The global healthcare market is a fast-moving market, currently worth $8 trillion. With numerous large and small companies vying for more market share, digitalization is an important tool to help companies prosper. GlobalData expects to see more medical device companies taking advantage of digitalization in the coming years. By finding the right industry partners to support digitalization, and hiring the right talent, medical device companies can successfully tackle and harness the powers of digitalization.
Listed below are the major milestones in the journey of digitalization in the medical devices sector, as identified by GlobalData.
2003 – Garmin launched forerunner sports tracker, measuring heart rate.
2009 – St Jude Medical introduced wireless pacemaker with remote monitoring.
2009 – Apple Smart Watch was developed.
2010 – Sensor prices started to drop.
2011 – FDA approved cellular connected glucometer by TelCare.
2012 – Biosensics LLC produced BalanSens to detect balance problems.
2014 – Philips and Salesforce.com announced partnership to deliver cloud-based HealthSuite.
2014 – Medibiosense HealthPatchMD chest monitor won FDA clearance.
2015 – Apple launched Researchkit, a software medical platform.
2015 – Abbott launched Freestyle Libre Flash wearable glucose monitor.
2016 – Johnson & Johnson company warned users that their Animas OneTouch Ping insulin pump could potentially be hacked.
2017 – Apple launched the Heart Study app, which focused on using Apple Watch heart rate sensor for atrial fibrillation.
2017 – WannaCry attack significantly impacted UK’s NHS IT systems.
2017 – Abbott began updating its firmware for pacemakers, programmers and remote monitoring system to fix severe cybersecurity flaws.
2018 – Medtronic with the use of the IBM cloud services launched Sugar.IQ diabetes assistant.
2018 – FDA approved wearable devices for ECG/EKG monitors (KardiaBand, Apple).
2018 – The ICS-CERT issued an Advisory for Medtronic’s MyCareLink patient monitor.
2019 – £150M investment was announced to boost UK’s NHS data security.
2020 – GE Healthcare launched Skeye, a medical device cybersecurity service.
2020 – Volume of health care data is estimated to exceed 2,314 exabytes, increasing about 48% per year.
This is an edited extract from the Digitalization in the Medical Devices Sector – Thematic Research report produced by GlobalData Thematic Research.