The medical device industry continues to be a hotbed of innovation, with activity driven by an increased need for home care, preventive treatments, early diagnosis, reduced patient recovery times and improved results, as well as by a growing importance of technologies, such as machine learning, augmented reality, 5G and digitization. In the past three years alone, more than 450,000 patents have been filed and granted in the medical device industry, according to GlobalData’s report Internet of Things in Medical Devices: Interactive Fitness Trainers.
However, not all innovations are created equal, nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that mirrors their typical life cycle, from early emergence to accelerated adoption, before finally leveling off and reaching maturity.
Identifying where a particular innovation is on this journey, especially those in the emerging and accelerating phases, is critical to understanding their current level of adoption and the likely future trajectory and impact that ‘they will have.
More than 150 innovations will shape the medical device industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the medical device industry using innovation intensity models based on more than 550,000 patents, there are more than 150 areas of innovation that will shape the future of the industry.
Within the emerging innovation phase, ingestible sensors, wireless gastric stimulation devices, and remote nerve stimulation devices are disruptive technologies that are in the early stages of application and need to be closely monitored. Dosage monitoring inhalers, programmable infusion pumps and sports monitoring sensors are some of the accelerating areas of innovation, where adoption has steadily increased. Among maturation areas of innovation are blood glucose sensors and emergency medical response systems, which are now well established in the industry.
S-curve of innovation for internet of things in the medical device industry
Interactive fitness trainers is a key area of innovation in internet of things
Interactive fitness trainers use live streaming via smartphones, tablets, laptops or even TVs for training purposes. Users can see a live stream of the trainer and vice versa, allowing the trainer to demonstrate exercises, motivate and monitor the user form to ensure exercises are proper and injury free.
GlobalData’s analysis also reveals which companies are at the forefront of each area of innovation and assesses the potential reach and impact of their patenting activity in different applications and geographies. According to GlobalData, there are more than 10 companies, spanning technology vendors, established medical device companies, and promising start-ups engaged in the development and application of interactive fitness trainers.
Key Players in Interactive Fitness Trainers – A Disruptive Innovation in Medical Devices industry
“Application diversity” measures the number of different applications identified for each relevant patent and broadly divides companies into “niche” or “diversified” innovators.
“Geographical scope” refers to the number of different countries in which each relevant patent is registered and reflects the scope of intended geographical application, ranging from “global” to “local”.
Patent Volumes Related to Interactive Fitness Trainers
Source: GlobalData Patent Analytics
Lululemon Athletica and NIKE are two of the major patent filers on interactive fitness trainers. Other major patent filers include LG, Isolynx, adidas, Koninklijke Philips, ROM Technologies and Toyota Motor.
In terms of application diversity, Apple leads the pack, followed by Lululemon Athletica and Barcelona Hospital Clinic. In terms of geographic reach, Apple ranks first, followed by EW Healthcare Partners and NIKE in second and third place, respectively.
Growing urbanization is changing the lifestyle and tastes of mass consumers. The chaotic and stressful city life has led to an increase in health consciousness, forcing people to join health clubs to stay healthy and fit. The future of interactive fitness trainers looks bright as people become more fitness conscious and strive for a healthier lifestyle.
To better understand the key themes and technologies disrupting the medical device industry, access GlobalData’s latest topical research report on medical devices.