Medical device analytics: profits for manufacturers and healthcare providers

Find out how medical device analytics helps companies that provide healthcare services and manufacture devices to improve their businesses.

According to Statista, the medical device market is projected to grow to $673.10 billion by 2029. This rise is due to several reasons: people become aware of health, “the curve on the graph” of chronic diseases rises, healthcare costs increase, etc.

Medical device companies can use medical device analytics to manage their supply chain, optimize online sales, monitor product quality and customer experience, and improve efficiency and productivity without the risk of human error. A healthcare provider uses medical device analytics to improve patient care and manage healthcare assets and reserves.

Medical devices: core and classification

As the US Food and Drug Administration (FDA) defines, a medical device is intended to diagnose, treat, cure, mitigate, or prevent a disease or other condition without chemical exposure to the human body

The FDA recognizes three classes of medical devices: low-risk devices (non-powered wheelchairs, bandages, etc.), intermediate-risk devices (such as intravenous drug infusion pumps), and high-risk devices that are critical to life and health support (e.g., pacemakers, deep-brain stimulators, etc.).

How can medical device analytics be used for medical device manufacturers?

Minimize vulnerabilities in the supply chain

Transparency of the supply process allows the manufacturer to track every batch of products on their way to end users. Radio Frequency Identification (RFID) technology helps manufacturers to monitor the movement of medical devices throughout the supply chain. The risk that a fake device will enter the supply chain is minimized. The technology operates thanks to RFID tags with information about the medical asset (e.g., the unique ID number).

Medical device analytics checks data from RFID tags. Based on these reports, the manufacturer can make changes to logistics and optimize the degree of employee participation in the supply process. 

Dmitry Baraishuk, an expert of the software development company Belitsoft with 19+ years of HealthTech expertise, says that with the help of supply chain analytics, it is also possible to identify and predict potential supply disruptions.

Confirm the safety and quality of devices for the patient

A medical device manufacturer conducts a series of preclinical and clinical trials, and, if necessary, post-market clinical follow-up (PMCF), to ensure its product is firmly established in the competitive medical device market. Medical device analytics can use data obtained from research to generate reports on the level of quality, safety, and effectiveness of a medical device for patients. Also, medical device analytics is a beneficial solution for healthcare businesses due to its predictive function. Based on the data obtained, it predicts likely quality issues. The manufacturer can act before quality issues cause additional costs.

Improve inventory management

With medical device analytics, a manufacturer can determine the inventory-to-purchase ratio, stock turns, slow-moving stock, and gross margin return on investment (GMROI) by product, product group, location, manufacturer, etc. Analytics shows how much stock of the product the medical manufacturer currently has and filters them by specific criteria to get even more detailed information. The medical device market can be influenced by seasonal changes and uneven demand, so up-to-date medical device analytics can be helpful for manufacturers to minimize understock, deadstock, and overstock.

How can medical device analytics be used for healthcare service providers?

Medical device analytics in healthcare services involves a large amount of data. Analytics detects trends and patterns in data obtained from medical devices. Based on this data, healthcare company analysts can make informed decisions to improve patient care and effectively manage healthcare assets and reserves.

Medical device analytics in the context of patient care and assets management is “shoulder-to-shoulder” with Internet of Medical Things (IoMT) analytics. IoMT is part of the Internet of Things (IoT) group. IoT is a network of physical devices, with actuators and sensors, soft, and network connectivity. Via these characteristics, these devices can gather and transmit data, and execute the commands that users have given them.

Patient care

Medication intake monitoring

One type of medical device is a medication delivery unit (MDU), which a medical specialist monitors and controls. MDUs “dispense” medications to patients according to the dosage and frequency prescribed by the physician. MDUs keep logs and act as electronic medication administration records (eMARs).

How can analytics help?

Analytics collects data from the MDU and highlights to the doctor how diligently the patient adheres to the treatment strategy. Based on this data, the doctor, through remote access facilities, can adjust both the dosage of the drug and the treatment strategy.

Remote health monitoring

Another medical device for remote monitoring is wearable biosensors or connected medical devices. Medical staff can remotely check vitals (glucose levels, blood pressure, heart rate, etc.) using medical staff apps.

How can analytics help?

Vitals data is available for medical device analytics 24/7. If the medical specialist checks the report and sees that the patient has signs that their health has deteriorated (the heart rhythm is often erratic, the glucose level has been elevated for a long time, etc.), they offer the patient an in-person visit. 

Healthcare assets and reserves management

Medical assets tracking

The RFID technology mentioned above helps medical device manufacturers track the “destiny” of their products and is useful for healthcare providers so that they can effectively manage their medical assets. Medical equipment has RFID tags that can withstand even high sterilization temperatures. Healthcare providers can track a medical device through a mobile and web app from initial use to sterilization and reuse.

How can analytics help?

Via info collection and analysis tools, medical device analytics shows the provider data about devices that a healthcare facility has in stock, data about potentially stolen or lost devices, and data about devices being repaired while inspection is. The provider can quickly replace a lost or stolen device to avoid downtime.

Strategic reserves planning

In this case, medical device analytics and big data analytics work together for the healthcare provider. The predictive function of big data analytics collects and analyzes data in real time to predict a seasonal outbreak of diseases in a locality. The healthcare provider may not wait for the epidemiological situation to worsen. A good solution is to request an up-to-date report from medical device analytics on whether the healthcare facility is sufficiently stocked with the necessary medical devices during a seasonal outbreak. For example, analytics can provide data on the readiness of respiratory equipment: whether the healthcare facility has enough oxygen cylinders and pulse oximeters, as well as how many active patient monitors and ventilators it has.

How can analytics help?

Medical device analytics checks historical data from past epidemiological situations and highlights areas of “weak spots”. In addition, based on current data, it can prepare a report on how staffed a healthcare facility is and whether it is ready to cope with the seasonal influx of patients.

In Conclusion

Medical device analytics is a win-win tool for manufacturers and healthcare providers. Modern analytics solutions that companies implement into their business make it possible to increase their efficiency, competently manage assets and stock, and promptly detect quality issues of medical devices.