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 Internet of Things in medical: remote diabetes management. 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.
Remote diabetes management is a key innovation area in Internet of Things
Remote diabetes management is a type of patient care that makes use of digital communication tools and technology to monitor and assist people with diabetes from a distance. It includes the use of devices and systems to track blood glucose levels, adjust insulin dosage, and provide real-time feedback and support to patients.
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 120+ companies, spanning technology vendors, established medical devices companies, and up-and-coming start-ups engaged in the development and application of remote diabetes management.
Key players in remote diabetes management – 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 remote diabetes management
Source: GlobalData Patent Analytics
In terms of application diversity, LifeScan leads the pack, while Platinum Equity and Nokia stood in the second and third positions, respectively. By means of geographic reach, Magic Leap held the top position, followed by Omron and Omron Tateisi Electronics.
Remote diabetes management will enhance patient outcomes and quality of diabetes care. With the Internet of Things, it has the potential to create a comprehensive ecosystem of connected devices and data analytics, which will revolutionize remote diabetes management, making it more efficient, personalized, and accessible. It has the potential to transform how diabetes is monitored, managed, and treated, leading to better outcomes for individuals living with this condition.
To further understand the key themes and technologies disrupting the medical devices industry, access GlobalData’s latest thematic research report on Medical Devices.