The medical device industry is witnessing a transformative integration of Artificial Intelligence (AI) technologies, evident in recent patents and strategic deals, shaping advancements in medical imaging, diagnosis, and treatment planning. Despite a temporary decline in AI-related patent applications and job postings, key players and top countries, including the US and China, continue to drive the adoption of AI, promising enhanced precision and efficiency in healthcare. The impact of AI extends beyond the medical device sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the AI 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 artificial intelligence technologies to innovate and improve their businesses in the field of healthcare. Recent patents reveal advancements in AI-based image analysis for lesion detection, heat damage risk assessment, medical indicator measurement, automatic segmentation of maxillofacial bone, and evaluation of surgical corridors in the skull. These technologies offer improved accuracy and efficiency in diagnosing and treating medical conditions, such as cancer detection, tissue damage assessment, anatomical structure measurement, and surgical planning. By acquiring these patents, the acquirer will benefit from cutting-edge AI applications that enhance medical imaging, diagnosis, and treatment planning, ultimately leading to better patient outcomes and streamlined healthcare processes.
The industry experienced a 32% decline in the number of AI-related patent applications in Q4 2023 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 0.69% compared with Q4 2022.
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 Q4 2023, the number of AI-related deals in the medical device industry declined by 28% compared with Q4 2022. On a quarterly basis, there was 7% increase in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the medical device industry experienced a 14% drop compared with the previous quarter. On an annual basis, job postings also declined by 25%. Notably, computer and mathematical occupations, with a share of 24%, emerged as the top AI-related job roles within the medical device industry in Q4 2023, with new job postings drop by 10% quarter-on-quarter. Management occupations came in second with a share of 19% in Q4 2023, with new job postings dropping by 6% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 9% share in Q4 2023, and business and financial operations occupations with a 5% share of new job postings.
Align Technology, Medtronic, Intuitive Surgical, Stryker, and Thermo Fisher Scientific 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, South Korea and Japan also maintain significant positions in AI adoption within the medical device industry.
In conclusion, the increasing integration of artificial intelligence in the medical device industry signifies a paradigm shift, with ongoing innovations poised to revolutionize diagnostics and treatment planning, while strategic investments and global leadership position key players at the forefront of this transformative journey.
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