The Internet of Medical Things (IoMT) is only gaining traction. In 2018, the global market was worth about $45 billion. Over the next six years, it could balloon to about $286.5, according to UnivDatos Market Insights, creating big opportunity for companies such as Wellteq Digital Health Inc. (CSE:WTEQ), Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), Alphabet Inc. (NASDAQ:GOOG), and Qualcomm Inc. (NASDAQ:QCOM).
“In a study, it was found that as of 2018, near about 27% of healthcare organizations are thinking of implementing IoT while around 60% of healthcare enterprises have already implemented it. The benefits of IoMT include improved disease management, improved patient's outcome, betterment in diagnosis and treatment, improved management of medical records and pharmaceuticals,” they noted. Better, IoMT could save the healthcare sector up to $300 billion a year in expenses.
Look at Wellteq Digital Health Inc. (CSE:WTEQ) for example
Wellteq Digital Health Inc. is a corporate wellness platform paid for by employers, insurers, and health providers. It also provides employers and employees with actionable health recommendations, ongoing support and coaching with medical professionals.
The company just announced it has launched beta production of its new Internet of Medical Things (IoMT) HealthHub and API as a service offering, targeting commercial release later this year. At Wellteq, we are leveraging the IoMT to fast track our capabilities within condition management and virtual primary care.
We call our IoMT condition management and virtual primary care platform Wellteq Plus. Together, the Wellteq mobile application and the Wellteq Plus IoMT platform follow the user across the continuum of care, from wellness to virtual primary care.
The HealthHub is an entirely new IoMT platform developed by Wellteq, which can connect, manage, and monitor any standardized device using edge computing. Edge computing is part of a distributed computing topology in which information processing is located close to the physical location where things and people connect with the network. Edge computing augments and expands the possibilities of today’s primarily centralized, hyperscale cloud model and supports the systemic evolution and deployment of the IoMT and new application types, enabling next-generation digital health applications. The HealthHub also offers contingency to cloud server processing in the case of a network outage.
The HealthHub has been built upon Wellteq’s next generation “Unified API” which allows for secure remote monitoring and management and enables 3rd party integrations with all aspects of the HealthHub and API, such as Amazon’s Prime Health, Google Health and Microsoft Health with its’ newly acquired Nuance natural language processing (NLP) capability, allowing the HealthHub to be an integral value add for both new and existing ePHI systems. (ePHI, or electronic Protected Health Information, is any protected health information that is created, stored, transmitted, or received in any electronic format or media.) Wellteq’s Unified API will service Wellteq’s client applications as well as the HealthHub and other IoMT (and IoT) hardware devices and will also be delivered as a standalone “API as a Service” product. All the features and functionality delivered through Wellteq’s client applications and hardware will be offered as standalone services for clients and partners to integrate with their own applications, services, and systems. This includes IoMT metrics capture, processing, and automations, wellness tracking with personalized digital coaching, reward scheme management, social activities and interactions, news feeds and more.
A powerful 8-core processor, large memory footprint, and a versatile machine-learning secondary processor enable the hub to handle a wide variety of services, including NLP and auto-updated training models for AI. To best support the wide variety of IoMT devices, Wellteq has designed a custom wireless chipset, enabling connectivity with Wi-Fi, Bluetooth, Zigbee, Z-Wave, and, optionally, cellular. Alongside the wireless chipset is a completely customized and optimized firmware stack that helps manage the multitude of wireless protocols, allowing the HealthHub to support 500+ connected IoMT and/or IoT devices simultaneously. In comparison, most digital health device deployments currently rely on the user’s mobile phone for connectivity with a small number of devices.
In addition, Wellteq now also has the capability to completely fabricate hardware prototypes in-house, through its recently completed prototype lab. Utilizing the same industrial machines that the U.S. Air Force, CIA, and Department of Justice use for rapid prototyping and first run production builds, Wellteq will be able to iterate in days instead of weeks or months.
Daniel Starbuck, Wellteq’s CTO stated, “In this early stage of bringing prototype production in house, Wellteq has already seen huge impacts on current hardware designs. By bringing the production of manufacture grade prototypes under the preview of our engineers, Wellteq has been able to make decisions on hardware designs that will significantly reduce the gross cost of production. This internal prototype production capability gives Wellteq the ability to quickly adjust to market needs.”
Wellteq has also secured a partnership with a global end-to-end manufacturing, logistics and warranty provision and management entity which is expected to bring further significant cost benefits and reduce Wellteq’s overhead in delivering its IoMT solution to end users.
Other related developments from around the markets include:
Microsoft Corporation announced the following results for the quarter ended March 31, 2021: Revenue was $41.7 billion and increased 19%; Operating income was $17.0 billion and increased 31%; Net income was $15.5 billion GAAP and $14.8 billion non-GAAP, and increased 44% and 38%, respectively. Diluted earnings per share was $2.03 GAAP and $1.95 non-GAAP, and increased 45% and 39%, respectively. “Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” said Satya Nadella, chief executive officer of Microsoft. “We are building the cloud for the next decade, expanding our addressable market and innovating across every layer of the tech stack to help our customers be resilient and transform.”
Apple Inc. announced financial results for its fiscal 2021 second quarter ended March 27, 2021. The Company posted a March quarter record revenue of $89.6 billion, up 54 percent year over year, and quarterly earnings per diluted share of $1.40. International sales accounted for 67 percent of the quarter’s revenue. “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”
Alphabet Inc. announced financial results for the quarter ended March 31, 2021. Sundar Pichai, CEO of Google and Alphabet, said: “Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained. We’ve continued our focus on delivering trusted services to help people around the world. Our Cloud services are helping businesses, big and small, accelerate their digital transformations." Ruth Porat, CFO of Google and Alphabet, said: “Total revenues of $55.3 billion in the first quarter reflect elevated consumer activity online and broad based growth in advertiser revenue. We’re very pleased with the ongoing momentum in Google Cloud, with revenues of $4.0 billion in the quarter reflecting strength and opportunity in both GCP and Workspace.”
Qualcomm Inc. announced a quarterly cash dividend of $0.68 per common share, payable on June 24, 2021, to stockholders of record at the close of business on June 3, 2021.
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