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Wearable Devices – A Revolution in the Healthcare Industry

Wearable devices have found its use mostly as a lifestyle accessory to track personal fitness goals and other data. In recent times, the use of wearable devices as a health monitoring tool has been on the rise. Apart from calorie and steps counters, these devices have found a wide variety of health applications. A modern-day wearable device is Ask an analystcapable of monitoring stress levels, quality of sleep, blood glucose level, blood pressure, heart rate, body temperature, and vision performance. Constant innovation in the wearable devices market could change the healthcare industry for the better.

Medical Research

The area of medical research will hugely benefit with the use of wearable devices as it paves the way for superior data capturing capabilities. These devices also enable the researchers to conduct clinical research in an un-simulated environment, giving them a real-life validity. As a result, it can significantly reduce the cost of medical research by allowing for data collection across a large sample group at lower cost.

Proactive Healthcare

In the near future, wearable devices will revolutionize the way patients seek medical care. Instead of visiting a physician only after symptoms have appeared, wearables can continuously monitor health vitals. In addition to that, it can also send a notification to the caregiver leading to early detection and improvements in patient outcomes.

Medical Assistant

Wearable devices can be used as a tool to display information as and when needed by the healthcare providers. For instance, Google Glass was used by surgeons to preload CT scan and x-ray images into their field of vision while performing the surgery. Numerous recorded instances have proved that surgeries carried out with the help of wearable devices are performing better than conventional surgeries.

Wearable devices are changing the landscape of the healthcare industry. Decreasing cost of sensors and continuous innovation in the wearables field are expected to drive the technology adoption rate in this industry.

To know more about the future of wearable devices and its impact on the healthcare industry.

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Top 5 Game-changing Trends in Pharmaceutical Industry

The pharmaceutical industry has seen rapid developments in terms of technology, innovation, and practices. Such changes can be attributed to rising patient awareness, increasing the cost of medicine, the entrance of medical insurers, and changes in rules and regulations. Companies in this sector must keep up with the pharmaceutical industry trends and innovation to sustain themselves in a dynamically changing environment. For instance, a modern patient is more aware of medical conditions and usually asks for more information from their healthcare providers regarding a medical condition, treatment, or medicine.

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Pharmaceutical industry trends

Personalized Medicine

Every person has a unique set of human genome containing DNA, RNA, and a set of proteins. Genome sequencing can identify mutations in DNA causing cancer and other diseases. In such cases, generic medicine is of little to no use, and personalized medicine can vastly improve the chances of survival in fatal diseases. Such medicines could be personalized as per the required chemical component and tailored doses.

3-D Printed Drugs

In 2015, the FDA approved the first 3-D printed drug, Spritam, which dissolves quickly and is used to treat epilepsy. Since such drugs are required by the patient in varying dose with a varying component, it becomes a challenge to mass produce them. Thus, a 3-D printer at the nearest pharmacy could produce the drug in exact dosage with the needed component at an economical price.

Use of Real World Evidence

The pharmaceutical industry trends like big data and analytics help to improve the effectiveness of new medicines. They are relying on real-world evidence to test the effectiveness of drug under various conditions. Such methods would not only reduce the cost and increase the drug safety claims, but also reduce the time-to-market.

Artificial Intelligence

Modern-day supercomputers are not only capable of churning large sets of data to analyze the results but also learn on their own to better themselves. Supercomputers such as the IBM Watson are able to skim through a large amount of data which can be useful in genomic research and biotechnology. In the near future, it can even eliminate the need for human clinical trials by multiple simulations of human physiology.

The Rise of Biosimilar Drugs

Ever since the approval of the first biosimilar drug in 2015, multiple companies have started manufacturing biosimilars. These drugs provide a cost-effective option for the consumer as well as manufacturing companies. The rise of biosimilar drugs could change the landscape of the pharmaceutical industry as they would eventually capture a lucrative share in the pharma market.

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Future of Medical Devices – Technological Advances in Healthcare

With the rapid pace of technological advancements in the healthcare industry, the future of medical devices looks promising.

The new-age medical technology has transformed the way doctors and patients participate and interact with each other. Obtaining real-time information, tracking past health records, identifying potential health issues, and devising a treatment plan are allAsk an analyst signs of the gradual shift from traditional methods to smart medical devices. The future of medical devices is influenced by technological trends and opportunities that promise to revolutionize the operations of the healthcare providers and the medical technology companies. The medical device market space is driven by innovation, and the development of state-of-the-art medical devices and technologies has shown an unparalleled growth and advancement in the healthcare services industry.

The Future of Medical Devices Impacted by the Changing Market Dynamics

A medical device is an apparatus that helps prevent, diagnose, detect, restore, or treat diseases. According to our specialists, the future of medical devices is affected and influenced by the ever-changing market dynamics and other factors such as innovation, growth of emerging markets, advent of new business models, evolving healthcare delivery models, health information technology (HIT), and rapidly changing regulations and compliance standards.

future of medical devices

 

Today, the medical device market is driven by innovation, which has coerced the medical device manufacturers to invest in research and development. As a result, the medical device manufacturing companies are contemplating new business models and market expansion strategies in emerging markets such as the APAC, Africa, and LATAM. With the technological advancements and revolutionary changes in the medical device market, manufacturers and healthcare service providers have started offering personalized patient care and access to complete end-to-end medical device products and services. Med-tech companies are also focusing on new medical device development and are expected to invest a significant amount of the organization’s revenue on research and development. However, the future of medical devices looks interesting but crowded as manufacturers and med-tech companies are launching several new technologies and products.

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Medical Device Manufacturers and Emerging Technologies

Medical device manufacturers are seeking to develop and enhance product prototyping, minimize operation costs, and be responsive to product developments and latest market trends. Emerging technologies in the medical device space have revolutionized the way surgical tools and medical equipment is formulated, improved, and manufactured to cater to the demands of the healthcare service industry. Why should medical device manufacturers track the development of emerging technologies, you ask? Here’s why:

  • By tracking the development of emerging technologies, med-device manufacturers can enhance existing product lines or create adjacent product categories, thereby offsetting the potential impact on existing product lines and categoriesmedical device manufacturers
  • Targeting new markets is the future of medical devices and manufacturing that allows companies to expand market and devise market entry strategies for emerging markets. A medical device manufacturer can either enter a new product category or a new region. Companies can leverage the benefits of low-cost country sourcing and manufacturing, thereby reducing operational costs and providing the highest quality products at the best possible price
  • The emerging technology market space has witnessed a surge in M&A activities over the past years. Med-tech companies are participating in mergers and acquisitions to gain market shares and acquire patented medical technology. This allows companies to gain the first mover advantage and operate in new areas.

Emerging medical device technologies are driven by the internet of things (IoT) and are equipped with wireless communication technologies such as the Bluetooth and internet connectivity to facilitate machine-to-machine communication. Interconnectivity between these tools and equipment with cloud-based platforms that capture, store, and analyze patient data and health information is the next step in the future of medical devices. These systems will enable remote patient monitoring, tracking of previous medical prescriptions and patient locations, monitoring patient progress, and providing access to caregivers.

Tracking The Potential of Emerging Technologies

To stay ahead in the market, it is essential for med-tech companies to track the potential of emerging technologies at an early stage. Traditionally, medical device companies relied on internal intelligence and syndicated research reports that provide insufficient data, invalid assumption, and offer findings that often misleads the organization. Besides these, companies scan the web and media such as magazines, trade journals, industry published reports and brochures that provide limited, outdated, and biased information. Organizations who follow the traditional way of assessing emerging technologies and their potential face the following three issues,

future of medical devices

Assessing The Future of Medical Devices, The Infiniti Way

Infiniti’s team of expert analysts understand the shortfalls of the traditional method of assessing the potential of emerging technologies and present new market models that are fine-tuned to track the latest developments and emerging technologies in the medical device market space. The Infiniti market assessment model categorizes product into three categories namely very new, moderately new, and existing products. The process entails extracting real time data, building realistic market models, and validating the models, framework, and assumption with physicians, patients and others in the med-tech industry to provide accurate and relevant actionable insights.

future of medical devices

We assist healthcare service providers and med-tech companies by providing actionable insights that help them in strategic decision making and assess the future of medical devices. These insights enable the companies to answer the following questions,

future of medical devices

 

Read this success story to know how our competitive intelligence solution will help companies in the medical device industry.

Enhancing Sales Rate by 33% for a Company in the Medical Device Industry | Infiniti’s Latest Success Story on Competitive Intelligence Solution

 

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