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, and 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: Smart medication dispenser. Buy the report here.
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
Smart medication dispenser is a key innovation area in Internet of Things
Because prescription drug abuse has become a massive problem globally, a solution was required to help patients medicate themselves regularly and responsibly. The smart medication dispenser's notifications can be set either by patients as well as their families with the push of a button, and their drugs are reviewed, managed, and delivered on a schedule. As a result, medication compliance is maintained, reminders are provided, drug intake is tracked and recorded, and prescriptions are swiftly filled.
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 60+ companies, spanning technology vendors, established healthcare companies, and up-and-coming start-ups engaged in the development and application of smart medication dispenser.
Key players in smart medication dispenser – 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 smart medication dispenser
Source: GlobalData Patent Analytics
Becton Dickinson is one of the leading patent filers in smart medication dispenser. Some other key patent filers in the field include Yuyama and Koninklijke Philips.
In terms of application diversity, Baxter International leads the pack, followed by Teva Pharmaceuticals Industries and Global Tel*Link. By means of geographic reach, Access Business Group International holds the top position, followed by Stiplastics and Dosentrx in second and third spots, respectively.
Medication compliance is vital for overall health and well-being, but it can be challenging to manage daily. Patients and caregivers can rest easy thanks to data security, reliable connectivity, and ease of use. Future studies may include showing the number of medications taken from dispensers on mobile devices, which will help track a larger number of 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.