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March 3, 2022

Filings buzz in the medical devices industry: 35% increase in the future of work mentions in Q3 of 2021

In total, the frequency of sentences related to the future of work between October 2020 and September 2021 was 136% higher than in 2016.

By Data Journalism Team

Mentions of the future of work within the filings of companies in the medical devices industry rose 35% between the second and third quarters of 2021.

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In total, the frequency of sentences related to the future of work between October 2020 and September 2021 was 136% higher than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.

When companies in the medical devices industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. The future of work is one of these topics: companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.

To assess whether the future of work is featuring more in the summaries and strategies of companies in the medical devices industry, two measures were calculated. Firstly, we looked at the percentage of companies which have mentioned the future of work at least once in filings during the past twelve months: this was 68% compared to 40% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to the future of work.

Of the 50 biggest employers in the medical devices industry, Align Technology Inc was the company which referred to the future of work the most between October 2020 and September 2021. GlobalData identified 46 future of work-related sentences in the United States-based company's filings: 0.7% of all sentences. Avantor Inc mentioned the future of work the second most - the issue was referred to in 0.4% of sentences in the company's filings. Other top employers with high future of work mentions included Demant A/S, Agilent Technologies Inc and PerkinElmer Inc.

Across all companies in the medical devices industry the filing published in the third quarter of 2021 which exhibited the greatest focus on the future of work came from Becton Dickinson and Co. Of the document's 1,398 sentences, eight (0.6%) referred to the future of work.

This analysis provides an approximate indication of which companies are focusing on the future of work and how important the issue is considered within the medical devices industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning the future of work more regularly is not necessarily proof that it is utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into the future of work have been successes or failures.

In the last quarter, companies in the medical devices industry based in the United States were most likely to mention the future of work with 0.12% of sentences in company filings referring to the issue. In contrast, companies with their headquarters in Asia mentioned the future of work in just 0.03% of sentences.

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Medical Device Industry Landscape In Asia-Pacific

GlobalData's APAC Medical Devices Industry Landscape – 2022 free study breaks down the APAC medical devices market by segment and region and includes insights on local and global competitors, pipeline product developments, clinical trials studies, and significant deals in the industry. The APAC medical device industry witnessed significant developments, launches, implementations, and adoption of new medical device technologies in the past decade, however the high cost of devices, regulatory hurdles, reimbursement pressure, and healthcare budget constraints have challenged market expansion across various territories and segments. APAC is the fastest growing regional market for medical device clinical trials, with China and Japan emerging as major clinical trial hotspots. The growth in medical device clinical trials in the APAC region is attributed to an increase in research partnerships between biopharma companies and clinical research organizations (CROs). This report also provides an in-depth analysis of the medical device market's opportunities and challenges, the influence of COVID-19 on the market, and government activities aimed to develop the APAC medical device market.
by GlobalData
Enter your details here to receive your free Report.

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