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MedTech Outlook | Tuesday, May 21, 2024
Understanding an innovation's current adoption level and the likely future trajectory and impact depends on understanding where it is on this journey, especially those that are emerging and accelerating.
FREMONT, CA: The medical devices industry remains a hotbed of innovation, with increased demand for home care, preventative treatments, early diagnosis, and reduced patient recovery times, along with an increasing emphasis on machine learning, augmented reality, 5G, and digitalization. According to GlobalData's research on Artificial Intelligence in Medical Devices: 3D Endoscopy, over 450,000 patents have been submitted and issued in the medical devices market in the previous three years alone.
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However, not all inventions are created equal, nor do they always progress upward. Instead, their evolution takes the shape of an S-shaped curve, reflecting their normal lifetime of early emergence, growing acceptance, and eventually stabilization and maturity. Identifying where a specific invention is on this journey, particularly those in the emerging and accelerating stages, is critical for understanding their present degree of acceptance and the expected future trajectory and effect.
Scope: Research shows that more than a hundred innovation areas will impact the business's future, according to GlobalData's Technology Foresight, which maps the S-curve for the medical devices market via innovation intensity models derived from over 550,000 patents. AI-assisted radiography, motion artifact detection, and treatment evaluation models are disruptive innovations in the early implementation phases that should be actively monitored. Some of the rapid innovation areas whose acceptance has continuously expanded are smoothing MRI images, AI-assisted EHRs and EMRs, and AI-assisted CT scans. Computer-assisted operations and 3D Endoscopy are examples of developing innovation fields that are now well-established.
Applications: 3D Endoscopy is an imaging technology that assists the surgeon in delivering a 3D view of the organs being examined, generally during laparoscopy, so offering extra depth, anatomical features, and orientation information that improves diagnosis, more accurate treatment, and higher recovery rates. Artificial intelligence can help with picture interpretation, but it can also help with 3D surface measurements, which are required for cancer diagnosis and staging. GlobalData's research also identifies the firms at the forefront of each innovation field and evaluates their patenting activities' potential reach and effect across various applications and locations. According to GlobalData, more than ten firms are involved in developing and implementing 3D Endoscopy, including technology suppliers, established medical device companies, and up-and-coming start-ups.
'Application diversity' counts the number of distinct applications discovered on a given patent and categorizes organizations as 'niche' or 'diversified' innovators. The term 'geographic reach' refers to the number of nations where each applicable patent is registered. It represents the range of applications envisaged, ranging from 'global' to 'local.' 3D Endoscopy is already in broad usage since it complements the trend toward less invasive surgery, which leads to a shorter recovery period for patients and better results. As AI moves from the theoretical to the clinical realm, the use of 3D Endoscopy will increase due to the projected step change in patient outcomes. A reduction in readmissions is another motivator for hospitals looking to maximize reimbursement.
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