Technology certainly plays a significant role in each segment of the industry, more so than ever, and health care sector is no different. Introduction of technologies in the health care domain emerged as the biggest blessing not only for patients but also clinicians, researchers and scientists, which has revolutionized the health care sector, and which is evolving on a constant pace to address the changing needs of healthcare service providers. Developments in health care technology have the potential to be major driving factors for economic growth as well as for transforming the health care space.
Global Scenario of Digital Health Care Market
- As per a leading research firm, the Global Digital Healthcare Market size that was about US$85 billion in 2018 acquiring a huge share of global market space in 2018 and is expected to grow at CAGR of ~30% to reach over US$500 billion by 2025.
- The United Kingdom’s share is projected at US$ 28.3 billion by 2025. In Japan, it is expected to generate a revenue of US$27.4 billion by 2025 and Germany market is expected to grow at a CAGR of 29.8%. Moreover, the emerging Al healthcare market is forecasted to reach about US$35 billion by 2025.
- The share of digital health system technology is expected to touch US$ 156.9 billion by 2025.
Factors Driving Market Growth
One of the factors responsible for boosting the market growth is increasing demand for remote monitoring services due to rise in chronic diseases on a global scale. Likewise, a substantial upsurge in the use of smartphones-based and other mobile apps together with the cloud-based storage system usage by healthcare specialists for accurate monitoring and easy access of medical information comprises a major factor steering the market growth.
In view of these, the technological trends that are likely to revolutionize healthcare sector in near future are shown below-
All these technologies have the potential to offer next-generation healthcare to patients in Australia.
Interestingly, large technology companies like Google, Apple, Amazon and Microsoft are entering the health care sector, by leveraging their key businesses strength and strategies aiming to bring innovation in the health care landscape.
Meanwhile, Australian digital healthcare market is on the verge of becoming a global leader in medical technology (MedTech), backed by robust competencies in precision medicine, genomic medicines, digital health, industry-disruptive technologies with distinctive competitive advantages.
Let’s take a glimpse of Australia’s leading ASX-listed health care players with their innovative breakthrough technologies:
Cochlear Limited (ASX: COH)
Cochlear Limited is a leading health care with a focus on bringing to market its market-leading technology; wide-ranging implantable hearing solutions to global customers with the recently introduced the Nucleus® 7 Sound Processor.
Source: Company Presentation
COH’s shares closed at $233.99, up 0.11% on 29 November 2019. The market capitalization of the company stood at $13.52 billion with 57.83 million outstanding shares. COH’s stock generated a YTD return of 33.64%.
Nanosonics Limited (ASX: NAN)
Nanosonics Limited is specialized in the development and commercialization of infection control solutions has developed a unique, automated device named Trophon® which is a breakthrough disinfection technology establishing the new standard of care worldwide for ultrasound probe reprocessing. Over thousand ultrasound probes are compatible for use with TROPHON and approximately 60000 patients are protected by reducing the cross-contamination risk including the latest HPV risk with Trophon sonicated hydrogen peroxide mist every day.
NAN’s shares closed at $6.67, down 2.2% on 29 November 2019. The market capitalization of the company stood at $2.05 billion with 300.36 million outstanding shares. NAN’s stock generated a significant YTD return of 145.32%.
Volpara Health Technologies Limited (ASX: VHT)
Volpara Health Technologies Limited is a MedTech SaaS company focused on developing AI algorithms to aid in breast imaging analytics and analysis products, eventually helping in clinical decision-making and the early diagnosis of breast cancer with its robust product portfolio including VolparaDensity, VolparaEnterprise, VolparaAspen Breast, VolparaAspen Lung and VolparaLive!.
VHT’s shares closed at $1.8, down 1.64% on 29 November 2019. The market capitalization of the company stood at $399.05 million with 218.06 million outstanding shares. VHT’s stock generated a significant YTD return of 67.50%.
HeraMED Limited (ASX: HMD)
HeraMED Limited is a novel medical technology company that provides smart pregnancy monitoring solutions for problems associated with the reliability of pre-natal analysis. Aiming to completely transform the pregnancy ecosystem, HeraMed presents end-to-end medical grade solutions utilizing fetal heartbeat monitoring smartphone-based devices, cloud-based platforms and Artificial Intelligence capabilities, thus, provide medically accurate, scientifically optimized, safe and cost-effective solutions.
HMD’s shares traded at $0.20, up 8.1% on 29 November 2019. The market capitalization of the company stood at $16.19 million with 87.53 million outstanding shares. HMD’s stock generated a YTD return of 5.71%.
CardieX Limited (ASX: CDX)
West Ryde, Australia headquartered CardieX Limited, is a leading health-tech company, with a focus to design, manufacture and commercialize medical & consumer tools for the management of heart diseases including advanced hypertension. The company is conjointly working with Mobvoi Information Technology Co. Ltd (Mobvoi) to develop a network of “smart-heart” and other consumer wearable applications. Its patented technology and IP portfolio include gold standard FDA-approved device used for measuring central blood pressure and cardiovascular risk parameters (Standard FDA “predicate device”).
CDX’s shares closed at $0.027, down 3.57% on 29 November 2019. The market capitalization of the company stood at $20.07 million with 716.85 million outstanding shares. CDX’s stock generated a negative YTD return of 6.67%.
Total Brain Limited (TTB):
Headquartered in San Francisco and Sydney, Total Brain Limited (ASX: TTB), is a technology company founded by famous neuroscientist Dr. Evian Gordon in 2000 with a goal to improving mental fitness and health by employing self-awareness and training programs. The Company is involved into commercialization of its world’s 1st universal, neuroscience- based mental health and fitness platform named Total Brain, led by the world’s largest standardized brain database. TTB’s software as a Service (SaaS) platform aids in scientific optimization and measurement of individual’s brain capacities whilst also managing the risk of common mental conditions.
TTB’s shares closed at $0.088, up 10% on 29 November 2019 post the announcement of AGM meeting results. The market capitalization of the company stood at $76.31 million with 953.88 million outstanding shares. TTB’s stock generated a whopping YTD return of 143.35%.
Genetic Technologies Limited (ASX: GTG)
Genetic Technologies Limited is a diversified molecular diagnostic company offering cancer predictive testing and assessment tools for diagnosis of cancer thereby assisting clinicians in the management of patient’s health proactively.
GTG’s shares closed at $0.005, up 25% on 29 November 2019. The market capitalization of the company stood at $16.25 million with 4.06 billion outstanding shares. GTG’s stock generated a negative YTD return of 19.64%.
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