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 monitoring stethoscope. Buy the report here.
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 monitoring stethoscope is a key innovation area in Internet of Things
Remote monitoring stethoscopes provide medical professionals with live stethoscope sounds and the ability to change audible frequency ranges and levels from a remote location. The device resembles a traditional stethoscope, but its digital nature eliminates the need for external hardware controls, or any hollow tube used for traditional stethoscopes as they can be used with headphones.
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 remote monitoring stethoscope.
Key players in remote monitoring stethoscope – 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 monitoring stethoscope
Source: GlobalData Patent Analytics
Boston Scientific and Koninklijke Philips are two of the leading patent filers for remote monitoring stethoscopes. Some other leading patent filers include ResMed, Masimo, Asahi Kasei, and Samsung Group.
In terms of application diversity, Soter Technologies leads the pack, followed by Oracle and NovaRad. By means of geographic reach, Advanced Brain Monitoring held the top position, followed by Dr Oestreich + Partner and Johnson & Johnson in the second and third spots, respectively.
Remote monitoring stethoscopes help healthcare professionals to monitor patient vitals and update patient data on clinical portals, helping diagnose, modify, and recommend appropriate patient care. The quality of healthcare services will improve, and the addition of remote monitoring stethoscopes will minimise the cost of medical services.
To further understand the key themes and technologies disrupting the medical devices industry, access GlobalData’s latest thematic research report on Medical Devices.