The medical devices industry continues to be a hotbed of patent innovation. Activity is driven by increased need for homecare, preventative treatments, early diagnosis, reducing patient recovery times and improving outcomes, and growing importance of technologies such as machine learning, augmented reality, 5G and digitalization. In the last three years alone, there have been over 710,000 patents filed and granted in the medical devices industry, according to GlobalData’s report on Advanced materials in medical: drug eluting stents. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 155,000 patents to analyze innovation intensity for the medical devices industry, there are 30+ innovation areas that will shape the future of the industry.
Drug eluting stents is a key innovation area in advanced materials
A drug-eluting stent is a medical device implanted in constricted or obstructed arteries to enhance blood flow. It consists of a metal mesh that administers drugs to prevent restenosis or the artery from re-narrowing. Advanced materials are being used in drug eluting stents as they offer better properties such as biodegradation compared to traditionally used metallic stents. Some examples of advanced materials include poly-L-lactic acid, polyorthoester, and polycaprolactone.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 560+ companies, spanning technology vendors, established medical devices companies, and up-and-coming start-ups engaged in the development and application of drug eluting stents.
Key players in drug eluting stents – a disruptive innovation in the medical devices industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to drug eluting stents
Source: GlobalData Patent Analytics
In terms of application diversity, 3M leads the pack, while Exogenesis and MiMedx Group stood in the second and third positions, respectively. By means of geographic reach, 3M held the top position, followed by MiMedx Group and Baxter International.
Advanced materials usage in drug eluting stents is likely to improve device quality by offering superior strength, extended durability, and improved functionality. Extensive research in the field of drug eluting stents will bring better prospects in future, including biodegradable capabilities and optimised drug delivery supporting personalised patient care. The synergy between advanced materials and drug-eluting stents is likely to play a vital role in advancing treatment effectiveness.
To further understand the key themes and technologies disrupting the medical devices industry, access GlobalData’s latest thematic research report on Medical Devices.