Big data technologies are transforming the medical device industry, driving innovations and improving healthcare outcomes. Recent patents from companies like Valencell Inc and Insitro Inc highlight advancements in real-time monitoring and data processing. Leading companies are experiencing significant growth in related jobs and strategic deals. The impact of big data extends beyond the medical device sector, influencing various industries. GlobalData’s data and analytics report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the medical device industry regarding big data. It provides an overview of recent developments in big data-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of big data in medical device industry
Medical companies are leveraging new big data technologies to innovate and improve their businesses. Recent patents reveal advancements in generating blood pressure estimations using real-time photoplethysmography data, autonomous cell imaging and modeling systems, optimizing messaging to service principals using machine learning, monitoring prescription drug data accuracy, and data processing in a trusted execution environment using smart contracts. These technologies offer benefits such as real-time monitoring, improved accuracy in data analysis, and efficient processing of sensitive information. Acquirers of these patents, such as Valencell Inc, Insitro Inc, Providence St. Joseph Health, Healthplan Data Solutions, Inc., and AVCHAIN Inc., stand to gain significant advantages in developing cutting-edge solutions for healthcare management, personalized medicine, and data security in the medical industry.
The industry experienced a 25% decline in the number of big data-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of big data-related patent applications in the medical device industry witnessed a rise of 10% compared with Q1 2023.
Strategic deal trends in big data 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 big data. 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 big data in the medical device industry.
In Q1 2024, the number of big data-related deals in the medical device industry grew by 22% compared with Q1 2023. On a quarterly basis, there was 15% drop 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 28% growth compared with the previous quarter. On an annual basis, job postings also declined by 17%. Notably, computer and mathematical occupations, with a share of 20%, emerged as the top big data-related job roles within the medical device industry in Q1 2024, with new job postings rising by 16% quarter-on-quarter. Management occupations came in second with a share of 14% in Q1 2024, with new job postings rising by 4% over the previous quarter. The other prominent big data roles include architecture and engineering occupations with a 14% share in Q1 2024, and business and financial operations occupations with a 7% share of new job postings.
Medtronic, Abbott Laboratories, Thermo Fisher Scientific, GE HealthCare Technologies, and Koninklijke Philips are among the top companies leading in big data hiring within the medical device industry.
Countries driving adoption of big data in medical device industry
The US is the leading country in big data adoption within the medical device industry, boasting the highest number of big data-related patents, jobs, and deals. Meanwhile, the UK, Switzerland, Singapore and China also maintain significant positions in big data adoption within the medical device industry.
In conclusion, leading companies are leveraging big data technologies to drive innovation in the medical device industry, enhancing real-time monitoring and data processing. This adoption is leading to significant growth in related jobs and strategic deals, ultimately improving healthcare outcomes.
To further understand GlobalData's analysis on big data 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.
