AI technologies are transforming the medical device sector, with recent patents showcasing advancements in AI-based image analysis for enhanced accuracy in diagnosis and treatment. These innovations span cancer detection, tissue assessment, anatomical measurement, and surgical planning, promising improved patient outcomes and streamlined healthcare processes. The impact of AI extends beyond the medical device sector, influencing various industries. GlobalData’s artificial intelligence 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 AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of artificial intelligence in medical device industry
Medical companies are leveraging the latest patents in artificial intelligence to innovate and improve their businesses. Yonsei University has developed a system for constructing a hyperkalemia prediction algorithm using electrocardiogram data, while Koninklijke Philips NV has created a method to predict interpretation time for cardiac image examinations. The Chinese University of Hong Kong's system corrects batch effects in biological images, enhancing cellular information. NEC Corp's device estimates a patient's recovery level based on eye movement features, and Medtronic Plc's method enhances object measurement in minimally invasive robotic surgery. These technologies showcase the potential of AI in revolutionizing healthcare by improving prediction accuracy, reducing interpretation time, correcting image distortions, and enhancing surgical procedures, ultimately benefiting patients and healthcare providers.
The industry experienced a 19% decline in the number of AI-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the medical device industry witnessed a drop of 0.45% compared with Q1 2023.
Strategic deal trends in artificial intelligence 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 AI. 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 AI in the medical device industry.
In Q1 2024, the number of AI-related deals in the medical device industry grew by 22% compared with Q1 2023. On a quarterly basis, there was 10% increase in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the medical device industry experienced a 34% growth compared with the previous quarter. On an annual basis, job postings also grew by 7%. Notably, computer and mathematical occupations, with a share of 21%, emerged as the top AI-related job roles within the medical device industry in Q1 2024, with new job postings rising by 15% quarter-on-quarter. Management occupations came in second with a share of 17% in Q1 2024, with new job postings rising by 21% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 9% share in Q1 2024, and business and financial operations occupations with a 5% share of new job postings.
Align Technology, Medtronic, Danaher, ResMed, and Intuitive Surgical are among the top companies leading in AI hiring within the medical device industry.
Countries driving adoption of artificial intelligence in medical device industry
The US is the leading country in AI adoption within the medical device industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, China, the UK, Japan and South Korea also maintain significant positions in AI adoption within the medical device industry.
AI is revolutionizing the medical device industry through innovative patents, strategic deals, and increased job postings, despite a slight decline in patent applications. Leading companies like Align Technology and Medtronic are driving AI adoption, with the US taking the lead.
To further understand GlobalData's analysis on artificial intelligence 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.
