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 monitored Infusion Pumps.
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 monitored infusion pumps is a key innovation area in Internet of Things
Remotely monitored infusion pumps, which can be used to remotely manage and monitor intravenous drips, are replacing the conventional infusion pumps as they can be controlled using wireless technology and can also be used to monitor the flow rate or any interruption issues in the infusion of the drip.
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 monitored infusion pumps.
Key players in remote monitored infusion pumps – 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 monitored infusion pumps
Source: GlobalData Patent Analytics
Medtronic is one of the leading patent filers in the field of remote monitored infusion pumps. Some other key patent filers in the field include F. Hoffmann-La Roche, DexCom and Johnson & Johnson.
In terms of application diversity, Suggestic leads the pack, followed by Medicus Engineering and Art Medical. By means of geographic reach, Platinum Equity held the top position, followed by Johnson & Johnson, and Baxter International in second and third spots, respectively.
The usage of remote monitoring infusion pumps is increasing as the device provides improved monitoring of the IV drug and reduces the workload of the caretaker, thereby allowing the healthcare provider to help patients in real time. The market for these devices is expected to grow with the growing demand for home care.
To further understand the key themes and technologies disrupting the medical devices industry, access GlobalData’s latest thematic research report of Medical Devices.