Value Based Care to Drive the Healthcare Industry: Ken Research

The healthcare industry consists of aggregation of businesses that provide medical services, manufacturing of medical equipment or drugs, providing medical insurance, healthcare provision to patients and services for treating patients with curative, preventive, rehabilitative, and comforting care. Moreover the sector also consists of goods and services for upholding and re-establishing health. The modern healthcare industry consists of three essential branches consists of services, products, and finance. Health care industry have been registering substantial growth owing to well-trained medical professionals, collaborative efforts and focus headed for finding a new treatment ways. Moreover, the sub segments of the industry such as hospitals, pharmaceuticals, medical equipment and supplies, medical insurance and diagnostics have also been registering significant growth rates from the past decade. The trained professionals and paraprofessionals are the important pillar for the health care market. The rising health care costs, patient demographics, budding consumer expectations may led to substantial modification in industry in the upcoming years. In addition the health care industry stakeholders may further need to invest in value-based care, innovative care conveyance models, digital technologies, data interoperability, preparing for uncertainties and building up a smart health care ecosystem.

Based on type, market is segmented into healthcare services, medical equipment, pharmaceutical drugs, biologics, and veterinary healthcare. In addition, based on end-user gender, market is segmented into male end-users and female end-users.

The market is driven by growth in aging population, followed by rise in prevalence of chronic diseases, growth in technological advancements, rise in infrastructure investments, higher labor costs amidst workforce shortages, growth in care models, and the expansion of health care systems in developing markets. However, increase in awareness of alternative therapies and natural remedies may impact the market.

Ken Research Hospital Health Care Industry Analysis comprise of complete coverage highlighting and  elaborating the technological advancements, specialized hospitals and other health care centers, government healthcare reforms, upcoming projects on global and country wise and many more. In addition, the health care market, have registered rapid growth due to revenue generation and support systems provided by the government for majority of new entrants.

Shifting of developments in the hospital industry globally is mostly determined by the framework developments, need of outpatient facilities. The increase in incidence of chronic illness, requirement for the specialized medical practices, and developed surgical technologies and other health care facilities have been enabling pathway for new investors in the hospital industry.

Covid-19 impact:

The COVID-19 outbreak have led significant impact on healthcare market globally. It has been observed that countries such as South Korea, Taiwan, and Singapore have controlled the spreading of COVID-19 before it could reach the community level. On the other hand, well-developed economies such as the US, Italy, the UK, Spain, France, and Germany found difficulty in controlling the COVID-19. These health emergencies have led to questioning on health systems and their ability to deliver health care services under strain. It is vital to minimize the consequences of disruptions in delivery of essential health care services. The health authorities and health service planners must ensure the dedicated planning structures, less population risks, and optimally utilizing financial and physical resources.

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Health Care Industry Analysis | Health Care Industry Research Report | Ken Research

Ken Research Hospital Health Care Industry Analysis involves complete coverage which elaborates the technological advancements and development in the technologies, increasing number of beds, number of patients, availability of specialized hospitals and other health care centers, government healthcare reforms, upcoming projects on global and country basis and more. In addition, the health care industry, is growing rapidly with the more revenue generation and the financial support of the new entrants in the advancement of the technology furthermore, the more advancement in the specifications of the specialized hospitals.

The developing country like India has developed as a high prospective healthcare destination around the globe, owing to its large pool of well-trained medical professionals, remarkable cost advantages and collaborative research & development environment. The Health Care Industry Research Report constituting of hospitals, pharmaceuticals, medical equipment and supplies, medical insurance and diagnostics has been examining significant growth rates over the decades.

Medical institute such as hospitals and other health care centers are generating high revenue from inpatient sector and outpatient sector. Whereas, in most of the hospitals, the share of inpatient and outpatient is usually in the proportion of 1:9, however, in terms of profit generation, the proportion is more weighted towards inpatients which on an average account for approximately 70-80% of the total turnover of a hospital in a year. Whereas, this share can differ relying on the various types of facilities offered and the ailment mix.

Changing environment and developments in the hospital industry globally is largely determined by the framework developments and increasing need of inpatient and outpatient facilities. This industry moves over a country’s budgetary stability bearing heavy hospital expenditures which are born mainly by the insurance companies. The increasing occurrence of chronic illness, require for specialized medical practices, more developed surgical technologies and services and other health care facilities have been enabling a pathway for new entrants and investors in hospital industry. Hospital category advantage of inpatient and outpatient facilities, operating room services, pharmacy services and more.

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Efficient Use Of The Electronic Medical Record Technology In The Health Care Market Outlook: Ken Research

Health care market is growing day by day with the more development in the technology and spreading across the globe. However unsurprisingly, the health care industry is a wide market and having several areas of doing business. A rising number of medical professionals are opting for technologically advanced data management systems in order to save time and resources. Moreover, the establishment of technologically advanced software is expected to drive the market growth over the forecast period. The electronic health care records offer various advantages to the healthcare providers and patients and increasing patients satisfaction. According to the report analysis, ‘Health Care Industry Analysis’ suggests that an electronic health care record (EHR) is a secure, integrated collection of a person’s encounters with the health care systems and serves a comprehensive digital view of a patient’s health history. Moreover, EHR’s will help in improving the process of health care services, quality and safety of care and become more efficient. With all the applications it is expected that the health care industry will grow rapidly in the forecasted period.

The health care industry is transforming the industry rapidly and leads to significant market growth in the coming years. Electronic health care record is the storehouse of patient’s medical information and many electronic medical records have an added feature called clinical decision (CDS) support. Whereas, CDS builds intelligence into the system that enables the system to improve its efficiency by increasing the quality of information that is provided to the patients and generated regarding anything. Hence, CDS is the major feature that contributes to intelligence within electronic medical records system. The electronic health record (EHR) is a more longitudinal collection of the electronic health information of individual patients or population. Moreover, EMR’s can be continuously updated by the time. Additionally, data from an electronic system can be used anonymously for statistical reporting in matters such as quality improvement, public health communicable disease surveillance and resource management.

According to the report analysis, ‘Health Care Industry Research Report’ states that in Australia and the United States have introduced the use of EMR systems in the Ambulance services and benefits of electronic records in ambulance include better training for paramedics, patient data sharing, data based outcome improvement, review of clinical standards, clinical decision support and others. Moreover, the track care and outcomes send and receive reports, order and results, trigger warnings and reminders and others are the applications of the EMR which is benefited for both the service provider and service receiver and due to the numerous applications the growth of the market will going to increase in the coming years more significantly.

The United States and America is catering major portion of this market and doing more development in this sector whereas some EMR systems automatically monitor clinical events by analyzing patient data from an electronic health record to predict adverse events. Moreover, the Asia Pacific region is also expected to grow in the coming years with the more development in the technology of EMR or EHR. Furthermore, in a research it expected that the North America held the largest market share at around 42% in 2016.

Allscripts, NextGen Healthcare, MEDITECH, Epic Systems Corporation, McKesson Corporation are the major players which are currently focusing on the introduction of customized EHR systems based on individual client needs. Moreover, in this market some of the emerging players are also working which includes CureMD Healthcare, Healthland, eClinicalWorks and others. With the existence of numerous players the market is becoming more competitive and welcoming new investors which support the market financially. Therefore, the market of health care will be expected to grow in the coming years over the decades with the more development in the technology and effective innovations in the applications of EHR.

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Increase In The Usage Of Artificial Intelligence (AI) In The Health Care Industry Market Outlook: Ken Research

Healthcare industry is becoming more effective and profit making market in the recent trend with the extensive development in the technology. Technology is playing efficient role in this market as the dangerous diseases only can be identified with the help of several tests which can be done with the help of advanced technology. According to the report analysis, ‘Health Care Industry Analysis’ states that the technology of artificial intelligence is growing rapidly in this market and AI technologies are cropping up to help people streamline administrative and clinical health care processes. With the help of AI technology the fraud can also be detected in this industry with the help of cyber cells. Moreover, with the help of AI, the dose of immunosuppressant drugs can be correctly determined to administer to organ patients. In the recent past years, the AI technique breaking the clinical trials in California and with the more development in the coming years the AI technology is very much prevailing in this industry.

Artificial intelligence technology is currently using in the various industry but the usage of AI in the health care industry is different and having a positive impact in many cases. Managing medical records and other such data is important for both the service provider and service receiver moreover, analyzing information is the most widely used application of artificial intelligence. In addition, with this technology the repetitive jobs can be done as analyzing tests, CT scans, X-rays and other tasks can all be done faster and more accurately by robots. In the recent trend, the smartphone’s webcam is partnered with AI to independently confirm that patients are taking their prescriptions on time or not and help them more significantly to manage their daily routine. In addition, with the help of AI technology the process of scanning can spot vascular and cancer diseases as soon as they become danger and instruct the patients related to health issues. According to the report analysis, ‘Health Care Business Review’ states that with the more innovations in this technology it will lead the market growth more significantly and make the market more competitive as AI is offering various advantages to the health care industry and the innovation in the technology pushes the more solutions to save time, increase in accuracy will be possible and it will also lower down the costs and others.

In North America, the use of artificial technology is growing very rapidly and makes the market fruitful for the investors as well as all the clinical player of this market. In addition, Europe health care market is also doing more development in the application of artificial intelligence technology and leads to the market growth. Furthermore, Asia Pacific region is also dominating the market with the huge market share and doing effective development which is very much profitable for the consumers.

General Vision, Inc., NVODIA Corporation, IBM Corporation, Next IT Corp., Microsoft Corporation, Google, Inc., Stryker Corporation, iCarbonX, Enlitic, Inc., Medtronic Plc., Oncora Medical, Inc and others are the major players of this market. Whereas, in US Google, Inc., is a leading player in the AI in healthcare market followed by Intel Corporation and Microsoft Corporation. However, IBM Corporation is also dominating the market with the more development in the applications of AI technology. With the existence of numerous players in the market, market has been transformed into highly competitive in nature and providing the various opportunities to both investors and existing key players. Therefore, it is expected that in the coming years the market of the AI in healthcare market will grow with the more experiments and development in the technology.

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Transformation In The Healthcare Industry By Using Wearable Sensors Market Outlook-Ken Research

Overview: Health care sector is very much pertaining and acquire a huge market share in the recent trend. Moreover, with the increasing prevalence of diseases results more developments in this field which make the market more effective and reliable for the patients. Developments in the health care market the treatment of hospitals is being replaced by home care and done the transformation in the negative side-effects of hospital stays. Whereas, the reimbursement systems have shared poor incentives for healthcare institutions to drive advance improvements. Simultaneously, with the extensive development in the technology made the structural changes in the treatment and enable the service providers to play a larger role in driving change in the healthcare industry.

Outlook: In the ancient time, the health care industry analysis is not much updated and effective whereas, in the modern trend the technology acceleration has transformative market impact. Moreover, establishment of wearable sensors are very much small but they are mandatory components which can track and monitor temperature, muscle activity, blood pressure, speed and others. With the help of wearable devices anyone can know about the physical and chemical properties of the body. Furthermore, certain more research and development lead the wrist-worn wearables with the wellness & fitness and entertainment applications which are the penman to the rapidly growing market of healthcare whereas, significant increase in the wearable devices have resulted in rising demand for wearable sensors.

Based on the type of wearable sensors, the market of wearable sensors are split into magnetometers, motion sensors, force sensors, touch sensors, temperature, pressure sensors and others. Moreover, the applications of wearable sensors are also segmented in the market of healthcare differently which includes eyewear, footwear, wrist wear and others. It is expected that in the observation, many innovative companies are tiling with more biometric garments which measure body vitals more systematically. Sometimes, the patient of blood pressure didn’t know the cause and some test is to be done before treatment, for eliminating this treatment this wearable devices are made. Therefore, wearable devices are playing significant role in showing the statements related to health. Moreover, the Health care industry research report suggests that in the coming years more development is going to be done which make the life of patients meaningful.

Market Scenario: With the more development in the technology and upgradation in the old processing units the health care business is growing significantly. Whereas, telehealth services have made the significant progress in remote management among patients with chronic condition. The progress of telecom services is visible across 4 major segments which include mobile health, personal emergency response system, remote patient monitoring and virtual telehealth visits. Telehealth tends to be more consumer-driven due to the more innovations by the vendors to meet younger patients’ needs. The usage of wearable devices is mostly done by the youngsters as it is used as fashionable product also. Therefore, with the increasing in the demand of wearable devices will lead to growth of the healthcare industry.

Competition: The development of nations is majorly signify the healthcare sector, whereas, extensive developments are to be done in the technology which further result high competition in the market. Both developed (such as Europe, China and others) and developing countries (such as India) are doing well in the healthcare industry. The companies such as AiQ Clothing, OMsignal and Hexoskin are the some companies which are functioning in telecom services across the globe.

Conclusion: Technological advances will continue and driven the growth of the healthcare industry. In addition, modern trends of the healthcare industry also result to significant growth in the coming years over the recent years.

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Trends In Healthcare Insurance Market Outlook-Ken Research

Market Research Report for Health Care states that Change in lifestyles and luxuries come with the cost and in corporate driven career world, this cost is health. One of the most controversial and debatable topic of the world is healthcare policies and practices. Health insurance is a type of coverage that pays for insured person’s medical and surgical expenses which saves them from huge financial loss. It has been observed that Health Insurance has grown immensely over a decade. Insurance act 1938 even holds a separate special amendment for health insurance different from life and non-life insurance. The most basic and important principle of insurance is UTMOST GOOD FAITH which states that insurer and insured must possess full faith on each other and should disclose all relevant information related to insurance prior to the agreement.

Increase in office hours and unhealthy food intake has made health prime concern for all age groups as it leads to health complications ranging from obesity to cardiac attack. Therefore health insurance has become the basic need of the hour to be away from such unexpected attacks and extravagant expenses attached to it. Older citizens are more prone to chronological illness and diabetes. There are few things to be kept in mind while buying Health insurance for better services:

Market Research: thorough market research is prerequisite to get best health insurance plan that would fulfill all the requirements of insured.

Coverage Option: In every health insurance there is provision of what would be covered and what not. Therefore beforehand information is beneficial while choosing plan.

Enlisted Specialist: There is a list of specialist enlisted by insurance company, one must always keep them in consideration and ensure there is an alternate medical specialist listed.

Terms and Condition: It’s very important to read all the terms and condition and check all the medical test mentioned to be taken before the insurance plan is signed.

Insured must not hesitate to contact insurer in case of any doubt to avoid any scope of miscommunication and misunderstanding after the agreement is duly signed.

Over the years uninsured citizen rate has decreased in developing and developed countries providing great competitive opportunities to health insurers. Raising option of awareness and altering them to give the best alternative to cater patient needs. According to Health Care Industry Research Report Developing countries like India by 2020 would see a great increase in healthcare industries and thus IRDAI has formed same rules and regulation for government and private health insurance company to ensure safety of client. Government insurance providers are open for negotiation and offer services at discounted rates still people are more inclined towards private sector insurance provider as they have benefit of restoration and offers full coverage on medical expenses. In developed countries such as The United States of America humana, profit insurance provider organization has a great market share than any private provider or AARP. In Europe EHIC is the market leader. The common objective of every health insurance company whether government or private comes down to providing cost- effective and satisfying services to their client.

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Revolutionising Healthcare Using Artificial Intelligence Market Outlook-Ken Research

Overview: Technological progress is rapidly changing the basic work culture globally across all fields to increase efficiency and output. Developments in this field are a result of extensive research not only in the literature but also in the equipment. With development of artificial intelligence (AI) the Health Care Industry Analysis has greatly developed. AI is the ability of computer algorithms to approximate conclusions without direct human interaction.

Evolution: The first research relating to the healthcare sector dates back to 1960s to 1970s which led to the discovery of the first expert system named Dendral which was aimed at the study of hypothesis formation. An expert system in AI refers to a system that uses the decision making ability and logical reasoning of human experts to tackle problems. AI research in Organic Chemistry led to the discovery of MYCIN which was an expert system that used AI to identify bacteria causing severe infections such as men ingitis and to recommend antibiotics with the dosage adjusted for patient’s body weight. In the 1980s and 1990s researchers and developers began focusing on the idea that AI systems in healthcare must be designed to accommodate the absence of data and expertise. Further artificial neural networks that were designed to understand human brains based on data from animal brains also began to develop.

Further developments include:

·         Widespread growth of electronic health record systems.

·         Laser technology is being developed to increase its healing capacity beyond eye problems.

·         Robotics is used in the medical field by means of robot assisted surgeries like coronary artery bypass. Zeus and da Vinci robot systems are used in gastrectomy and gynecology.

·         Three dimensional imaging is now available for ultrasound procedures.

·         AI is being coupled with telecommunication to procure telemedicine which involves the distribution of information and medical consultation through electronic media.

·         Automated suturing is expected to be in practice in the near future.

·         Advanced imaging in the form of laparoscopes is now used where the internal abdomen can be extensively viewed.

Market Scenario: AI is now another investment opportunity for several medical companies. The effort is towards expanding the database of the healthcare market and with the help of AI, to make it more accessible to the general public. Majority of the investments in healthcare related to AI are being made by tech giants like Google, Amazon and Apple.

Competition: Healthcare is now coupled with AI to produce revolutionary results. Since a nation’s development is majorly indicated by its healthcare sector, it is only natural to note that competition has led to innovation. Ireland based Medtronic is the largest medical device company in the world serving more than 140 countries worldwide  specializing in diabetes management, cardiac rhythm monitoring and surgical devices followed by New Jersey based Johnson & Johnson which is famous for its orthopedic and cardiovascular fields. The German company Seimens Healthineers is a leader in medical imaging and laboratory diagnostics.

Conclusion: Major technical and medical giants are coming together to augment AI development. Currently the AI sector is considered narrow however; the trend is changing as healthcare market research reports reveal that a total of 550 AI startups were funded in the U.S. in 2016. Healthcare industry analysis reveals a projected growth rate of about 40% over the next 10 years. Developments in Radiology and Cancer treatment are being funded by giants like Google and IBM further strengthening the integration of medicine and technology.

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Augmented Reality Healthcare Applications-Ken Research

Introduction: The medical task of surgery is one of the most complicated and intricate tasks performed by human beings. The high pay grade that surgeons have is due to the intense requirement of medical knowledge and high level of dexterity medical professionals need for surgery as the level of risk in surgery is incredibly high. The initial process of surgery worked using cadavers and fake human bodies which were mimicked and made to scale for the purpose of education and practice for surgeons but the increasing number of medical students coupled with the increasing demand for specialty surgeons capable of handling delicate tasks, especially in third world countries where there is not enough resources or financial capital available for first world healthcare, needs to be addressed to provide a healthcare solution that is feasible and is financially sound allowing for maximum accessibility and affordability for the healthcare markets. Research from Healthcare Market Reports Consulting indicates the solution to be Augmented Reality.

Augmented Reality: Augmented reality is a recent technology breakthrough introduced as a complimentary partner to virtual reality. The technology began primitively with the introduction of sprite imposition by pinning virtual objects on the environment that a user rendered through their camera. The movement and environment, both worked in real time, allowing the user of the AR to experience a semi simulated reality experience which was put into their real world environment. The major use of the technology so far has been in Gaming, Precision Engineering, Skill training and technical proficiency based fields like engineering and virtual design. The platform has grown to incorporate higher functionality, accuracy and a better environment for precision and real life imaging and graphics allowing it to enter into multiple new fields of which healthcare is one of the main ones.

AR in Healthcare: Augmented Reality has a variety of applications in healthcare. The technology has been evolving over the past few years and increased investment into research and development has led to more advanced instruments being used to implement the technology. The primary application of Augmented Reality is in the field of training for medical professionals. The technology is used to give them information of diseases, understanding complex structures and components of the human body, simulating a virtual environment of difficult situations which they may need to handle, and in analyzing patient health and conditions. The application of AR has already begun in hospitals aiming to apply the technology to decrease the risk involved with a procedure and increase the accessibility to information that doctors would have. In March 2018, Texas surgeons were the first ones to use augmented reality to perform a minimally invasive surgery procedure. The surgeons used the tech to plan a path for the surgery, display the structures needed to be operated on for better view and present an overall endoscopic view of the body. The success of the procedure led to increased confidence in the adoption of the technology and has put an emphasis in the potential that Augmented Reality has to redefine the field of medicine.

Market Scenario: North America is expected to dominate the global augmented reality in healthcare market size, owing to rising awareness and growing demand for augmented reality in this region. Moreover, technological advancements in augmented reality are also accentuating market growth in North America. Europe is the next most-dominant market for augmented reality in healthcare market. On an average, Europe spends over 8% of its GDP on healthcare.

Opportunity: While Augmented Reality is a technology that is still evolving and requires a significant amount of effort and investment for it to be implemented on a large scale, highly advanced facilities have already begun adopting the use of AR for basic procedures and the expectation is that the rate of adoption will increase. The technology has a potential of providing doctors with information in real time, showing a visual model of their procedure when combined with optical sensors and on a large scale, integrated with communications technology, Augmented Reality can allow accessibility for third world economies to medical professionals globally and can further be used to provide first world medical services to emerging economies.This would result in a major decrease in the high mortality rate of countries like those in the African and Asian Sub continent. The availability of medicinal technology and medical expertise on a large scale globally can be facilitated through the use of Augmented Reality based technology.

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How Cyber Security vulnerabilities will shape the future of Healthcare Sector Globally?

Introduction: Global Internet of Things Healthcare Market Analysis is forecasted to reach a market value of approx. USD 14.6 Billion. Market research estimates predict that there will be a total of approximately 20 billion connected devices by 2020 with roughly 40% being in the health sector. What this means is the introduction of 8 Billion opportunities for hackers to infiltrate a person’s life without them even knowing and worse, specific medical devices are so sensitive in a person’s health that improper functioning of the device could lead to death.

The problem: About 45% of all ransom ware attacks in 2017 were in the health sector with a major portion being in healthcare systems and about a third of the attacks being in healthcare devices. In 2017, the FDA was responsible for the recall of about 465,000 pacemakers due to “security vulnerabilities“. Furthermore, about 200,000 windows systems including those at 48 hospital trusts in the U.K. and medical facilities in the U.S. were hit by the ransom ware Wannacry leading to a medical crisis as the lack of a security patch for windows XP server led to a mass ransom ware attack.

Implication: Overall, hacking of medical IoT devices led to a loss of USD 6.3 billion in 2017 in the US alone. The need for security in IoT devices is alarmingly high. The threat of the vulnerability is highly prominent as IoT devices are connected to a person’s medical card which is exponentially more valuable than a credit card due to it containing a person’s credit card information, health data, social security, date of birth, address and more. A medical card can lead to further vulnerability as the virtual component could be further connected to the patient’s hospital or insurance provider. This looming threat has led to the recent spike of ransom ware in medical devices, namely Wannacry and NotPetya being the more prominent malware used to infect medical devices. The most recent development in the sector of ransom ware is the Hide and Seek Botnet capable of handling a system reboot by copying itself into /etc/init.d/, a folder that houses daemon scripts on Linux-based operating systems like the ones on routers and IoT devices. By placing itself in this menu, the device's OS will automatically start the malware's process after the next reboot. A majority of system malware in almost any device was capable of being eliminated by resetting the device and although it led to file loss it meant the malware would be removed as well but the development of the HNS bot has led to malware that can survive a system being reset. To make matters worse, the bot has added support for brute force attacks. What this means is that HNS infected devices will scan for other devices that have an exposed Telnet port and attempt to log into that device using a list of preset credentials. This threat is further exemplified when taking into account automated medicine dispensing. Medicine and health is all about taking the right doses of the right substance at the right time prompting the right reaction. This fundamental principle of healthcare is exposed to chaos by computer enthusiasts if a proper network security protocol is not implemented.

Conclusion: There is an evolving need for the implementation of a solid security framework for technology. The lack of a central regulatory body and the lack of an effective law regime for smart devices have caused a major gap between the level of usage and the safety of technology. Technology stores a person’s most sensitive information as the colloquial “data “which is traded like currency in recent times. There are increasing cases of unauthorized use and sale of data caused by security breaches from software and applications consumers install on their devices. While the previous threat was contained at having your data accessed without your knowledge, the threat with medical devices is far more significant – Electronically controlled pacemakers can be overridden to damage your heart, life support machines can be shut down, insulin pumps can administer a fatal dose and more. This major vulnerability in electronic healthcare technology presents a major opportunity for provision of security systems for IoT based healthcare devices and remote medicinal equipment. As the threat has been detected, the market for security of medical devices is still poised to truly grow. This offers significant economic opportunity for emerging companies like Protenus, ClearData, Medcrypt, Senrio and more to develop adequate security systems for safe and accessible storage of consumer medical information and control over medical devices.

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