Patient monitoring and the future of contactless digital health

The technology’s provision of accurate readings within 30 seconds reflects its readiness for real-world application. Credit: fizkes / Shutterstock

The recent clearance of PanopticAI’s contactless pulse rate monitoring app by the US Food and Drug Administration is a landmark development in digital health, marking significant advancements in patient monitoring. As the first mobile app capable of leveraging smartphone cameras for medical-grade monitoring, this innovation exemplifies the convergence of AI, advanced algorithms, and consumer technology to redefine healthcare delivery.

PanopticAI’s new software as a medical device (SaMD) uses remote photoplethysmography algorithms (rPPG) that highlight the power of AI-driven solutions to analyse subtle skin colour changes via a device’s camera. By transforming everyday smartphones into precise vital sign monitors, PanopticAI eliminates the need for costly and specialised medical devices. This development democratises access to healthcare, particularly in underserved areas where infrastructure limitations can impede traditional monitoring methods. The technology’s efficiency in providing accurate readings within 30 seconds reflects its readiness for real-world application, a notable step towards enhancing scalability and usability.

The transformation of widely owned devices such as smartphones and tablets into healthcare tools fosters greater patient engagement. This development empowers individuals to take an active role in monitoring their health while reducing dependency on healthcare providers for routine assessments.

PanopticAI’s collaboration with institutions such as Gleneagles Hospital, leading health insurers, and pharmacies showcases the growing adoption of digital health solutions across healthcare ecosystems. Providers gain the ability to enhance personalised care while simultaneously reducing operational costs. For insurers, tools such as PanopticAI’s app offer opportunities to incentivise preventive care, leading to reduced claim volumes and better population health management.

The implications for patient behaviour are equally profound. Traditional wearables often face low adherence due to discomfort or cost. By integrating healthcare solutions into existing consumer devices, PanopticAI addresses these barriers, increasing the likelihood of sustained engagement and better long-term outcomes.

PanopticAI’s breakthrough is a precursor to future innovations in multiparameter monitoring, including respiratory rate and oxygen saturation tracking, through similar noninvasive methods. Combined with enhanced AI diagnostic capabilities, these tools will seamlessly integrate with electronic health records and telemedicine platforms, promoting holistic and data-driven healthcare management.

Taking top spot in biotech IPOs this year is CG Oncology – the cancer drug specialist raised $380m when it hit the NASDAQ trading boards in January. This increased to $437m at IPO close after the underwriters exercised the option to purchase additional shares.

Funds raised are going towards CG’s lead asset, cretostimogene grendenorepevec, an oncolytic virus immunotherapy, which is in development for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC) and muscle-invasive bladder cancer.

GlobalData’s business fundamentals senior analyst Ophelia Chan says: “Oncology continued to dominate as the leading therapeutic area for IPOs this year, highlighted by CG Oncology’s $437m upsized IPO—the largest and first of the year. The company’s robust clinical data and ability to secure substantial capital have contributed to its strong performance in 2024.”

After a quiet summer, the IPO market reached full swing in autumn when Bicara Therapeutics, Zenas BioPharma, and MBX Biosciences all opened on the NASDAQ on the same Friday in September. The ‘triple-header event’ saw the three companies pull in over $700m combined. It was no surprise that the surge in activity came after the Federal Reserve’s decision to lower interest rates for the first time in years, ushering in a more inviting funding environment. This fruitful month was a stark contrast to August, which saw a significant global stock market dip amid fears of a US recession.

In June, Telix Pharmaceuticals – an emerging player in the fast-growing radiopharmaceutical space – pulled a last-minute plug on its IPO. The Australian company had been planning to list on NASDAQ and was on course to raise $232m – a value that would have placed it high on the list of biotech IPO sizes this year. Telix cited that its board did not move forward with the plans due to market conditions at the time.

Numb feet, bleeding legs and dehydrated bodies mark their journeys – not to mention infectious diseases and psychological trauma. Studies have identified outbreaks of measles, diphtheria and malaria across Venezuela, while tuberculosis, typhoid and HIV, are also resurgent.

Australia could be one of the main beneficiaries of this dramatic increase in demand, where private companies and local governments alike are eager to expand the country’s nascent rare earths production. In 2021, Australia produced the fourth-most rare earths in the world. It’s total annual production of 19,958 tonnes remains significantly less than the mammoth 152,407 tonnes produced by China, but a dramatic improvement over the 1,995 tonnes produced domestically in 2011.

The dominance of China in the rare earths space has also encouraged other countries, notably the US, to look further afield for rare earth deposits to diversify their supply of the increasingly vital minerals. With the US eager to ringfence rare earth production within its allies as part of the Inflation Reduction Act, including potentially allowing the Department of Defense to invest in Australian rare earths, there could be an unexpected windfall for Australian rare earths producers.