The medical devices industry continues to be a hotbed of innovation, with activity driven by increased need for homecare, preventative treatments, early diagnosis, reducing patient recovery times and improving outcomes, as well as a growing importance of technologies such as machine learning, augmented reality, 5G and digitalisation. In the last three years alone, there have been over 450,000 patents filed and granted in the medical devices industry, according to GlobalData’s report on Internet of Things in Medical Devices: Remote diagnosis biosensors.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
150+ innovations will shape the medical devices industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the medical devices industry using innovation intensity models built on over 550,000 patents, there are 150+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, ingestible sensors, wireless gastric stimulation devices, and remote nerve stimulation devices are disruptive technologies that are in the early stages of application and should be tracked closely. Dosage monitoring inhalators, programmable infusion pumps and athletic monitoring sensors are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are blood glucose sensors and medical emergency response systems which are now well established in the industry.
Innovation S-curve for Internet of Things in the medical devices industry
Remote diagnosis biosensors is a key innovation area in Internet of Things.
Remote diagnosis biosensors are portable point-of-care devices that help with disease detection in remote settings by producing specific high-speed signals that aid to prevent the spread of the disease and improve patient outcomes. These devices are replacing conventional methods of disease identification as they are faster, more economical, and deliver high throughput results that are both high on sensitivity and selectivity.
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 40+ companies, spanning technology vendors, established medical devices companies, and up-and-coming start-ups engaged in the development and application of remote diagnosis biosensors.
Key players in remote diagnosis biosensors – a disruptive innovation in the medical devices industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to remote diagnosis biosensors
Source: GlobalData Patent Analytics
Magic Leap is one of the leading patent filers in the field of remote diagnosis biosensors. Some other key patent filers in the field include Medtronic and ResMed.
In terms of application diversity, Magic Leap leads the pack, followed by Flint Hills Scientific and Panasonic. By means of geographic reach, Teva Pharmaceutical Industries held the top position, followed by Oncomfort and Platinum Equity in second and third spots, respectively.
In the technology-driven era, remote diagnosis biosensors are steadily emerging as a preferred approach for disease analysis. They not only detect or monitor the disease at the point-of-care, but also track the response of body. With the increase in chronic lifestyle diseases, early disease detection will help individuals receive timely treatment, which is expected to drive the market further.
To further understand the key themes and technologies disrupting the medical devices industry, access GlobalData’s latest thematic research report on Medical Devices.