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Digitization and Globalization of Medical Devices

Medical Device December 13, 2018

Digitization and Globalization of Medical Devices

The medical devices industry is steadily making its way toward digitization, cementing their intentions with exponential R&D spends. The aggregated spends are set to reach $27 billion by 2021. ER&D spending is highly consolidated among the top 5 OEMS with imaging and non-imaging devices attracting the bulk of the investment. Medical Devices R&D is highly consolidated in the United States with most of the R&D hubs located in North America, indicating highly centralized decision-making.

Cross-vertical use cases are gaining prominence in the medical devices industry. Remote Medical Center, Teleconsultation and Teleradiology are gaining investments from Telecom players that will help them expand their service portfolio. Studies on focused sonography have been performed to meet the diagnostic challenges of space medicine and to discover potential applications of point-of-care ultrasound for the aeromedical clinician.

OEMs are hunting startups that specialize in end-to-end use case solutions in monitoring and non-imaging devices. Medical devices startups are targeting Artificial Intelligence capabilities and Analytics with a view to enhancing the patient experience, increase the efficiency of existing devices and improving overall clinical workflow. Crospon, an endoscopic diagnostics company, is developing edge minimally invasive medical devices for imaging and aiding surgery in the esophagus and stomach.

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