Medical companies are adopting advanced digitalization technologies to enhance patient care and operational efficiency, driving innovations like AI-driven chronic pain management platforms and smart health notifications. These advancements are fueling new patents, influencing strategic deals, and expanding job opportunities, positioning companies at the forefront of industry advancements. The impact of digitalization extends beyond the medical device sector, influencing various industries. GlobalData’s digitalization market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the medical device industry regarding digitalization. It provides an overview of recent developments in digitalization-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of digitalization in medical device industry
Medical companies are harnessing advanced digitalization technologies to enhance patient care and operational efficiency. Recent patents reveal innovative applications such as a chronic pain management platform that integrates AI and cloud computing for personalized patient monitoring and risk assessment. Additionally, a method for generating metabolic digital twins supports clinical decision-making by analyzing complex metabolic data. Other advancements include smart glasses equipped with sensors for real-time health notifications, and a system for improving MRI data accuracy through computational techniques. These technologies not only streamline healthcare processes but also empower patients with better self-management tools, ultimately leading to improved health outcomes and more efficient healthcare delivery.
The industry experienced a 15% decline in the number of digitalization-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the medical device industry witnessed a rise of 0.25% compared with Q2 2023.
Strategic deal trends in digitalization in medical device industry
Medical Device companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in digitalization. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of digitalization in the medical device industry.
In Q2 2024, the number of digitalization-related deals in the medical device industry grew by 47% compared with Q2 2023. On a quarterly basis, there was 26% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the medical device industry experienced a 1% drop compared with the previous quarter. On an annual basis, job postings also declined by 5%. Notably, management occupations, with a share of 19%, emerged as the top digitalization-related job roles within the medical device industry in Q2 2024, with new job postings drop by 8% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 13% in Q2 2024, with new job postings rising by 7% over the previous quarter. The other prominent digitalization roles include architecture and engineering occupations with a 7% share in Q2 2024, and business and financial operations occupations with a 7% share of new job postings.
GE HealthCare Technologies, Align Technology, Thermo Fisher Scientific, CIOX Health, and Envista are among the top companies leading in digitalization hiring within the medical device industry.
Countries driving adoption of digitalization in medical device industry
The US is the leading country in digitalization adoption within the medical device industry, boasting the highest number of digitalization-related patents, jobs, and deals. Meanwhile, China, the UK, Australia and Japan also maintain significant positions in digitalization adoption within the medical device industry.
In conclusion, the ongoing digitalization in the medical device industry is driving significant advancements in both technology and patient care. As companies continue to innovate, they are securing strategic deals and creating new job opportunities, shaping the future of healthcare.
To further understand GlobalData's analysis on digitalization in the medical device industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
