Artificial Intelligence (AI) is propelling the field of medical device industry with cutting-edge technologies, from enhancing object detection in medical scans to optimizing energy consumption; recent patents underscore significant advancements. Additionally, strategic investments, alongside fluctuations in job postings and deal trends, play pivotal roles in shaping the industry’s trajectory. In addition to medical device industry, the growing application of Artificial Intelligence will prove to have a transformative impact across multiple sectors. GlobalData’s Artificial Intelligence market report helps keep abreast of the latest trends in artificial intelligence, market opportunity forecast and the competitive landscape. 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 specializing in Artificial Intelligence (AI) are leveraging cutting-edge technologies to revolutionize their operations. Shanghai United Imaging Healthcare Co Ltd has patented a system employing artificial neural networks to automatically detect and enhance objects in medical scan images, vastly improving diagnostic precision. Medtronic Plc's patent focuses on optimizing energy consumption for medical device connectivity, enhancing efficiency in healthcare settings. Lantheus Holdings Inc introduces a secure cloud-based platform for uploading and processing medical images, ensuring patient privacy through sensitive data filtering. Huma Therapeutics Ltd pioneers a monitoring system employing portable sensor devices and AI analysis to remotely assess user wellbeing, offering a transformative approach to healthcare. Lastly, PhysCade Inc's patented system provides a comprehensive method for diagnosing and treating biological rhythm disorders, significantly advancing treatment efficacy. These innovations collectively represent a significant leap forward in AI-powered healthcare solutions.
Overall, these patents highlight the advancements in AI technologies and applications in the medical field. The acquirers of these patents will benefit from improved object detection and enhancement in medical scan images, reduced energy consumption in medical device connectivity, secure cloud-based medical image upload and processing, remote monitoring of user wellbeing, and efficient diagnosis and treatment of biological rhythm disorders. These technologies have the potential to enhance medical practices, improve patient care, and drive innovation in the healthcare industry.
The industry experienced a 10% decline in the number of AI-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the medical device industry witnessed a rise of 34% compared with Q2 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 Q2 2023, the number of AI-related deals in the medical device industry declined by 26% compared with Q2 2022. On a quarterly basis, there was 13% drop in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the medical device industry experienced a 7% drop compared with the previous quarter. On an annual basis, job postings also declined by 21%. Notably, computer and mathematical occupations, with a share of 25%, emerged as the top AI-related job roles within the medical device industry in Q2 2023, with new job postings drop by 5% quarter-on-quarter. Management occupations came in second with a share of 16% in Q2 2023, with new job postings dropping by 7% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 9% share in Q2 2023, and business and financial operations occupations with a 5% share of new job postings.
Align Technology, ResMed, Medtronic, Stryker, and Dentsply Sirona 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 Canada also maintain significant positions in AI adoption within the medical device industry.
In summary, the medical device industry has seen significant annual growth in AI-related patent applications, despite a decline in quarterly numbers. Strategic deals have decreased, and job postings also experienced a quarterly drop with computer and mathematical occupations being the dominant AI job roles.
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