**Introduction:** The Internet of Things (IoT) is revolutionizing the medical device industry, with companies developing cutting-edge technologies like smart glasses for health monitoring, wearable neurostimulators, and biosensors for vital sign tracking. These innovations enhance patient care and operational efficiency, while strategic investments and a focus on IoT-related hiring are driving the industry’s growth and competitive edge. The impact of IoT extends beyond the medical device sector, influencing various industries. GlobalData’s Internet of Things market report provides comprehensive analysis of the IoT market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the medical device industry regarding IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of Internet of Things in medical device industry
Medical companies are leveraging innovative Internet of Things (IoT) technologies to enhance patient care and operational efficiency. Recent patents highlight advancements such as smart glasses for accurate health notifications, wearable neurostimulators for targeted electrical stimulation, and biosensors that monitor vital signs like blood pressure. Additionally, intelligent dropout prediction systems in remote patient monitoring aim to reduce patient disengagement by identifying and addressing dropout risks. These technologies not only improve health outcomes but also streamline processes, ultimately leading to cost savings and enhanced patient experiences. By integrating these IoT applications, companies can significantly advance their healthcare solutions and maintain a competitive edge in the medical field.
The industry experienced a 22% decline in the number of IoT-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the medical device industry witnessed a drop of 11% compared with Q2 2023.
Strategic deal trends in Internet of Things 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 IoT. 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 IoT in the medical device industry.
In Q2 2024, the number of IoT-related deals in the medical device industry grew by 3% compared with Q2 2023. On a quarterly basis, there was 27% 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 8% drop compared with the previous quarter. On an annual basis, job postings also declined by 0.2%. Notably, Computer and Mathematical Occupations, with a share of 16%, emerged as the top IoT-related job roles within the medical device industry in Q2 2024, with new job postings drop by 16% quarter-on-quarter. Management Occupations came in second with a share of 14% in Q2 2024, with new job postings rising by 32% over the previous quarter. The other prominent IoT roles include Healthcare Support Occupations with an 11% share in Q2 2024, and Architecture and Engineering Occupations with a 8% share of new job postings.
ResMed, ConnectedHealth, Fresenius SE & Co, Zoll Medical, and Abbott Laboratories are among the top companies leading in IoT hiring within the medical device industry.
Countries driving adoption of Internet of Things in medical device industry
The US is the leading country in IoT adoption within the medical device industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, Australia, the UK, China and Canada also maintain significant positions in IoT adoption within the medical device industry.
Despite a decline in IoT-related patent applications and job postings, the number of IoT-related deals in the medical device industry has seen notable growth. The US remains the leading adopter of IoT technologies, with significant advancements and investments being made in this region, positioning it at the forefront of the industry.
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