Innovation in mobile health: Leading companies in medical device monitoring for the insurance industry

The insurance industry continues to be a hotbed of innovation, with activity driven by growing demand for digitalization and personalization. With the growing importance of technologies such as telematics, machine learning, big data, deep learning, and data science, insurers are overcoming demographic challenges, low penetration rates, cybercrimes, and fraudulent claims. In the last three years alone, there have been over 11,000 patents filed and granted in the insurance industry, according to GlobalData’s report on Mobile Health in Insurance: Medical device monitoring.

According to GlobalData’s Technology Foresights, which uses over 65,000 patents to analyse innovation intensity for the insurance industry, there are 90 innovation areas that will shape the future of the industry.

Premium Insights Mobile Health in Insurance: Medical device monitoring

Buy the Report

Related Company Profiles

USAA

Koninklijke Philips NV

Viatris Inc

VF Corp

PokitDok Inc

View all

Medical device monitoring is a key innovation area in mobile health

Medical device monitoring includes monitoring a medical device’s performance on a periodic or ongoing basis. A medical device’s performance that includes the accuracy of results, and its ability to benefit the patient as designed are all monitored by the monitoring program. Medical device monitoring measures are frequently built into the device to guarantee escalation and periodic maintenance, thereby, limiting its malfunctioning.

With an increase in the use of mobile health devices, the risk of malfunction and its impact on the insurance industry is gaining traction. Insurance companies evaluate risks and offer coverage for medical equipment. They determine the amount of coverage for the device, which can vary based on the risks involved.

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 50+ companies, spanning technology vendors, established insurance companies, and up-and-coming start-ups engaged in the development and application of medical device monitoring.

Key players in medical device monitoring – a disruptive innovation in the insurance 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 medical device monitoring

USAA is one of the leading patent filers in device monitoring technology. A monitor device is installed to track the performance of a system or an appliance. The device has sensors that assess the system's features and data storage that keeps parameter data received from a distant service. The monitor device has software that assesses whether the system's current working state falls within the parameters of the typical state as indicated by the parameter data by comparing the current sensor data to the parameter data. If the present state is abnormal, a notification can be sent, and the monitoring device can take additional steps to resolve the issue or reduce potential harm. If a network connection is not present, it can also function independently. Some other key patent filers in medical device monitoring include Viatris, Ping An Insurance, Partners Pharmacy, and Koninklijke Philips.

In terms of application diversity, Viatris leads the pack, with Theator and Healthy io in the second and third positions, respectively. By means of geographic reach, PokitDok holds the top position, followed by VF and Viatris.

To further understand the key themes and technologies disrupting the insurance industry, access GlobalData’s latest thematic research report on Insurance.

Subscribe to our Newsletter

Get industry leading news, data and analysis delivered to your inbox

Subscribe

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.

Share this article