Future Tasks, Suggestions, and Others
Future Tasks
-
In order to commercialize ECG analysis technology as a product, it is necessary to
develop
ECG measuring devices (mobile devices), cloud systems, and apps.
-
It is desirable to develop devices and apps according to the design of the ECG
Monitoring
System.
-
The design of the ECG Monitoring System should take full account of the regulations
and
market conditions, etc. associated with medical practice.
For example, in Korea, telemedicine is legally
prohibited and it is difficult to get a new concept of medical device
certification.
Therefore, if we set our current market as a starting point, the area of the
monitoring system will be narrowed. In the case of the United States and Europe,
telemedicine is allowed and will be as large as that.
On the other hand, it is also possible to predict future changes and approach
them
from the perspective of preemptive investment.
-
For the efficient development processes, it is necessary for ECG experts or hospital
organizations to participate in process.
Suggestions
-
We hope to sell and transfer development technology and to participate partially in
the
development of the devices and apps required for the ECG Monitoring System to be
built
in the future.
-
It is possible to sell only development technology, but in this case, we will go
through
a
process of finding other buyers and choosing favorable conditions.
-
The healthcare platform business is still in the preparatory stage due to
institutional
regulations on medical practices, lack of diagnostic algorithms and sensor
technology.
The ECG Monitoring System presented above can be a powerful tool for driving the
platform business.
Others
- Related to Market Outlook
-
"The healthcare industry is worth $3.5 trillion within the United States alone and
is
still in the early stages of digital transformation." (Morgan Stanley Report; Maeil
Business 4.9 2019)
-
"Apple will post annual sales of $15 billion to $313 billion in healthcare by 2027"
(Morgan Stanley Report; Daily Economy 4.9 2019)
-
“The global market for smart healthcare will grow at an average annual rate of 42%
from
$800 million in 2015 to $ 6.6 billion in 2021” (Daily Bizon, 11.9 2018)
-
“The global market for ECG equipment will grow from $4.6 billion in 2017 to $8
billion
in 2026.”
ref.
https://www.inkwoodresearch.com/reports/ecg-equipment-market
- Related to Product Development
-
AliveCor developed an ECG monitor in the form of a smartphone case, received FDA
approval in 2012 and OTC approval in 2014. (OTC: Over-the-Counter, commonly
purchasable
without separate treatment or prescription)
-
Apple released ‘Apple Watch 4’ in September 2018. The heart rate-based arrhythmia
measurement and ECG measurement functions included here are FDA approved. (De Novo
approved because the app was licensed)
-
Korea’s start-up ’HUINO’ developed a smartwatch that can measure ECG in 2015 and
they received approval from the Food and Drug Ministry for wearable ECG device
‘Memo Watch’ and artificial intelligence analysis software in March 2019.