Updated on 30 November 2012
3. While technology innovation remains key No. 1 parameter that qualifies a product or a service as Smart Healthcare, affordability comes a close second. The pursuit of better alternatives with respect to these two parameters is the reason that led to emergence of Smart Healthcare as the market segment.
4. Demographics across countries, leaning heavily towards an aging society, emerged as the key driver for these Smart Healthcare products and services. Rise in lifestyle diseases, such as diabetes, follows the close second as companies have taken on the challenge to ensure high quality life for these patients.
5. The sub segment that will grow fastest in the next few years is genetic diagnostics and point of care diagnostics followed by telemedicine and mobile health.
6. Singapore, Australia and New Zealand, and South Korea emerged as the top countries as far as government spending on Smart Healthcare goes.
There are numerous challenges that the industry will be encountering in its pursuit of Smart Healthcare. Thirty three percent of the respondents have highlighted regulatory environment as their top challenge.
Mr Mike Thomas, CEO, iSonea, states, "for a medical equipment company involved with smart healthcare strict regulatory conditions adding to time-to-market is something that is of concern." The governments need to create clear policy framework for devices. Regulations need to be in place to ensure patient safety. There is some work required there.
Mr D Mishra, CEO, i2India, concurs that a lot of difficulty is involved in working with the public health systems. Moreover, he also feels that there is a "weak patent regulation system in this segment that helps small companies reverse engineer innovative products", taking away the innovator's advantage.