Irish hospital tech firm signs Intel deal to help capture slice of $40bn market
Australian-listed Irish hospital tech company Oneview Healthcare has signed a collaboration deal with global giant Intel to accelerate its growth in the booming interactive patient care market.
Focused on markets in Australia, the US and the Middle East, Oneview integrates a hospital's IT systems onto a single tech platform to aid patient engagement and speed-up workflows for medical staff.
Founded in 2012 by Dublin-born entrepreneur Mark McCloskey, Oneview became the first Irish company to list in Australia when it floated on St Patrick's Day last year.
In its first year as a listed company it recently reported strong revenue growth with sales jumping to just over €9m, up from €2.3m in 2015. Oneview's collaboration with Intel, in conjunction with its technology partner Microsoft, will see the rollout of smart tech products such as sensors to aid independent/assisted living, wearable tech for patients, and 'smart rooms' in acute hospitals, senior living, and sheltered accommodation centres, said McCloskey.
The interactive patient care market is expected to be worth $40bn by 2024, up from $7.4bn in 2015.
The Oneview software system is already installed in about 3,000 hospital beds across 20 separate hospital facilities.
Its system is also deployed at the Laura Lynn Children's Hospice in south Dublin.
The firm said it expects to announce another hospital contract for 660 beds in the US in the coming weeks, with a year-end target of 15,000 newly contracted beds.
Last month Barnes Jewish Healthcare (BJC), one of the largest non-profit hospital groups in the US, agreed to deploy Oneview's software solution at its new Barnes Jewish Hospital Tower and St Louis Children's Hospital in Missouri.
The US group will install 2,000 Oneview devices at its hospitals over the next three years.
Oneview is also poised to enter the UK market if a pilot project launched this month with Oxford University is successful.
This will enable the firm to roll out its products to the NHS.
The company, which is in a rapid growth phase, saw net losses rise from €9.8m to just over €16m last year.
Its monthly gross cash burn - before recurring income - is €1.9m per month. Recurring revenue - a key metric for the business - was up 73pc last year at €1.28m. The firm has a considerable war chest, however, with cash on hand of €35.1m.
"The market for interactive patient care is growing at a rapid pace," said McCloskey. "Research firm Gartner predicts the sector will be worth $40bn within seven years. The need for a high-quality patient experience has never been more important.
"Our technology has revolutionised patient care and we are excited to continue to roll it out across international markets in the coming months," added McCloskey.
The firm has also announced a number of new senior hires including Kevin Jennings, the former head of Global Learning Design at Google.
Sunday Indo Business