Who are the leading innovators in patient data blockchain for medical device industry?

by Arthur · February 17, 2023

The medical device industry continues to be a hotbed of innovation, with activity driven by increased need for home care, preventative treatments, early diagnosis, reduced recovery times for patients and improved outcomes, as well as the growing importance of technologies such as machine learning, augmented reality, 5G and digitalisation . In the past three years alone, there have been over 450,000 patents filed and granted in the medical device industry, according to GlobalData’s Cybersecurity in Medical Devices: Patient data blockchain report.

According to GlobalData’s Technology Foresights, which uses over 550,000 patents to analyze the innovation intensity of the medical device industry, there are 150+ areas of innovation that will shape the future of the industry.

Patient data blockchain is a key area of innovation in cyber security

Blockchain allows for decentralized storage and sharing of data. When used to protect medical data, blockchain can store information in a way that is transparent to everyone on the network, completely irreversible and impervious to tampering. Doctors and nurses would be able to access information from a single, reliable platform if electronic health records were established on the blockchain. Everyone would have access to the same data, and any updates would be immediately available to the entire network. This means medical teams can be confident that the information they receive about a patient is accurate and up-to-date.

GlobalData’s analysis also uncovers the companies at the forefront of each area of innovation and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 30 companies, spanning technology providers, established medical device companies and new start-ups, that are engaged in the development and application of patient data blockchain.

Key players in patient data blockchain – a disruptive innovation in medical devices industry

“Application diversity” measures the number of different applications identified for each relevant patent, dividing companies into either “niche” or “diversified” innovators.

“Geographical scope” refers to the number of different countries each relevant patent is registered in, and reflects the breadth of geographic application intended, from “global” to “local.”

Bluefin Payment Systems is one of the leading patent applicants in blockchain for patient data. Some other key patent applicants in the field include SoftBank Group, Takeda Pharmaceutical, International Business Machines (IBM) and Mate Fertility.

In terms of application diversity, Takeda Pharmaceutical leads the pack, followed by QuiO Technologies and DexCom. Using geographic reach, Takeda Pharmaceutical held the top spot, followed by Laboratory Corp of America Holdings and Mate Fertility in second and third places, respectively.

The rapidly growing burden of disease has resulted in the creation of enormous amounts of data, underscoring the importance of proper data management. Blockchain technology has attracted the curiosity of a number of significant players in the healthcare sector in recent years. Due to the growing interest in technology, several public sector organizations across the world are running significant research operations, which will increase the market size. Blockchain is extremely secure, eliminates the need for a third-party administrator, and provides a high degree of transparency.

To further understand how cybersecurity is disrupting the medical device industry, access GlobalData’s latest thematic research report on Cybersecurity in Medical (2020).