The US medical device market at $127Bn in 2013 still dominates the world market.
As device company executives, investors, and financial firms evaluate and analyze opportunities, understanding the complexities of FDA regulations relative to innovative science and technology applied to medical device technology has never been more complex and dynamic. This is made even more complex with the inclusion of public and private payers and their reimbursement processes.
Yet the tools with which to conduct this analysis are limited and at best archaic. Custom market analysis reports generated by subject matter experts lay out the potential market opportunities, risks, profile of products, licenses and competitive environment. Unfortunately, these reports can take up to 12 weeks to develop, and reports developed by many research firms lag regulations changes by weeks and at times by months. The result: expensive and out of date reports. Executives and analysts dependent on manual research firm reports experience the equivalent of waiting for the morning paper to hear about yesterday's news.
Contrast this to the "Big Data" approach that sifts through tremendous amounts of data, applies smart analytics and delivers data to decision makers in close to "real time." Many other industries have transformed to leverage real-time data, and even hospital systems are transforming with the stimulus from the HITECH ACT.
The healthcare and medical device market analysis industry is the next industry in desperate need of this transformation. Internet technology and lower costs of data transmission revolutionized news from newspaper reporters and journalists controlling the news to enabling citizens and organizations to both create the news and read the news real-time: from Tahrir Square to the re-righting of the Costa Concordia. Similarly, the technology to support large volumes of data and smart analytics will enable the data to quickly be in the hands of those who need it - the right data in real-time to make intelligent decisions.
-- Vizma Carver, Founder and CEO, Carver Global Health Group