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Frugal Medical Devices Innovations in Emerging Economies Democratizing Healthcare

  • Report

  • 55 Pages
  • June 2020
  • Region: Global
  • Frost & Sullivan
  • ID: 5125658

Leveraging Growth Opportunities in Emerging Economies Spurred by Affordable and Accessible Medical Device Innovations

According to the World Health Organization, at least half of the world’s population do not have access to essential health services due to the high healthcare costs. Frugal medical device innovations can improve the healthcare accessibility and quality of care to the people, especially those at lower socioeconomic status. This research service (RS) explains the role of frugal medical device innovations in democratizing healthcare by increasing the availability, accessibility, and quality of care at low cost. The research details the value propositions of the frugal medical devices to the patients, healthcare system, hospitals, clinics, and medical professionals. The opportunities and challenges of frugal innovations are also explored in detail. The RS also covers some of the revolutionary frugal innovations in various segments of medical devices. It also presents the various growth opportunities for the frugally innovating local and global companies. The report also provides strategic recommendations to the local and global firms to capitalize on the opportunities and build a sustainable market in these countries. In addition to the above, this research service also offers insights into the intellectual property landscape and the key patents in the last five years.

Table of Contents

1.0 Executive Summary
1.1 Scope of Research
1.2 Research Methodology
1.3 Publisher Perspective - Frugal Medical Devices Improve Quality of Life of Patients in the Emerging Economies

2.0 Technology Snapshot
2.1 Frugal Medical Device Innovations and Their Importance in Emerging Economies
2.2 Value Propositions Offered by Frugal Innovations in Emerging Economies
2.3 Opportunities and Challenges of Frugal Innovations
2.4 Technology Segmentation: Medical Devices Can Be Broadly Categorized Based On Its Purpose

3.0 Frugal Medical Devices-Industry Overview and Trends Assessment
3.1 Impact Mapping of Growth Drivers of the Frugal Medical Devices Industry
3.2 National Self-sufficiency Measures Post-COVID-19 Will Drive Frugal Medical Device Innovations
3.3 Innovations in Sensor technology, AI, and Tele-health Services
3.4 Impact Mapping of Growth Challenges of the Frugal Medical Devices Industry
3.5 Difficulty to Scale is a Major Challenge of the Industry
3.6 The Entire Innovation Process of a Firm Needs Optimization to Achieve Sustainable Low-cost Products
3.7 Adoption of Frugal Innovations in the Emerging Economies is High
3.8 Current Status of the Frugal Innovation Drivers in the Developed and Emerging Economies Differ

4.0 Technology Profiles
4.1.1 Smartphone-based Non-Mydriatic Fundus Camera
4.1.2 Point of Care Diagnostic Test Kits Improve Affordability and Accessibility of Healthcare
4.1.3 Diagnostic Test Kits Aiding Mass Screening in Emerging Economies During COVID-19 Pandemic
4.2 Technology Segment – Frugal Therapeutic Medical Devices
4.2.1 Low-cost, Portable Infant Warmer for Pre-mature Babies
4.2.2 Affordable Therapeutic Medical Devices Improve the Quality of Life of Patients
4.3 Technology Segment – Frugal Medical Imaging Devices
4.3.1 Affordable, Portable, and Easy-to-use Medical Imaging Devices Can Enhance Availability and Accessibility of Healthcare
4.3.2 Local Manufacturing of Medical Devices Can Reduce the Cost
4.4 Technology Segment – Frugal Surgical Devices
4.4.1 Affordable Surgical Devices and Implants Improve the Quality of Life of Rural Communities
4.4.2 3D-printing Technology and Recycling Plastic Waste Reduces the Cost of Prosthetics
4.4.3 Affordable Surgical Devices, Equipment, and Robots

5.0 Growth Opportunities in the Frugal Medical Devices Industry
5.1 Scenario in the Emerging Economies is Favorable for Frugal Medical Device Innovations
5.2 India, the Hub of Frugal Engineering, Producing Devices with High Global Market Potential
5.3 COVID-19, a Growth Opportunity for the Frugal Medical Devices Industry
5.4 Growth Opportunities for Frugally Innovating Western Firms in Emerging Economies
5.5 Growth Opportunities for Frugally Innovating Local Companies in Emerging and Developed Economies
5.6 Growth Opportunities in the Major Frugal Medical Device Segments
5.7 Partnerships and Investments on the Local Medical Devices of the Emerging Economies will be Beneficial
5.8 Key Conclusions and Strategic Recommendations

6.0 Intellectual Property Landscape of Frugal Medical Devices
6.1 IP Activity Indicates High Interest in Frugal Medical Device Innovations
6.2 Key Patents to Check

7.0 Key Industry Participants
7.1 Database of Key Industry Participants

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