.”

In this case, the smartphone app from Propeller Health is an example of SaMD. The app itself is what provides treatment insights.

This is a popular trend in healthcare technology innovation. As technology continues to grow and change, it will be further integrated into treatments to create more efficient care and data collection. 

  1. Imaware

ImawareTM is an at-home test kit to diagnose or monitor celiac disease or rheumatoid arthritis. Patients can purchase a test online and have it mailed to them. Once they have completed the test, they will mail it back and receive the results digitally. No prescription or appointments are required, so patients have full control over when they perform the test.

Imaware requires only a small pin-prick on the finger to collect a blood sample. This sample is used in multiple diagnostic tests to increase the efficiency of the process. Completing the tests only takes about five minutes, and results will be reported within five days of mailing the test out.

Not only does Imaware diagnose and monitor these conditions, but the reports can also tell patients the likelihood that they will be diagnosed with the condition in the future.

Imaware also uses artificial intelligence (AI) to compare a patient’s test results against those who have been diagnosed with celiac disease or rheumatoid arthritis. The AI will learn common indicators and symptoms that others have exhibited and use it to inform the results of others.

AI is a significant part of new technology in the healthcare industry. According to Digital Authority Partners,  the healthcare AI industry is expected to be valued at $150 billion by 2026. 

  1. RootPath

RootPath is developing a platform to manipulate single cells for more effective and personalized cancer treatment. 

When a patient gives a blood and tumor sample, the immune cells and antibodies within that sample are evaluated. Disease-fighting, disease-causing, and bystander cells within the tumor are identified. These cells, along with the information gathered in analysis, are used to treat the patient in a super-targeted, personalized way.

This treatment will help improve the immune system and the speed at which we treat cancer. By manipulating single cells, RootPath can take control of the immune system. Cancer often confuses the immune system so that it doesn’t know which cells to attack. RootPath can eliminate that confusion for a better result.

This technology is wholly focused on providing a higher-quality treatment for cancer patients. This is the mission of many new healthcare technologies today. Although the U.S. ranks as the second-highest nation in the world for dollars spent on healthcare, we rank 24th for life expectancy.With innovations like these, we can help to improve these standings.

  1. Doctor On Demand

Doctor On Demand is an app that allows patients to video chat with doctors on a computer, cell phone, or tablet. There are certified doctors available to provide urgent, chronic, and preventative care as well as treatment for behavioral health.

With this app, professional advice is available 24/7, right from home. Services are available with or without insurance. Sign up is free. Patients only pay when they use the service, and they are made aware of any costs of care before they begin.

Doctor On Demand allows patients to have access to care at any time. Patients have more control over their care because they don’t have to travel to a doctor’s office or abide by the open hours of the doctor’s office. 

Emerging technologies have the potential to change the way that we do just about everything in healthcare today. It can influence the way we treat patients, new medicines and treatments that we create, physician-patient interactions, as well as the cost and effectiveness of treatment.

As long as healthcare continues to grow and change with new technology, we are on our way to revolutionizing the industry as we know it.

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