According to the Center for Medicare and Medicaid Services (CMS), in 2016 US health spending hit 3.3 trillion dollars and is forecast to increase on average 5.5% annually through 2026. Over the past five years, technology and services have become the fastest growing division of the healthcare industry. Most recently, companies have combined technology including digital, advanced analytics, and artificial intelligence to create fresh business models that have generated billions of dollars.
Specifically, the Digital Health Market is predicted to exceed USD 379 billion by 2024, according to a new research report by Global Market Insights. The sharp rise in the use of smartphones, tablets and other mobile apps to track and access to medical information will further advance this growing industry’s expansion.
Many companies are seeing the tremendous business opportunity in the digital health market, specifically technology companies, which are looking to lead the innovation. Here are a few companies making moves in the space.
XSport Global, Inc. (XSPT) is a leading sports technology and media holding company focused on developing disruptive sports-centric technologies and related media projects seeking to help athletes achieve their full potential through cognitive training, careers, genetics, recruiting and more. The company recently announced the rapid development of FitLinkDNA, an innovative and advanced way for athletes to train and perform by providing a digital blueprint of their genetic composition, leading to the development of a tailored, personalized, wellness regimen.
XSport strategically acquired Head Trainer, Inc, the developer of the first sports-based app to train the brain in the areas of focus and concentration, visual and spatial awareness, processing speed, memory and decision making. The mobile app has endorsements from several athletes including Philadelphia Phillies outfielder Jose Bautista, golfer Rickie Fowler, racecar driver Dale Earnhardt Jr., football player Richard Sherman, among others.
In September, XSport announced the acquisition of the brand agency, Shift Now, Inc., a “full-service creative and digital marketing” firm. This acquisition provides the company with full access to innovative approaches to marketing for Head Trainer, Inc. as well as XSport’s other holdings.
Teladoc (TDOC) provides virtual care options for clients and patients. The company recently announced the launch of Best Doctors Specialty Pharmacy Services, the first virtual care solution designed to tackle rising prescription drug costs using advanced analytics and an expert medical opinion. This unique analytics-driven virtual care solution helps employers and plan sponsors identify members with complex conditions such as Crohn’s disease, psoriasis, lupus, or rheumatoid arthritis, and then engages an expert clinical team to carefully review the diagnosis and treatment plan to ensure the right course of action for each patient.
The service is initiated through a data-driven process that proactively and anonymously identifies those within a population who are most likely to benefit from an expert review of their diagnoses, treatment plans, and prescriptions. Best Doctors clinical experts can view an entire population, evaluate a high-risk group, or even identify an individual who would benefit from an in-depth case review.
“So many people find themselves taking a medication for an extended period of time with limited or no benefit, and without the opportunity to fully understand why or learn of alternatives,” said Lewis Levy, MD, chief medical officer, Teladoc Health. “With this solution, we are providing a unique opportunity to disrupt this cycle to deliver better value and improved health outcomes.”
Apple Inc (AAPL), by default designs, manufactures, and markets mobile communication and media devices, and personal computers, but the company has also secured one of nine sought-after spots in the FDA’s Digital Health Software Precertification Program, which has certified them for future medical technologies. Apple essentially intends to drive its digital healthcare expansion using its iPhone and Apple Watch.
In 2017, Apple partnered with Stanford Medicine to conduct the Apple Heart Study, which uses the heart rate sensors in its watch to collect irregular heartbeat data and notify users of potentially life threatening conditions like atrial fibrillation. The Apple Watch has also enabled medical researchers to track Parkinson’s disease through the sensors in its smartwatch. Based on the data collected on patients’ tremors, researchers can adjust medication dosages.
The iPhone X can be used for vision tests, a hearing test feature with its AirPods, as well as a speech recognition tool to detect speech impediments associated with stroke. Most recently, Apple launched its HealthKit API, which permits users to share their clinical health data with developers stored on their mobile devices through trusted third party apps
This blog is an affiliate of Midam Ventures, LLC. Pursuant to an agreement between MIDAM VENTURES, LLC and XSport Global, Inc., Midam was hired for a period from 11/4/2018 – 12/4/2018, which has been now been extended to 1/4/2019, to publicly disseminate information about XSport Global, Inc. including on the Website and other media including Facebook and Twitter. Midam was paid $50,000 (CASH) for & were paid “0” shares of restricted common shares. Midam own zero shares of XSport Global, Inc., which were purchased in the open market. Midam may buy or sell additional shares of XSport Global, Inc. in the open market at any time, including before, during or after the Website and Information, provide public dissemination of favorable Information. Click Here For Full Disclaimer
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