HOW TECHNOLOGY IS IMPACTING THE MEDICAL DEVICE INDUSTRY

 

HOW TECHNOLOGY IS IMPACTING THE MEDICAL DEVICE INDUSTRY

-By Tanya Agarwal

Medical devices and equipment are an important part of the healthcare delivery system. Medical devices are defined as any instrument, apparatus, appliance, implants, or any article which can be used alone or in combination or with any software for humans as well as animals for a specific purpose which usually cannot be achieved through pharmacological, immunological or metabolic means. It’s essential for accurate and timely diagnosis, safe and effective prevention, and high-quality treatment and rehabilitation.

There has been a dramatic shift from infectious diseases to noncommunicable diseases across the world, killing approximately one million people each year accounting for 71% of total deaths globally. Out of which four major diseases- cardiovascular diseases, respiratory diseases, cancer, and diabetes accounts for 80% of all premature non-communicable disease deaths. Thus this calls for Continuous innovation and technological advancement in the field of medical equipment to ensure that the goal of universal healthcare is achieved and every individual has excess to quality treatment. There are currently, a number of devices offered, ranging from diagnostic imaging technology, IV diagnosis, consumables, patient aids, equipment and instruments, orthotics and prosthetics, dental products and to other equipment, such as patient monitors, oxygenators, ECG, etc. these lifesaving devices are being widely used by practitioners for easy solutions and quick recovery.

Due to the increasing burden of non-communicable diseases, the rise in population, increasing incomes, and high expenditure on healthcare, the medical device industry is on a high growth trajectory. The global device market is expanding at a CAGR of 5.4% and was valued at USD 425.5 billion in 2018 and is likely to reach USD 612.7 billion by 2025. To gain a market share in this diverse and growing market, Medtech companies need to wear manufacturing and technological advancement as armour and integrate information technology functionalities, efficiency, efficacy, and safety while controlling overall cost.  These companies are now focusing on incorporating sensors, wireless connectivity, controllers, artificial intelligence (AI), telemedicine, virtual reality, and remote monitors into new devices.  These innovations not only streamlines physicians’ work but also optimizes the system with better outcomes and lesser human errors with a reduction in cost. 

This article provides an insight into how few technologies have changed the world of medical devices and overall healthcare experience.

 

Big Data

Big data plays a key role in the medical device industry as it aggregates large and complex amount of structured and unstructured data from various sources like insurance companies, medical devices, hospital records, physicians, technicians, online transaction, financial transaction, social media, pharmaceutical research and many more which are used to identify patterns which predict future trends and behaviours to drive at better decisions and outcomes.

Few Companies who have leveraged big data into their devices:

·         Medtronic- they recently joined hands with IBM to create a mobile assistant application that tracks and provides real-time glucose insights to a diabetic patient enabling him/her to make informed decisions to maintain the sugar levels in the body. The device provides Medtronic with millions of data points establishing a potential link between lifestyle changes, medicine intake, and glucose readings.

·         Propeller Heath – developed a digitally guided application to help patients with chronic respiratory diseases manage their daily medications. It integrates information from various sources including connected devices which is then sent to a smartphone via Bluetooth using machine learning algorithms.

Clinical trials are necessary for the medical device industry to provide evidence of their safety and efficacy where big data has been proven to come handy. In addition to this big data lowers the medications as well as human errors by analyzing patient records, enabling doctors to reach more accurate diagnoses. Medical device companies can have edge over their competitors if they fully utilize the potential of Big Data in the near future.

 

3D Printing

The use of 3D Printing also, known as additive manufacturing has revolutionized the medical device industry and has huge potential ahead. It has enabled the medical device industry to create artificial organs, bones, limbs, blood vessels, tissues, etc. which can be replaced with a disabled or problematic organ in a patient. It has enabled companies to reduce their lead time drastically as they can now quickly create devices in response to the patient’s demand. Traditional implants could take weeks, especially if they were customized for a patient.

In 2019, researchers from Rensselaer Polytechnic Institute in Troy, New York, developed a 3D printing method that can create skin along with blood vessels proving a crucial development in skin grafting for burn victims.

The industry is now truly understanding the power of 3D printing and leveraging it in optimizing the design of implants and instruments with the integration of additive software and hardware thereby reducing the overall cost.

 

Virtual Reality

Virtual reality is relatively a new technology in this industry yet it possesses great potential in upcoming years. Medtech companies need to train practitioners or give them demos on how to use their devices and what could be the potential benefits from using it. Virtual reality is being used as a medium of training to these practitioners giving them a broader vision and perspective. It's still at a very nascent stage however it’s a powerful communication channel to get a better sense of the customers and virtually engaging them with the company’s products.

           

Artificial Intelligence

Medical device companies have now started to find new ways to integrate AI with medical devices as there is a growing need to make these devices more accurate, reliable, and automated. AI is now performing complex analytical analysis, modelling, and product testing for these companies. It is making production more secure and productive, giving insights and alerting them about any device failure. Medical imaging is one of the strongest growing areas of AI in medical devices, companies are integrating AI into medical scanning devices to improve picture quality and thereby delivering better results by reducing the exposure to radiations. One such device is GE Healthcare CT scans for liver and kidney. AI is revolutionizing the whole healthcare and diagnostic experience providing opportunities to medical device companies to develop edge-cutting technologies.

 

Remote Monitoring  

With the rising prevalence of chronic diseases and the ageing population, there is an increasing demand for devices which monitors patient’s health constantly and effectively reducing their trips to the hospitals as repetitive visits can take a toll on their finances.

Remote monitoring technology has enabled patients as well as individuals to monitor their own health status and control it according to their own convenience with the ability to make more informed decisions. This reduces the number of visits to the hospitals as doctors can now remotely monitor a particular issue by getting the readings from the device. Patients now can be discharged early as this technology can undertake the same observation as a nurse around him/her. It has made people more aware and involved in managing their health status, making them the point-of-care. One such device is Boston Scientific’s Latitude NXT, it’s an in-home patient monitor which lets medical teams monitor connected devices in-between primary medical visits. Devices will periodically send data from blood pressure monitors, pacemakers, cardiac monitors, weight scales, and other connected health devices to the provider. The NXT port is hands-free, so patients can send health data without intervention.

Wearable Devices

Wearable devices are the new buzzword in the industry. It has provided new and innovative solutions for healthcare problems, directly impacting the decision making power. This devices are not only customer friendly but provide real-time data for the physicians to analyze as well. Advancement in wearable devices like Fitbit, smartwatch and wearable monitors with the increasing demand of consumers to take control of their health, has put companies under pressure to develop and manufacture more such devices. Singapore-based medical device company AWAK Technologies recently received the FDA Breakthrough device label for their wearable and portable dialysis device. It uses AWAK's patented adsorbent technology and provides a convenient means of dialysis for renal disease patients.

There are many such companies who are involved in constant R&D and coming up with breakthrough technologies. The future is bright for both remote monitoring and wearable devices in the medical device industry.