Gone are the days when one had to wait in long queues, go through endless tests, manage rising costs to consult a doctor for regular checkups. Health-Tech OR Digital Health has now come to the rescue which is converging health, society, and technology to enhance the quality of health care delivery.
According to the World Health Organization “Health technology” is – “application of organized knowledge and skills in the form of devices, medicines, vaccines, procedures, and systems developed to solve a health problem and improve quality of lives”.
These advancements in the health-care sector may eventually overcome the problems of those patients, athletes having a lack of knowledge, resources, and control.
Health Technology bestowed on humans is the maintenance or improvement of health via the prevention, diagnosis, and treatment of disease, illness or any injury in the comfort of one’s home.
The Market is flooded with fitness trackers, health tech Apps and wearable from the giant companies such as Apple, Fitbit, and Atlas to track steps, heart rate, floors climbed, miles walked, active minutes, and even sleep patterns. Google too, has rolled out so many features that show a description of problems, options for self-treatment, and health suggestions.
Research and development are growing continuously in health technology and its market is expected to grow beyond $379 billion by 2024.
Now, health tech companies and start-ups are seeking to make the most of their funding and protect the innovations that drive their products.
Philips ranked first in patent applications filing at the European patent Office (1,733 patent applications) in the field of medical technology.
Philips is innovating to provide smart devices, software, and services to facilitate healthy living, precision therapy, and after-care at home.
About 110,109 patent applications published in the field of medical technology in 2015. Between 2013-2017 Alphabet (186 patent applications), Microsoft and Apple files over 300 patent applications in health care.
The rationale behind such heaps of patent application filings for the companies in health technology is to serve humankind with the best and to even have a positive cash value of their patent portfolio.
With an exponential increase in patent filings and considering the market the potential of the health tech, there is a call for companies to maintain an effective as well as selective patent portfolio. To be effective as well as have a selective patent portfolio, there is a dire need to verify the novelty of an idea besides keeping an eye on the competitors’ products to file continuations in a short span of time.
These modules use Artificial Intelligence (AI), Machine Learning (ML) and Web Scraping algorithms and do an analysis that can help them to be a horse of the long race and to get the best of both worlds – providing an armor from diseases and monetary benefits.