The medical device industry is advancing through innovative Remote Patient Monitoring (RPM) technologies that enhance patient care and operational efficiency. Recent patents showcase AI-driven systems for real-time treatment adjustments, sensor technologies for improved maintenance, and secure communication methods for implantable devices. These developments are driving strategic deals and influencing job trends, reflecting a commitment to optimizing patient outcomes and operational processes in RPM. GlobalData’s remote patient monitoring 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 RPM. It provides an overview of recent developments in RPM-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of remote patient monitoring in medical device industry
Medical companies are leveraging innovative remote patient monitoring (RPM) technologies to enhance patient care and operational efficiency. Recent patents highlight advancements such as AI-driven systems for monitoring user characteristics during telemedicine sessions, enabling real-time treatment adjustments. Masimo Corp's sensor technology tracks the lifespan of physiological sensors, ensuring timely replacements and reducing downtime. POLTORAK TECHNOLOGIES LLC has developed secure communication methods for implantable devices, enhancing data privacy. Additionally, Battelle Memorial Institute's passive sensors detect complications like extravasation without the need for power sources. These innovations collectively improve patient outcomes, streamline monitoring processes, and bolster data security, positioning these companies at the forefront of RPM advancements.
The industry experienced an 8% decline in the number of RPM-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of RPM-related patent applications in the medical device industry witnessed a drop of 7% compared with Q2 2023.
Strategic deal trends in remote patient monitoring 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 RPM. 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 RPM in the medical device industry.
In Q2 2024, the number of RPM-related deals in the medical device industry grew by 4% compared with Q2 2023. On a quarterly basis, there was 100% 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 35% drop compared with the previous quarter. On an annual basis, job postings also declined by 26%. Notably, computer and mathematical occupations, with a share of 27%, emerged as the top RPM-related job roles within the medical device industry in Q2 2024, with new job postings rising by 25% quarter-on-quarter. Management occupations came in second with a share of 27% in Q2 2024, with new job postings dropping by 27% over the previous quarter. The other prominent RPM roles include architecture and engineering occupations with a 6% share in Q2 2024, and sales and related occupations with a 6% share of new job postings.
Shenzhen Mindray Bio-Medical Electronics, Koninklijke Philips, GE HealthCare Technologies, Medtronic, and Baxter International are among the top companies leading in RPM hiring within the medical device industry.
Countries driving adoption of remote patient monitoring in medical device industry
The US is the leading country in RPM adoption within the medical device industry, boasting the highest number of RPM-related patents, jobs, and deals. Meanwhile, the UK, Australia, China and Canada also maintain significant positions in RPM adoption within the medical device industry.
In conclusion, despite recent fluctuations in patent applications and job postings, strategic investments and innovations in RPM continue to advance the medical device industry. These efforts underscore the sector's dedication to improving patient care and operational efficiency.
To further understand GlobalData's analysis on remote patient monitoring 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.
