Artificial intelligence (AI) is transforming the medical device industry, driving innovation in diagnostics, personalized care, and operational efficiency. Companies like GE HealthCare, ROM Technologies, and Fujifilm are leading advancements with AI-powered imaging, telemedicine, and surgical assistance technologies. These innovations, along with strategic investments and rising AI-related job roles, are positioning the industry for significant improvements in healthcare delivery and patient outcomes globally. The impact of AI extends beyond the medical device sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the medical device industry regarding AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of artificial intelligence in medical device industry
Medical companies are increasingly leveraging artificial intelligence (AI) technologies to enhance their operations and patient care. Recent patents highlight innovative applications, such as GE HealthCare's method for efficient medical image retrieval, which improves diagnostic accuracy by integrating high-resolution and contextual data. ROM Technologies has developed an AI system to monitor user characteristics during telemedicine sessions, enabling personalized treatment adjustments. SKILLED SKIN's procedure for ulcer management utilizes AI for tissue analysis and clinical decision support, while NEC Corp's surgery assistance technology enhances endoscopic procedures by accurately identifying target areas. Fujifilm's radiation device incorporates AI for operational efficiency, ensuring optimal patient safety. These advancements position these companies to improve healthcare delivery and patient outcomes significantly.
The industry experienced a 20% decline in the number of AI-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the medical device industry witnessed a rise of 8% compared with Q2 2023.
Strategic deal trends in artificial intelligence 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 AI. 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 AI in the medical device industry.
In Q2 2024, the number of AI-related deals in the medical device industry grew by 8% compared with Q2 2023. On a quarterly basis, there was 11% drop 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 6% drop compared with the previous quarter. On an annual basis, job postings also grew by 10%. Notably, computer and mathematical occupations, with a share of 24%, emerged as the top AI-related job roles within the medical device industry in Q2 2024, with new job postings rising by 3% quarter-on-quarter. Management occupations came in second with a share of 17% in Q2 2024, with new job postings dropping by 3% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 10% share in Q2 2024, and business and financial operations occupations with a 5% share of new job postings.
Align Technology, Medtronic, Thermo Fisher Scientific, Danaher, and GE HealthCare Technologies are among the top companies leading in AI hiring within the medical device industry.
Countries driving adoption of artificial intelligence in medical device industry
The US is the leading country in AI adoption within the medical device industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, China, Japan, Canada and Australia also maintain significant positions in AI adoption within the medical device industry.
In conclusion, AI is revolutionizing the medical device industry, driving innovation, strategic investments, and job growth, particularly in the US. This trend is poised to significantly enhance global healthcare delivery and outcomes.
To further understand GlobalData's analysis on artificial intelligence in the medical device industry, buy the report here.
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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.
