DDTIT – Group Project Report

Wearable Heath Assistants: Impact of IOT in

Healthcare and Future Trends

By Group 5

PGP/24/120 SOURABH KUMAR

PGP/24/154 KRISHNA PRADHAN

PGP/24/162 NANDHINI BALU

PGP/24/169 PRAFULL ANAND

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Table of Contents

Sr No Topic Page No

1. Introduction 2

2. Problem Statement and Objective 3

3. Industry Analysis – Wearables in Healthcare 4

4. Current IoT products and solutions in the area 5

5. Ideation and Value Proposition 6

6. Competitor Analysis 8

7. Market Potential and Strategies 9

8. Business Model (St Galler Magic Triangle & Osterwalder BMC) 10

9. Conclusion 11
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Introduction

IoT in Healthcare is heterogeneous computing, wirelessly communicating system of apps and devices that
connects patients and health providers to diagnose, monitor, track and store vital statistics and medical
information. With this, Healthcare has emerged as a potential use case for high impact IoT solutions,
precisely more so in the areas of:

a. Health monitoring - detect basic activities of the human body, analyze human behavior, and
measure health status

b. Health information support for patients – IoT devices can improve the continuous measurement,
monitoring, and support structure of patients and caregivers

c. Service improvement – including sensors and devices in vehicles for detection of accidents and
alerting the nearby health care centers for prompt action, saving lives

d. Collection of information resources for big data analytics – Allows to understand patterns of the
symptoms and study new conditions for drug/vaccine development.

Few examples of IoT in Healthcare are mentioned below:

● Headsets that measure brain waves

● Clothes with sensing devices

● B.P. monitors / Glucose monitors

● ECG monitors
● Pulse oximeters
● Sensors in medical equipment, dispensing systems, surgical robots & device implants
● Any wearable technology device documenting vitals
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Problem Statement and Objective

Our motivation stems from the fact that the healthcare industry is in a very fragile state now more than ever
and the cracks were prominent due to the ongoing pandemic. As we continue to move forward with the
digital technologies taking over different industries, the healthcare industry can leverage from it, reduce the
strain of healthcare workers and save patients through pre-determination of illness even before its
conception using the data collected and researched through IOT devices. Not only that, the network devices
can be used to monitor the vitals and status of the patient at a distance continuously which will help to get
the response team alerted well before time.

In the process of research, we studied the usefulness of smart wearables and how can they be implemented
for mobile health, assisted/elderly living, pharmaceutical research, implants, early warning systems etc.

Hence, the problem statement was narrowed down to:

To study the potential of IoT to alleviate the healthcare system, understand the suitability for wearable
smart healthcare systems and find an innovative application of IoT in the given area.
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Industry Analysis – Wearables in Healthcare

We see a huge potential for IoT in Healthcare through wearable technology. The global wearable market is
valued at USD 16.6 billion in 2020. It is expected to grow at a rate of 26.8% CAGR by 2028. The major
segments we expect growth are from home healthcare and remote monitoring devices. Key parameters
supporting growth are growing patient awareness, increasing focus on healthy lifestyle , adoption of
telehealth and remote patient monitoring, the market for wearable medical devices is expected to flourish
over the foreseeable future. The strap/clip/bracelet segment dominated the wearable medical devices market
and accounted for the largest revenue share of 51.2% in 2020 and is likely to remain dominant throughout
the forecast period. Products like smartwatches allow monitoring of several parameters such as mobility,
respiratory rate, and pulse rate coupled with Bluetooth and cloud connectivity are anticipated to propel
growth in this segment over the forecast period. As of now North America is a dominant market for smart
wearable devices. Asia Pacific is yet to witness potential growth. Key players in this market are Agamatrix,
GE healthcare, Philips, Fitbit, Garmin, Basis Science. The outbreak of the COVID-19 has pushed the
demand for wearable devices, that track information related to health and fitness, location, and can be
integrated with devices, such as laptops and smartphones. The increasing pace of adoption of health and
fitness due to the fear of COVID-19 will increase the purchases of in-stock wearables for real-time health
monitoring and will further enhance the demand for development in healthcare IoT technology.
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Current IOT products and solutions in the area

Internet of Things paved the way for remote monitoring possible in healthcare, which has opened the
potential to keep patients safe and healthier. Wearables had made monitoring blood pressure and heart rate
monitoring easy for patients. It is a great option for those who lead healthy lifestyle to keep track of calorie
count, exercise count easy. It also redefines monitoring elderly people wherein it is easy to track a change
in routine and send alert signal in case of variation in pattern. From the Physicians end IoT embedded
devices has redefined home monitoring and allows to keep track of patients even better, and allows them
to connect with patients proactively. We also see the trend where in data collected from IoT devices help
doctors to identify best treatment process possible. Apart from patient monitoring we see hospitals using
IoT sensors for tracking real time location of medical equipment. The spread of infections is a major concern
for patients in hospitals. IoT-enabled hygiene monitoring devices help in preventing patients from getting
infected. IoT devices also help in asset management like pharmacy inventory control, and environmental
monitoring, for instance, checking refrigerator temperature, and humidity and temperature control. We also
see health insurance companies using data to bring transparency between insurers and customers in the
underwriting, pricing, claims handling, and risk assessment processes. In the light of IoT-captured data-
driven decisions in all operation processes, customers will have adequate visibility into underlying thought
behind every decision made and process outcomes.

Fig 2: Current IOT systems in Healthcare Domain

Insurers may offer incentives to their customers for using and sharing health data generated by IoT devices.
They can reward customers for using IoT devices to keep track of their routine activities and adherence to
treatment plans and precautionary health measures. This will help insurers to reduce claims significantly.
IoT devices can also enable insurance companies to validate claims through the data captured by these
devices.
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Ideation and Value Proposition – Dialeasy

One of the major areas of concern has been for the critical patients of renal diseases which is nothing but
temporary or permanent damage to the kidneys that result in loss of normal kidney function. To get rid of
the waste and excess water, Hemodialysis is usually done as a reliable but expensive continuous treatment
through dialysis of blood. It is usually performed at a dialysis center or in a hospital by trained healthcare
professionals, around 3 times a week and lasts for four to five hours; this becomes very difficult for patients
with co- morbidities to visit medical facilities as they will be highly prone to getting Sars-Cov-2 virus.
Hence, we identified the use case of one of the 3 key business opportunities in IOT here which is a Complete
Solution/Product Provider for transforming Dialysis in Healthcare domain.

Product Ideated:

Dialeasy – A smart APD (Ambulatory peritoneal dialysis) device which will support such patients with a
need to visit hospitals for regular dialysis. It can be made of extremely portable and wearable device of less
than 2 kgs. This smart device will have 2 major components in its design:

Sorbent: The device will keep on filtering the fluids via the help of a sorbent which absorbs and removes
the uremic wastes from blood stream.

Sensors: This WIFI -enabled device will detect the vital information and medical statistics of the patient
for further analysis and can be used for potential alerts.

The product ideated is in between Innovation Trigger an The Peak of Inflated Expectations according to
the Gartner Hype Cycle. Hence this product will not only save lives but is economically promising for a
new venture in healthcare domain.

Value Proposition:

Dialeasy will reduce the PD solution required for each dialysis treatment from 8-12 liters per day to a mere
2 liters per day.

It will help in reduction and possibly elimination of having bulky dialysis equipment, allowing the patients
to take the treatment from their homes.

It will collect additional data on the vitals, blood pressure and specifically GFR (glomerular filtration rate)
which will be documented as patient’s medical history data.

The data collected from the device can pe analyzed to find in any complications/new medical conditions
being formed.

In case of emergencies, or fluctuation in the data collected through the device becoming unstable, a real
time trigger will be generated, alerting the medical SOS teams.

This will be the niche device which will take care of the entire monitoring for a patient with renal disease,
helping the ones who still have their kidney’s partially functioning.
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It will help the patients to resume their daily lifestyle and save immense time while performing dialysis in
the background.

It will eliminate the need to visit hospitals multiple times a week (even for regular checkup), hence reducing
the exposure to Covid and saving such co-morbid patients from fatal risks.

Fig 3: Inspired Prototype of Dialeasy

For reference, we can follow the IOTWF Model of IOT to determine how we can incorporate IOT to turn
Dialeasy into a smart medical dialysis device:

For physical device and controllers, the device will have sensors and Wi-Fi support chips which will help
in real time vital data collection from patient using it.

The networking or connectivity layer will transmit the data wirelessly to upper layers for further analysis.

Fog computing will be incorporated to clean, process and aggregate the useful data and all that data will be
centrally stored in cloud, with the device being programmed to trigger alerts in case the data is above and
beyond the threshold set.

Reporting, Analysis and Control will be taken care of by the Application which comes with the device and
be installed on the mobile devices of patient and their caretakers for better observation.
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Competitor Analysis

The market size in North America stood at USD 11.65 billion in 2019. The presence of adequate
reimbursement policies, higher per capita expenditure on advanced technologies, and the constant focus of
market players on introducing innovative wearable devices in the U.S. are responsible for the region's
dominance.
Europe is anticipated to be the second-largest leading region in terms of revenue, which is attributable to a
large pool of geriatric patients suffering from chronic disorders, coupled with the
increasing disposable income of young individuals on advanced technologies. These factors are boosting
the adoption of these wearable devices in the region. The market in Asia Pacific is anticipated to grow with
the highest CAGR. This is primarily due to the increasing focus of government and NGOs on reducing the
patient's hospital stay in emerging countries such as China, Japan, etc. Rest of the world accounted for a
comparatively lower market share due to a vast untapped market.

Key Market Players

The major players operating in the wearable healthcare devices market are Medtronic plc. (Ireland),
Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Biotelemetry Inc.(U.S.), Apple, Inc.
(U.S.), Dexcom Inc. (U.S.), Abbott Laboratories(U.S.), Masimo Corporation(U.S.), G.E. Healthcare(U.S.),
Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (U.S.), VitalConnect (U.S.), Mintty Health
(U.S.), Preventice Solutions, Inc. (U.S.), CONTEC Medical Systems Co. Ltd (China), Biotricity Inc.(U.S.),
Verily Life Sciences.(U.S.), Cyrcadia Asia Limited (Hong Kong ), ten3T healthcare (India), Fitbit, Inc.
(U.S.) , Garmin Ltd (Switzerland), Xiaomi Technologies (China), and Huawei Corporation (China), among
others.

Apple Inc., Hold a Dominant Share of the Market in 2019

The market is extremely competitive and includes major players like Apple Inc., SAMSUNG, Fitbit Inc.,
Sonova, etc. With its robust portfolio of activity trackers and smartwatches, Apple Inc. has accounted for a
dominant share of the global market in 2019. Also, through various collaborations and acquisitions, key
players are strengthening their market positions. For instance, in October 2018, Ypsomed entered into a
strategic partnership with Koninklijke Philips N.V. for the development of innovative solutions for
Ypsomed new Smart Service based on Philips Health Suite digital platform. Other players such as Sonova,
OMRON Corporation, B.D., and NeuroMetrix Inc. are continuously focusing on the development of
advanced therapeutic wearables. They are also expanding their distribution channels globally, intending to
establish their foothold in emerging regions.

Recent Developments:

In 2019, Apple Watch Series 5 was launched with advanced functionalities by Apple, Inc. (U.S.)
In 2020, Fitbit Charge 4, activity tracker was launched by Fitbit, Inc. (U.S.)
In 2019, Omron (Japan) launched HeartGuide, a wearable blood pressure smart watch.

July 2021 - OMRON Healthcare, a company that specializes in health monitoring and
therapy, has released OMRON Complete, its first single-lead electrocardiogram (ECG) and
blood pressure (B.P.) monitor for home usage.
• May 2021 - Biobeat, a key company in wearable remote patient monitoring solutions for
the healthcare continuum, announced the introduction of a new wearable and continuous
ambulatory blood pressure monitoring (ABPM) chest-monitoring device. The company's
ABPM solution is the world's only cuff less ABPM solution. Each sterile, disposable monitor is
sent by courier directly to the patient's house.
- January 2021 - The Samsung Health Monitor app will soon be accessible in more 31
countries, according to Samsung.
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Market Potential and Strategies

From 2020 to 2025, the global wearable healthcare devices market is expected to grow at a CAGR of
20.5 percent, from USD 18.4 billion in 2020 to USD 46.6 billion in 2025. Whereas the global dialysis
market is projected to grow from an estimated USD 74.2 billion in 2019 to USD 99.2 billion by 2024,
at a CAGR of 6.0% during the forecast period. Tapping into this vast market is a plus point for entry.

Emerging economies like India, China, and Brazil are projected to offer various possibilities to industry
participants. Also, the demography has a large portion of global patients ranging from curable diseases
to chronic diseases that require long-term monitoring and treatment. With the increase in disposable
income and improving the standard of living, the need for better Healthcare is more than ever, which
many low-cost manufacturers in the region are being fulfilled. The Asia-Pacific region is expected to
grow at the fastest rate in the dialysis market during the forecast period.

Dialeasy would be able to provide the dialysis service at a fraction of the cost of the existing model,
which requires trips to the dialysis centre. With this device, the dialysis can be done at the comfort of
home, and the doctor could also track the progress with embedded IoT technology. It would also alert
the patient, his/her family and concerned Healthcare professional with various updates pertaining to the
process, thus making it much more efficient and easier to use.
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Strategies for product launch:

· Business to Business (B2B) approaches: Hospitals and nursing homes can be reached
directly for the sales of the product. These institutions can rent out the products to patients who
would need it for a short period. The IoT connected device would help the hospital keep track
of patients' vitals and provide necessary services.

· Business to Customer (B2C) approach: Selling the product directly to patients having
chronic diseases and need it for a longer time would provide them the treatment at the comfort
of home and decrease their medical expenditure while keeping track of the condition with the
embedded IoT.
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Business Model (St Gallen Magic Triangle & Osterwalder BMC)

Business Model Canvas:

Cost benefit analysis

Average annual cost of dialysis in India is $3000 and had approx 175,000 patients on dialysis in 2018.
For western countries like in the United States annual dialysis cost is around $60,000.

Also, dialysis for chronic patients can range from 5 to 10 years which can be a huge financial burden for
the patient.

Cost for Dialeasy would be around Rupees 2.5 lacs

Cost for patients:

Dialeasy Traditional Dialysis center

Fixed Cost Equipment Equipment, Infrastructure, Staff

Variable Operating Operating Supplies, Equipment Upgrades,

Costs Supply Facilities Maintenance

Indirect Cost Time and travel costs of patients

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Conclusion

In Healthcare, the Internet of Things (IoT) is a heterogeneous computing, wirelessly communicating system
of apps and devices that connects patients and health professionals to diagnose, monitor, track, and store
vital statistics and medical data.

We investigated the utility of smart wearables and how they can be used for mobile health, assisted/elderly
living, pharmaceutical research, implants, early warning systems, and other applications during the study
process.

As a result, the problem statement was reduced to: investigate the potential of IoT to improve the healthcare
system, determine the applicability of wearable smart healthcare devices, and identify a novel IoT
application in the given domain.

Customers may be rewarded for using and sharing health data provided by IoT devices if insurers give
incentives. Customers can be rewarded for utilising IoT devices to track their daily activities as well as
adherence to treatment regimens and preventative health measures.

The Asia Pacific market is expected to grow at the fastest rate. This is primarily due to the increased focus
of governments and non-governmental organisations (NGOs) in growing nations such as China and Japan
on lowering patient hospital stays. Because of a large untapped market, the rest of the world had a lower
market share.

Emerging economies such as India, China, and Brazil are expected to provide a wide range of opportunities
for industry players. In addition, the demography has a huge number of global patients with diseases ranging
from curable to chronic and requiring long-term monitoring and treatment. With rising disposable money
and a rising level of living, there is a greater need than ever for better Healthcare, which is being met by
several low-cost manufacturers in the region.

Strategies for product launch:

 Business to Business (B2B) approaches: Hospitals and nursing homes can be reached directly for
the sales of the product.
 Business to Customer (B2C) approach: Selling the product directly to patients having chronic
diseases.
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Bibliography

1. Exploring emerging IoT technologies in smart health research: a knowledge graph analysis
2. Internet of Things for Smart Healthcare: Technologies, Challenges, and Opportunities
3.https://www.grandviewresearch.com/industry-analysis/wearable-medical-devices-market
4. https://www.wipro.com/business-process/what-can-iot-do-for-healthcare-/
5. https://www.fortunebusinessinsights.com/industry-reports/wearable-medical-devices-market-101070
6. https://www.marketsandmarkets.com/Market-Reports/wearable-medical-device-market-81753973.html