Medical devices are changing the scope of healthcare worldwide. From the introduction of IoT technologies to 3D printing, new and innovative medical devices are being introduced to healthcare facilities and patient’s homes. The future of healthcare looks promising. This all comes while there is pressure to reduce healthcare expenditures while also diversifying competition and improving care. Emerging technologies and empowered and informed patients are fuelling the change of this dynamic marketplace, and BizVibe has created a list of the top 15 innovative medical devices shaping the industry in 2018.
Must Read: Future of Healthcare: Innovative Medical Devices
The World Health Organization (WHO) defines a medical device as “an article, instrument, apparatus or machine that is used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for some health purpose.” Innovative medical devices can be as simple as your basic lab equipment or as complex as CT scanners. BizVibe has curated a list of the top 15 innovative medical devices available on the market or soon to be available on the market. Currently, the top two medical device innovators include the United States and Germany. Both export a combined 36% of all medical devices worldwide and supply large economies like China, Japan, Mexico, Canada and the EU. Experts at Lucintel forecast the global medical device market to reach an estimated $343 billion by 2021, growing at a CAGR of 4.6% from 2016 to 2021, while the global medical device technologies market is forecasted to hit $458.3 billion in 2015, growing at a CAGR of 5.6% from 2016 to 2021 to reach $634.5 billion.
Top 15 Innovative Medical Devices
BizVibe’s list of the top 15 innovative medical devices available, or soon to be available on the market, focuses on top medical innovations that have a significant impact on patient benefits as compared to current practices. This innovative healthcare employs high, user-related functionality and improves healthcare delivery. Every innovative medical device on this list has powerful human interest applications and benefits that will continue to transform modern healthcare and foster the growth of a more patient-centered care model.
The list of the top 15 most innovative medical devices is in order of anticipated importance by Cleveland Clinic’s Medical Innovation Summit, with the last 5 chosen by BizVibe staff as equally innovative.
Type 1 Diabetes patients can expect remarkable new medical device technology hailed as the world’s first artificial pancreas. Instead of the old open-loop technology where there were three separate systems working together (monitoring device, insulin pump, and the patient), there is now direct communication between the monitoring device and insulin pump that removes the patient from the equation altogether. This saves the patient 2-4 pricks per day for calibration and also stabilizes blood glucose levels at unprecedented rates.
One study showcases adolescent average blood glucose levels dropping from 7.7% to 7.1% and adult levels dropping from 7.3% to 6.8%. The FDA approved this technology in late 2016 but there will be a higher demand for it in 2018 as more insurers start to reimburse for the system. Experts are also optimistic that this technology will give birth to similar technology for Type 2 diabetes patients.
A new implantable medical device is helping over 21 million Americans who suffer from obstructive sleep apnea to find a peaceful night’s sleep. Instead of the old Continuous Positive Airway Pressure (C.P.A.P.) device, this neuromodulator is surgically implanted in a minimally invasive procedure that uses a system to sense breathing patterns and deliver mild stimulation to the tongue and throat to keep the patient’s airways open.
This innovative medical device is controlled by the patient with either a remote or wearable patch and acts like a pacemaker that helps to synchronize the intake of air with the action of the tongue. Positive results from clinical tests of this neuromodulation system boast a high reduction percentage of the marker of sleep apnea severity and oxygen desaturation events from the baseline.
Patients suffering from a variety of rare inherited retinal diseases (IRDs) can expect some relief in 2018, especially since there is a lack of treatments and knowledge as to why certain genetic etiology causes vision loss. This innovative gene therapy expecting FDA approval delivers a normal copy of the gene that results in a functional protein. Researchers placed this functional gene inside a modified virus, which then delivers it to retinal cells.
Gene therapy has always been slow to catch on in the medical world but experts expect gene therapies to make a comeback with the anticipated FDA approvals. The FDA awarded orphan drug status to this RPE65 gene therapy in 2017, and in October, a panel of American health advisers recommended approval as well.
Low-density lipoprotein (LDL) cholesterol contributes to the 400,000+ annual coronary disease deaths but with new medical tools and strategies, the 102 million Americans living with high cholesterol could see some relief. A new class of cholesterol drugs, PCSK9 inhibitors, report a 20% reduction of the risk of cardiovascular death, myocardial infarction or stroke for patients who also combine them with statins.
This new class of cholesterol drugs gives doctors and researchers more tools to win the fight against LDL cholesterol.
Geographical barriers and long wait times in hospitals and other healthcare facilities have paved the way for telehealth technologies. An increase in mobile technology and consumer demand helps the widespread adoption, and a reported 90% of healthcare executives are building or have built a telehealth program.
Other innovative telehealth devices include attachable and wearable devices that monitor, record and report information to healthcare providers. Over 19 million patients are projected to use these remote monitoring devices in 2018, and 7 million will use telehealth services — a 19-fold increase from 2013.
Must Read: Top 10 Healthcare Industry Challenges and Solutions for 2018
It currently costs about $200 million and a decade worth of time, effort and research to develop a single vaccine. 2018 is the year that all changes as innovators upgrade the entire vaccine infrastructure to support the rapid development of new vaccines while also inventing groundbreaking mechanisms that deliver new and existing vaccines to widespread populations.
Instead of relying on chicken eggs to incubate the virus, companies are using tobacco plants, insects and nanoparticles, which saves precious time and millions of dollars in development costs. These new ways of developing, shipping, storing and administering vaccines are being implemented to ward off current and future epidemics.
A new breast cancer therapy is being used in conjunction with chemotherapy. In 2017, results from Phase 3 clinical trials a PARP inhibitor alone received 7 months of progression-free-survival as compared to 4 months for patients who only received chemotherapy. Although this difference in limited, it opens the doors for researchers, companies, and oncologists to take PARP inhibitors to new, life-saving levels.
There will be 3 CDK4/6 inhibitors released on the market in 2018 that interfere with a cell’s process to synthesize DNA and prepare for its division. Experts believe the results point to an increased survival rate and even the end of chemotherapy for a significant percentage of breast cancer patients.
ERAS, or enhanced recovery after surgery, is multimodal, multidisciplinary approach to the care of the surgical patients that employs an arsenal of devices and practices that will help decrease patient readmission and relapse. New protocols have been shown to shorten hospital stays by 30% to 50% and with similar reductions in complications, readmissions, and costs.
One particular program that has 9,000 surgical patients has reported a drop in surgical complications by ⅓.. The program also reduces opioid prescriptions by 21% and demonstrates a decrease in mortality in colorectal resection patients. The study also shows a higher rate of hip-fracture patients being discharged to their homes rather than being admitted to aftercare facilities. Other ERAS studies indicate that costs are reduced by more than $6,500 per patient.
New innovative medical devices have emerged that use advanced equipment, like sensors and high-definition cameras, monitoring everything from a patient’s blood pressure to their heart rate, respiration rate, pulse oximetry and more. That complex data is then assimilated to trigger on-site intervention if anything is amiss while filtering out many unimportant alarms. Before centralized monitoring, the American Heart Association reports that up to 44% of inpatient cardiac arrests were not detected appropriately, mainly due to “alarm fatigue” experienced by nurses who become desensitized to cardiac telemetry monitoring systems.
One study from 2016 reports a 93% survival rate of cardiopulmonary arrests among patients who were using a centralized monitoring system. Since then, further innovations have brought a system that doubles the number of monitored patients while also improving clinical outcomes, decreasing transit times and continually adding new patient-saving capabilities.
New scalp cooling systems are being integrated into hospitals worldwide after approval by the FDA in May 2017. The hair loss prevention system uses a helmet with a cooling fluid to keep the scalp cold thus reducing biochemical activity. Experts believe this innovative medical device reduces cellular uptake of chemotherapy agents, and/or decreases the hair follicle’s susceptibility to chemo-induced damage.
During the trial, patients wore a scalp cooling cap or helmet with circulating cooling fluid for 30 min before chemotherapy, during chemotherapy and 90 minutes after chemotherapy. Interim results reveal 48-95% of patients in the intervention group were able to preserve their hair while none of the 47 patients in the control group were able to keep their hair.
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Mammograms are painful and invasive but a new wideband medical radar, like Koning Corp’s Koning Breast CT 1000, employs microwave imaging that will change the way of mammography techniques. This fast and easy-to-use medical technology takes less than a minute as the patient lies comfortably on a table. The system uses multiple antennae that scans the breasts using extremely low power radio waves, resulting in 3D images.
Conventional equipment for breast x-rays cost close to $250,000, but a medical radar costs 1/10 the price and allows for easier and more cost-effective patient access.
This is the first and only FDA-approved heart failure monitor proven to improve quality of life and reduce hospital admissions by 33% over an average of 18 months. The system features a small pressure-sensing device that is implanted directly into the pulmonary artery, sending information to your doctor who then uses the information to adjust treatment in real-time and as needed.
Many features of this innovative medical device include an easy to use home electronics unit that wirelessly sends information instantly to your doctor so they can make changes to your treatment before you feel symptoms. The sensor does not require batteries or replaceable parts.
Several universities around the world have created bioprinters that print 3D tissue for transplant parts such as blood vessels, heart muscle patches, and nerve grafts, as well as organs and bones. 3D printing has been huge for innovative medical devices. Printing repair cells grown with a patient’s own cells will offer the option of a perfect match as opposed to replacing tissues and organs with foreign tissues.
In December 2016 Organovo, a California-based company, presented first-ever data exhibiting the survival and functionality of a 3D bio-printed human liver tissue implanted into animal models. In 2020, Organovo aims to submit therapeutic liver tissue to the FDA for approval.
BrainScope One is an FDA-approved innovative medical device that assesses head injury traumas. This revolutionary medical technology is a simple device that uses a noninvasive EEG-based technology for patients within 3 days of the head injury. BrainScope One measures and interprets a patient’s electrical brain activity and neurocognitive functioning all while creating objective data.
This powerful tool for urgent care physicians makes an accurate and quick clinical diagnosis. About 5 million patients with closed head injuries are seen in American ERs every year, and even millions more do not seek medical attention. Most of these patients receive a CT scan, of which 90%+ are negative for structural brain injury, creating unnecessary exposure to radiation. BrainScope One will significantly reduce radiation exposure, wait time and costs associated with hospital visits and needless CT scans.
The innovative medical device and #15 on our top 15 innovative medical devices list is from DePuy Synthes and helps patients regain full movement of their knees. This joint reconstruction device is one of the largest R&D projects in the history of DePuy Synthes and combines the latest engineering, design, kinematics and materials that deliver stability and motion to patients after knee surgery.
This innovative medical device reduces femoral radius and gives a smooth transition from stability to free range of motion. It utilizes soft tissue interaction while optimizing patella tracking and maintaining bone coverage. Intuitive instruments are also utilized in this total knee system that combines surgical processes with efficient instruments that help surgeons to balance soft tissue and control the implant position.
Future of The Top 15 Medical Device Innovations
It’s no surprise that medical devices, especially these top 15 innovative medical devices, are at the forefront of the inevitable change in the healthcare landscape. The marriage of technology and healthcare will continue to foster the creation of lifesaving technology while also reducing healthcare expenditures, improving diagnosis and treatments, lowering readmission rates and a utilizing more preventative medicine.
According to Statista, there are currently 735 medical device companies in the United States that contribute to an estimated market value of $155 million (2017). U.S medical device expenditures hit $171.8 billion in 2013 with the total worldwide medical technology industry expecting to grow between 4-6% every year from 2017 to 2022.
Medical device companies are embracing and aligning their business strategies according to healthcare changes, which will help see more digital solutions play a significant role in the medical device industry.
BizVibe connects buyers and suppliers from all over the world with the goal of helping B2B companies keep up with market demand. To help your cement or construction business stay at the peak of the industry, BizVibe provides unbeatable support when sourcing products and making deals with top innovative medical device suppliers. Experts expect the state of the innovative medical device market to remain promising for the foreseeable future, making now the perfect time to act.
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