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 Artificial intelligence in medical: smart drug delivery devices. 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.
Smart drug delivery devices is a key innovation area in artificial intelligence
Smart drug delivery devices are innovative medical devices that can administer medications precisely in the human body and in a controlled manner. These devices are equipped with sensors, connectivity features, and intelligent algorithms to monitor patient data, adjust dosage levels, and provide personalized treatment. They aim to improve medication adherence, enhance patient comfort, and optimize therapeutic outcomes.
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 50+ companies, spanning technology vendors, established medical devices companies, and up-and-coming start-ups engaged in the development and application of smart drug delivery devices.
Key players in smart drug delivery devices – 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 smart drug delivery devices
Source: GlobalData Patent Analytics
DEKA Research and Development and Sanofi are two of the leading patent filers in smart drug delivery devices. Some other leading patent filers include Medtronic, F. Hoffmann-La Roche and Becton Dickinson.
In terms of application diversity, Eli Lily leads the pack, while Bristol-Myers Squibb and Baxter International stood in the second and third positions, respectively. By means of geographic reach, Platinum Equity held the top position, followed by Bristol-Myers Squibb and DEKA Research and Development.
Smart drug delivery devices hold promising prospects in the medical devices industry. With inbuilt sensors and connectivity, these devices will enable better dosage control and real-time monitoring, thereby improving patient adherence. With advancements in artificial intelligence and personalized medicines, smart drug delivery devices are poised to revolutionize healthcare in the near future, offering more tailored therapies and treatment outcomes.
To further understand the key themes and technologies disrupting the medical devices industry, access GlobalData’s latest thematic research report on Medical Devices.