FountainBlue’s September 19 Life Science Entrepreneurs’ Forum was on the topic of Emerging Trends in Medical Devices: Mobile Health, Personalized Medicine and Consumerization. Below are notes from the conversation. Our panelists concurred that it’s an exciting time to innovate in the medical device space, because of the advancements in technology, rising consumerization and expansion into global markets, and the growing receptiveness of an industry which has historically been slow-moving. Technology Advancements Enabling Innovation They remarked on some trends in the medical device space and their implications for the industry. The overarching themes is the advancement of technology and the transference of technology solutions from traditionally other sectors and impacting the medical device industry. 1. There was much discussion around the miniaturization trend, where products which were the size refrigerators are reduced to the size of a microwave, products the size of a microwave reduced to the size of a hand-held, and products formerly the size of a hand-held are getting really small, even nano size. The implication is that products will be manufactured, tested and delivered more efficiently and more cost-effectively. 2. Sensor technologies are being applied to implantables, therapeutic, diagnostic, and other devices. 3. Database solutions are enabling business analytics solutions which address challenges ranging from IT in healthcare to patient diagnostics to personalized medicine. 4. Cloud storage is an enabling technology for business analytics and other database solutions, making it more cost-effective to manage huge volumes of moving data, and empowering fact-based decision-making which impact patients, providers, care-givers, insurers, etc. 5. Advancements in wireless and mobile devices and software are enabling novel diagnostic, monitoring, enabling and other solutions for patients and their caregivers. 6. Technology advancements in biochemical discovery and genetic markers are enabling additional opportunities for medical devices around diagnostics, monitoring, and other areas. Consumerization and Expansion in Global Markets Baby boomers in the US will increasingly demand more consumer solutions to better monitor, enable, and support their personal health and well-being, especially given the rising cost of healthcare, the increased needs of an aging population, and the growing range of options available. This techno-philic demographic group will also be receptive to technology-enabled solutions which would deliver the information they seek in a timely manner. Emerging countries such as Asia, India and Brazil will have an ever-growing, more financially independent middle class with a similar desire to take more control and responsibility for their own health. Growing Receptiveness and Collaboration Based on Technology Advancements and Market Trends With technology advancements and rising global demand, our panelists are hopeful that the industry will see more collaboration and cross-pollination between pharma, medical device and medical imaging companies, leveraging software and technology plus more opportunities for getting solutions developed, tested and into the hands of eager users.
Emerging Trends in Medical Devices
Emerging Trends in Medical Devices
Emerging Trends in Medical Devices
FountainBlue’s September 19 Life Science Entrepreneurs’ Forum was on the topic of Emerging Trends in Medical Devices: Mobile Health, Personalized Medicine and Consumerization. Below are notes from the conversation. Our panelists concurred that it’s an exciting time to innovate in the medical device space, because of the advancements in technology, rising consumerization and expansion into global markets, and the growing receptiveness of an industry which has historically been slow-moving. Technology Advancements Enabling Innovation They remarked on some trends in the medical device space and their implications for the industry. The overarching themes is the advancement of technology and the transference of technology solutions from traditionally other sectors and impacting the medical device industry. 1. There was much discussion around the miniaturization trend, where products which were the size refrigerators are reduced to the size of a microwave, products the size of a microwave reduced to the size of a hand-held, and products formerly the size of a hand-held are getting really small, even nano size. The implication is that products will be manufactured, tested and delivered more efficiently and more cost-effectively. 2. Sensor technologies are being applied to implantables, therapeutic, diagnostic, and other devices. 3. Database solutions are enabling business analytics solutions which address challenges ranging from IT in healthcare to patient diagnostics to personalized medicine. 4. Cloud storage is an enabling technology for business analytics and other database solutions, making it more cost-effective to manage huge volumes of moving data, and empowering fact-based decision-making which impact patients, providers, care-givers, insurers, etc. 5. Advancements in wireless and mobile devices and software are enabling novel diagnostic, monitoring, enabling and other solutions for patients and their caregivers. 6. Technology advancements in biochemical discovery and genetic markers are enabling additional opportunities for medical devices around diagnostics, monitoring, and other areas. Consumerization and Expansion in Global Markets Baby boomers in the US will increasingly demand more consumer solutions to better monitor, enable, and support their personal health and well-being, especially given the rising cost of healthcare, the increased needs of an aging population, and the growing range of options available. This techno-philic demographic group will also be receptive to technology-enabled solutions which would deliver the information they seek in a timely manner. Emerging countries such as Asia, India and Brazil will have an ever-growing, more financially independent middle class with a similar desire to take more control and responsibility for their own health. Growing Receptiveness and Collaboration Based on Technology Advancements and Market Trends With technology advancements and rising global demand, our panelists are hopeful that the industry will see more collaboration and cross-pollination between pharma, medical device and medical imaging companies, leveraging software and technology plus more opportunities for getting solutions developed, tested and into the hands of eager users.