The medical device industry is making significant strides in precision and personalized medicine through groundbreaking technologies and innovations. Recent patents showcase advancements such as personalized machine learning models, targeted cancer treatments, and advanced phototherapy devices that refine patient care. These developments not only enhance treatment efficacy but also push the boundaries of individualized healthcare. GlobalData’s precision and personalized medicine 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 precision and personalized medicine. It provides an overview of recent developments in precision and personalized medicine-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of precision and personalized medicine in medical device industry
Medical companies are advancing Precision and Personalized Medicine through innovative patent technologies that enhance patient care and treatment efficacy. ALIO, INC's patent focuses on personalized machine learning models that utilize biosensing data to generate tailored health predictions, improving patient monitoring and outcomes. H. Lee Moffitt Cancer Center's multiomic approach targets gene regulatory networks in multiple myeloma, optimizing treatment regimens to combat drug resistance. Accure Acne Inc. and STRATA Skin Sciences Inc. are developing advanced phototherapy devices that ensure precise dosing for skin conditions, promoting effective remission. GE HealthCare Technologies Inc. is enhancing theranostics by integrating PET and SPECT imaging, enabling better treatment planning. These innovations collectively empower healthcare providers to deliver more effective, individualized therapies.
The industry experienced a 59% decline in the number of precision and personalized medicine-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of precision and personalized medicine-related patent applications in the medical device industry witnessed a drop of 17% compared with Q2 2023.
Strategic deal trends in precision and personalized medicine 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 precision and personalized medicine. 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 precision and personalized medicine in the medical device industry.
In Q2 2024, the number of precision and personalized medicine-related deals in the medical device industry declined by 24% compared with Q2 2023. On a quarterly basis, there was 46% 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 0.85% growth compared with the previous quarter. On an annual basis, job postings also grew by 28%. Notably, management occupations, with a share of 23%, emerged as the top precision and personalized medicine-related job roles within the medical device industry in Q2 2024, with new job postings rising by 9% quarter-on-quarter. Life, physical, and social science occupations came in second with a share of 14% in Q2 2024, with new job postings rising by 8% over the previous quarter. The other prominent precision and personalized medicine roles include healthcare practitioners and technical occupations with an 11% share in Q2 2024, and sales and related occupations with a 11% share of new job postings.
Precision Medicine Group, Guardant Health, Option Care Enterprises, Thermo Fisher Scientific, and Danaher are among the top companies leading in precision and personalized medicine hiring within the medical device industry.
Countries driving adoption of precision and personalized medicine in medical device industry
The US is the leading country in precision and personalized medicine adoption within the medical device industry, boasting the highest number of precision and personalized medicine-related patents, jobs, and deals. Meanwhile, Australia, Canada, the Netherlands and China also maintain significant positions in precision and personalized medicine adoption within the medical device industry.
In conclusion, despite a recent decline in patent applications, strategic investments and increasing job postings in precision and personalized medicine reflect the industry's ongoing commitment to tailored healthcare solutions. These efforts are crucial for advancing personalized therapies and improving patient outcomes.
To further understand GlobalData's analysis on precision and personalized medicine 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.
