TechVision, Frost & Sullivan’s technology consulting division, has identified key medical devices and imaging technologies expected to make a big splash in the healthcare sector in the next 18 to 24 months. In “2016 Top Technologies in Medical Devices and Imaging,” TechVision reported that innovations in electronics, sensors, information technology, and advanced manufacturing are actively powering product and technology advances in the medical device market.

“The key to innovation in the healthcare industry is to develop a more collaborative and multi-industry convergence practices,” says 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 underdeveloped 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. TechVision found.

“The growing importance of these technologies has attracted attention,” Rajan says. “Traditionally, tier-1 companies have been cautious of cutting-edge technologies; 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.”

Still, TechVision found that key roadblocks to medical device innovation include high regulatory requirements, prolonged development phases, and competitive intellectual property landscape. For more information about the consultancy’s findings, click here.