Guest post by LiveWorx sponsor Glassbeam, Pramod Sridharamurthy

Over 60% of the medical equipment in North America (NA) is connected to the internet. By 2020, NA alone will contribute over $208 billion in medical device growth. Here’s the opportunity: By embracing connected support analytics, a huge potential for improving business outcomes exists. There’s $125 billion worth of connected equipment out there to make a positive, rapid impact on the business. A very attractive prospect!

Brace Yourself: Birth of a New Medical Device Manufacturing Lifecycle

The era of rigging up a medical device, selling it to a hospital, and cutting the cord at the dealer is now over. OEMs are embracing deep learning technology to gather data throughout a product’s lifecycle. And they are going a step further. Having a digital avatar of the devices combined with connectivity is enabling OEMs to interact with their equipment long after deploying it in the field. Look at those avatars as digital shelves of every variation in models and features across product lines. The avatars can be used to monitor the impact of operational wear and tear on a device’s components. And, here’s the really juicy part, OEMs can simulate failures before they occur. On the other hand, executives can track behavior and usage patterns to trigger improved future product versions and features.

Glassbeam In Post

Through the Looking Glass: Service Contracts in 2020

Where do you start to create those digital avatars of a medical device? All medical devices generate vast amounts of operational and procedural log data. Combining deep learning with log analytics, OEMs are extracting diagnostic data and matching it against the feature set and model variation to determine if maintenance is required. In other instances, whether a remote firmware upgrade can improve performance based on a feature set of a particular device model or modality.

Although this technology is at its infancy, medical device dealers by 2020 will exploit the connected environment to create smarter support products and services. With a connected support framework and as OEMs remain in contact throughout the lifecycle; provide an ideal environment for a stronger feedback loop. OEMs can map performance under a variety of conditions and have that loop back into their design cycles, resulting in superior prototypes and better evolved equipment design.

Watch Out for These Waves in Future Service Contracts

  • 50% reduction in parts replacement resulting in millions of savings per year
  • 80% Mean Time to Resolution (MTTR)
  • $2,000 reduction in service costs per machine repaired remotely

The end game is that the OEMs want a true picture for every product out there based on the type, model, and feature variation among modalities. If an MRI’s helium levels are abnormally low or need replacement or there is some diagnostic information coming back from the device, they want that level of detail. Want to see this in action? Meet with Glassbeam at LiveWorx 2018!

For more information on the latest technology developments in the Healthcare and Medical Device industry, register for LiveWorx 2018, June 17-20 in Boston!