Dear LinkedIn colleagues,
The medical devices industry continues to be a dynamic field of innovation, driven by the growing need for home care, preventive treatments, early diagnosis, and improved outcomes. Technologies such as Artificial Intelligence (AI), Augmented Reality, 5G, and digitalization play a crucial role in this evolution.
In the past three years, more than 450,000 patents have been registered and granted in the medical devices industry, as reported by GlobalData on Artificial Intelligence in Medical Devices: Treatment Assessment Models.
Check out the report here.
However, innovations in this industry do not follow a linear trajectory. Instead, they follow an “S”-shaped curve, representing their lifecycle, from emergence to maturity.
Identifying where an innovation stands on this journey is essential to understand its current adoption and future impact. According to GlobalData’s Technology Foresights, there are more than 150 areas of innovation that will shape the future of the medical devices industry.
In the emerging phase, technologies like AI-assisted radiology, motion artifact analysis, and treatment assessment models are revolutionizing the sector.
In rapidly advancing innovation areas, AI-assisted magnetic resonance image (EHR/EMR) smoothing and AI-assisted computed tomography are gaining momentum.
In maturing innovation areas, computer-assisted surgeries and 3D endoscopy are well-established.
AI is a driving force behind these innovations, and AI-based treatment assessment models are excelling. They enable physicians to recommend precise treatments, saving time and resources. Furthermore, GlobalData’s analysis identifies leading companies in this field, assessing the geographical reach and diversity of applications of their patents. More than 40 companies, including technology providers, established medical device companies, and emerging startups, are driving the development of these models.
Some of the key players include Smith & Nephew, Stryker Corp, Johnson & Johnson, Motorika, AlterG, and Novartis. AI is revolutionizing medicine, improving data collection, and treatment effectiveness.
This is an exciting time for the medical devices industry, with AI as a transformative force. The application of AI will lead to better clinical outcomes and more efficient allocation of healthcare resources, especially in times of budget constraints.
For a deeper understanding of these revolutionary trends and technologies, check out GlobalData’s latest thematic research report on Medical Devices.
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