The healthcare industry continues to be a hotbed of innovation, with activity driven by telemedicine, real-time diagnostics, smart hospitals and access to digital therapies, as well as the growing importance of technologies such as artificial intelligence (AI), the Internet of Things (IoT), augmented reality (AR), robotics and data management practices. In the last three years alone, there have been over 106,000 patents filed and granted in the healthcare industry, according to GlobalData’s report on Internet of Things in Healthcare: AI-assisted medical reporting.
However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
200+ innovations will shape the healthcare industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the healthcare industry using innovation intensity models built on over 443,000 patents, there are 200+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, smart helmets, body temperature sensors, and software as a medical device (SaMD) are disruptive technologies that are in the early stages of application and should be tracked closely. Smart balloon catheters, point-of-care molecular diagnostics, and automated immunoassay analysers are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are smart contact lenses and GPS integrated fitness monitors, which are now well established in the industry.
Innovation S-curve for Internet of Things in the healthcare industry
AI-assisted medical reporting is a key innovation area in Internet of Things
AI-assisted medical records find patterns and forecast health results that help doctors extract accurate patient data faster. The information can be utilised to adjust specialised treatments to an individual, down to which physician may complement their needs and outcomes. AI may analyse a patient's information based on collective data to detect faults and save time.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 10+ companies, spanning technology vendors, established healthcare companies, and up-and-coming start-ups engaged in the development and application of AI-assisted medical reporting.
Key players in AI-assisted medical reporting – a disruptive innovation in the healthcare industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to AI-assisted medical reporting
|Company||Total patents (2010 - 2021)||Premium intelligence on the world's largest companies|
|People.ai||142||Unlock company profile|
|Enlitic||57||Unlock company profile|
|Koninklijke Philips||51||Unlock company profile|
|International Business Machines||33||Unlock company profile|
|SymphonyAI Group||11||Unlock company profile|
|Medtronic||10||Unlock company profile|
|Canon||9||Unlock company profile|
|Twin Health||8||Unlock company profile|
|Petuum||8||Unlock company profile|
|Teladoc Health||8||Unlock company profile|
|Beijing Electronics Holding||7||Unlock company profile|
|Siemens||7||Unlock company profile|
|Clarify Health Solutions||6||Unlock company profile|
|Oracle||6||Unlock company profile|
|Modernizing Medicine||6||Unlock company profile|
|Terumo||6||Unlock company profile|
|UnitedHealth Group||5||Unlock company profile|
Source: GlobalData Patent Analytics
In terms of application diversity, People.ai leads the pack, followed by Enlitic and Petuum. With regards to geographic reach, United Health Group leads, followed by Koninklijke Philips and Medtronic.
The adoption of IoT helps in the establishment of a linked infrastructure of health systems and services and acceleration of the collection, generation, analysis, and transmission of medical data. It helps healthcare organisations achieve better patient outcomes, reduce rising healthcare costs, improve efficiency, and enable new ways to engage and empower patients.
To further understand how Internet of Things is disrupting the healthcare industry, access GlobalData’s latest thematic research report on Internet of Things (IoT) in Healthcare.