High impact technologies propels growth opportunities in healthcare, says Frost & Sullivan Global TechVision Research Team
MOUNTAIN VIEW, California, June 22, 2016 /PRNewswire/ -- TechVision, Frost & Sullivan's technology consulting division, has identified 10 medical devices and imaging technologies expected to create opportunities and propel the healthcare industry in the next 18 to 24 months. These technologies have been derived from hundreds of candidates, researched and profiled by TechVision throughout the year. These ten technologies have scored high on numerous parameters such as, market potential, intellectual property (IP) activity, application diversity, size of innovation ecosystem, amount of R&D funding received and the global adoptability.
New TechVision analysis from Frost & Sullivan, 2016 Top Technologies in Medical Devices and Imaging (http://utm.io/256825), finds innovations in industries such as electronics, sensors, information technology (IT) and advanced manufacturing are actively powering product and technology advances in the medical device market.
To learn more about Frost & Sullivan's strategic recommendations for this rapidly expanding market opportunity, please visit: http://frost.ly/hm.
"The key to innovation in the healthcare industry is to develop a more collaborative and multi-industry convergence practice," said Frost & Sullivan TechVision Senior Research Analyst, Bhargav Rajan. "The medical devices and imaging markets can benefit by leveraging innovative technology platforms from other industries which will significantly reduce development time, save investment costs and lower barriers to market entry."
Important criterions distinguishing these technologies from others are their market adoptability and suitability as well as, their need in developed and under-developed markets. Growth is sustained by the market demand for improved devices and diagnostic support for an aging population and increasing incidence of chronic diseases. To address this, medical devices have been designed in-line with global megatrends. A number of medical innovations fostering technology convergence are primed to support an increasingly "smart" world.
"The growing importance of these technologies has attracted attention. Traditionally, Tier-1 companies have been cautious of cutting-edge technologies," noted Rajan. "However, they have begun directly or indirectly- through investments, tie-ups and acquisitions - claiming stake in these high impact markets. Even non-healthcare companies, such as Google and IBM, have invested in several technologies. Companies must integrate these trailblazing technologies to fully succeed within their industries."
The major challenges medical device innovations are facing include:
- High regulatory requirements
- Prolonged development phase
- Competitive intellectual property landscape
These challenges increase the time-to-market and put a stress on the return on investment.
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Top Technologies in Medical Devices and Imaging is part of the TechVision subscription, which offers a detailed account of the various emerging medical technologies and their impact on the healthcare industry in the near future. In this service, TechVision analysts provide key market metrics and emerging trends set to impact the following technologies: Surgical Robots, Surgical Laser, Next-Generation MRI, Smart Pills, Neuroprosthetics, X-Eluting Stents, Optical Coherence Tomography, Nuclear Medicine, Neuromodulation and Digital Radiography.
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2016 Top Technologies in Medical Devices and Imaging
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SOURCE Frost & Sullivan