Frugal Medical Devices Innovations in Emerging Economies Democratizing Healthcare

Frugal Medical Devices Innovations in Emerging Economies Democratizing Healthcare

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

RELEASE DATE
29-Jun-2020
REGION
Global
Deliverable Type
Technology Research
Research Code: D992-01-00-00-00
SKU: HC03313-GL-TR_24545
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Description

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 socio-economic 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 the opportunities and build a sustainable market in these countries. In addition to the above, this research service also offers insights on the intellectual property landscape and the key patents in the last five years.

Table of Contents

1.1 Scope of Research

1.2 Research Methodology

1.2 Research Methodology (continued)

1.3 Frost & Sullivan Perspective — Frugal Medical Devices Improve Quality of Life of Patients in the Emerging Economies

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

3.1 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

4.1.1 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

4.2.1 Low-cost, Portable Infant Warmer for Pre-mature Babies

4.2.2 Affordable Therapeutic Medical Devices Improve the Quality of Life of Patients

4.3.1 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

4.4.1 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

5.1 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

6.1 IP Activity Indicates High Interest in Frugal Medical Device Innovations

6.2 Key Patents to Check

6.2 Key Patents to Check (continued)

6.2 Key Patents to Check (continued)

7.1 Database of Key Industry Participants

7.1 Database of Key Industry Participants (continued)

Legal Disclaimer

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 socio-economic 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 the opportunities and build a sustainable market in these countries. In addition to the above, this research service also offers insights on the intellectual property landscape and the key patents in the last five years.--BEGIN PROMO--

According to WHO, at least half of the world’s population cannot access even the most essential health services due to high healthcare costs. Almost 75% of medical devices in the emerging economies are imported, but experience limited market penetration, especially in the rural and remote regions of the country, as they are not affordable and not adapted for low-resource settings. Frugal medical device innovations increases the availability and accessibility of quality healthcare. Frugal innovations can be low-cost substitutes for expensive Western medical devices, redesigned medical devices to suit resource-constrained customers, or novel devices for new diagnostic and therapeutic applications in rural or other resource-limited settings. The report discusses various growth opportunities and strategic recommendations for the frugally innovating local and global companies to build a sustainable market in the emerging economies.

More Information
Deliverable Type Technology Research
No Index No
Podcast No
Author Sneha Maria Mariawilliam
Industries Healthcare
WIP Number D992-01-00-00-00
Is Prebook No