Big data has revolutionized various industries, and the medical device sector is no exception. Companies in this domain are utilizing fresh technologies and applications to innovate and enhance their operations. Recent patent acquisitions signify the valuable tools and technologies available to medical companies, resulting in enhanced healthcare services and outcomes. Furthermore, strategic investments and employment trends in the medical device industry emphasize the significance of big data in propelling industry progress. GlobalData’s Data and Analytics Market report offers detailed forecasts, competitive insights, and evolving trends in large enterprise and MSME sectors, providing valuable insights in this dynamic landscape. Buy the report here.
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 in the field of big data are leveraging new technologies and applications to innovate and improve their businesses. These companies have recently acquired patents that will benefit them in terms of big data technologies and/or applications.
One patent titled "Data processing system with machine learning engine to provide output generating functions" allows for the identification and execution of interactive condition evaluation tests to generate an output. This system collects data from sensors and processes it using machine learning datasets to generate an output.
Another patent titled "Machine-learning driven data analysis and healthcare recommendations" focuses on analyzing query parameters and digital healthcare service provider information to predict and recommend digital healthcare service providers to users.
An intraoral image processing apparatus and method patent enables the segmentation and adjustment of teeth images obtained through scanning, allowing for improved dental imaging.
Additionally, a patent related to medical imaging and efficient sharing of medical imaging information allows for the identification of structures in MRI flow data and the generation of patient-specific 4-D flow protocols. This patent also provides a protected health information service for de-identifying medical study data and allowing medical providers to control PHI data.
Lastly, a patent titled "Determining a therapy efficacy" provides a method for determining the efficacy of a therapeutic agent by measuring the molecular structure of biological tissue over time and observing changes in the structure.
Overall, these patents provide medical companies with valuable tools and technologies to enhance their big data capabilities, leading to improved healthcare services and outcomes.
The industry experienced a 46% decline in the number of big data-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of big data-related patent applications in the medical device industry witnessed a drop of 56% compared with Q3 2022.
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 Q3 2023, the number of big data-related deals in the medical device industry declined by 48% compared with Q3 2022. On a quarterly basis, there was 27% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the medical device industry experienced a 12% drop compared with the previous quarter. On an annual basis, job postings also declined by 31%. 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 Q3 2023, with new job postings drop by 19% quarter-on-quarter. Management occupations came in second with a share of 14% in Q3 2023, with new job postings rising by 0.99% over the previous quarter. The other prominent big data roles include architecture and engineering occupations with a 13% share in Q3 2023, and business and financial operations occupations with a 8% share of new job postings.
CIOX Health, Thermo Fisher Scientific, Medtronic, 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, China, Canada, Germany and the Netherlands also maintain significant positions in big data adoption within the medical device industry.
In summary, the medical device industry has witnessed a substantial annual increase in big data-related patent applications, despite a decline in quarterly numbers. Strategic deals remained steady on a quarterly basis. Job postings experienced a quarterly drop, with Computer and Mathematical Occupations dominating big data-related roles. Leading companies like CIOX Health, Abbott Laboratories, Getinge, Koninklijke Philips, and Thermo Fisher Scientific are actively hiring in this field. The US leads in big data adoption, with China, Romania, Spain, and the UK also making significant contributions to the industry's growth within the medical device sector.
To further understand GlobalData's analysis on big data in the medical device industry, buy the report here.