GlobalData expects that the success of medical device manufacturers will hinge on the company’s ability to leverage the opportunities it offers. Social media has become a way for people to connect and exchange information in real-time, driving the advancement of medicine and fostering relationships between all stakeholders of the healthcare system.
Listed below are the leading companies impacted by social media in the medical device industry, as identified by GlobalData.
Biolase Inc – US
Biolase develops, manufactures, markets, and sells dental lasers and related products. It also distributes dental imaging equipment, including cone beam digital x-rays and CAD/CAM intra-oral scanners. Biolase offers its products to dentists, periodontists, endodontists, oral surgeons, and other dental specialists. The company reported revenues of $46.2m for FY2018, a decrease of 1.6% over FY2017.
DexCom Inc – US
Dexcom is a medical device company that performs design, development, and commercialisation of continuous glucose monitoring (CGM) systems. The company’s major products include integrated CGM systems for adult and paediatric use, insulin pumps, associated software, and mobile apps. The company reported revenues of $1.03bn for FY2018, an increase of 43.6% over FY2017.
Medtronic Plc – Ireland
Medtronic is a medical technology company that designs, develops, manufactures, and markets a wide range of medical devices and solutions for the treatment of heart diseases, venous, renal, and neurological diseases, spine and musculoskeletal disorders, and diseases of the ear, nose, and throat. The company reported revenues of $30.6bn for FY2019, an increase of 2% over FY2018.
Twitter – US
Twitter is a microblogging website where users post messages limited to 280 characters, and are able to receive real-time updates on events happening around the world. The company reported revenues of $3.04B for FY2018, an increase of 25% over FY2017.
Sina Weibo – China
Sina Weibo is a Chinese microblogging platform that launched in 2009. Weibo has become China’s most dominant source of news content. In December 2018, there were more than 450 million monthly active users and 200 million daily active users. The company reported revenue growth of 61.9% year-over-year since 2016, from revenue of $655m in 2016 to $1.72B in 2018.
Instagram – US
Acquired by Facebook in 2012, Instagram is a social networking platform aimed at connecting people primarily through sharing visual media. Facebook’s total monthly active users across all social media platforms were 2.32 billion as of December 2018, an increase of 9% year-over-year. The company reported revenue of $55.84bn for FY2018, a 37% increase since FY2017.
Facebook – US
Facebook is a social networking platform that enables people to connect and communicate with each other through blog posts, photos, and videos.
LinkedIn – US
Acquired by Microsoft in 2016, LinkedIn is a professional networking platform connecting professionals in the global workforce. Users are able to share career-related content through different forms of media. In 2018, Microsoft reported that LinkedIn contributed revenue of $5.3bn.
YouTube – US
YouTube, one of Google’s core platforms, is a media sharing platform where users are able to share stream and share videos. They were acquired by Google in 2006 and have since been integrated into Google’s network of products and platforms, such as AdSense.
SlideShare – US
Acquired by LinkedIn in 2012 and now a part of Microsoft, SlideShare is a professional content sharing platform for videos and presentations. SlideShare is one of the most widely used platforms optimised to share presentations across professional networks.
Littmann Stethoscopes – US
Littmann Stethoscopes is a private subsidiary of 3M Co, specialising in the manufacturing of stethoscopes. 3M Co develops, manufactures, and markets a wide range of products in diversified markets. The company reported revenues of $32.8bn for FY2018, an increase of 3.5% over FY2017.
Philips Healthcare – US
Philips Healthcare is a private subsidiary of Koninklijke Philips NV (Philips). The company is a diversified technology company that develops and manufactures medical systems, consumer electronics, and lighting products. Philips offers patient care and clinical informatics, imaging systems, healthcare transformation services, and home healthcare solutions. The company reported revenues of $20.1bn for FY2018, an increase of 1.9% over FY2017.
Starkey Hearing Technologies Inc – US
Starkey is a hearing technology company. It designs, manufactures, and distributes comprehensive digital hearing systems including behind-the-ear instruments, receiver-in-canal instruments, invisible-in-the-canal instruments, and completely-in-canal instruments; custom hearing aids; tinnitus treatment solutions; hearing amplifiers; and hearing aid accessories.
MassDevice – US
MassDevice.com is a news and information website for the medical device industry, reporting news, trends, and developments within the industry since 2009.
MDDI Online – US
Medical Device and Diagnostic Industry (MD+DI) is an online blog that focuses on news for original equipment manufacturers of medical devices and in vitro diagnostic products. It aims to drive the development of medical devices by covering topics from regulations and market requirements, to market trends and developments within the industry.
Sermo Inc – US
Sermo is a private network for physicians across the world. A virtual doctors’ lounge, Sermo aims to facilitate discussions and sharing of expertise with over 800,000 verified doctors.
This is an edited extract from the Social Media in the Medical Device Industry – Thematic Research report produced by GlobalData Thematic Research.