The global medical industry experienced a 42% decline in the number of internet of things-related patent applications in Q2 2023 compared with the previous quarter. The total number of internet of things-related grants dropped by 30% in Q2 2023, according to GlobalData’s Patent Analytics. The growing application of Internet of Things will prove to have a transformative impact on the medical devices sector. GlobalData’s Internet of Things (IoT) Market report helps keep abreast of the latest trends in Internet of Things, market opportunity forecast and the competitive landscape. Buy the report here.
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Notably, the number of internet of things-related patent applications in the medical industry was 628 in Q2 2023, versus 1,087 in the prior quarter.
The top five companies accounted for 16% of patenting activity
Analysis of patenting activity by companies shows that DexCom filed the most internet of things patents within the medical industry in Q2 2023. The company filed 34 internet of things-related patents in the quarter, compared with 25 in the previous quarter. It was followed by Koninklijke Philips with 26 internet of things patent filings, Abbott Laboratories (20 filings), and Alphabet (11 filings) in Q2 2023.
Patenting activity was driven by the US with a 60% share of total patent filings
The largest share of internet of things related patent filings in the medical industry in Q2 2023 was in the US with 60%, followed by China (6%) and Japan (5%). The share represented by the US was 4% higher than the 57% share it accounted for in Q1 2023.
To further understand GlobalData's analysis on Internet of Things (IoT) Market Size, Share, Trends Analysis, and Segment Forecast 2021-2026 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’s Patent Analytics tracks patent filings and grants from official offices around the world. 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.
