Cloud technology is revolutionizing the medical device sector, bringing forth innovative solutions and transforming the way healthcare is delivered. Cloud applications, from handling diagnostic test articles to securely storing healthcare data, significantly enhance patient care and drive business growth. The rising strategic investments and partnerships in cloud technology are placing companies at the forefront of industry advancements, emphasizing the increasing demand for computer and mathematical occupation roles in the medical device industry. The impact of cloud extends beyond the medical device sector, influencing various industries. GlobalData’s Cloud Computing Market Trends and Analysis report helps keep abreast of the latest trends in cloud, 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 cloud. It provides an overview of recent developments in cloud-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of cloud in medical device industry
Medical companies in the field of cloud are leveraging new technologies and applications to innovate and improve their businesses. One such technology is a system and method for processing a diagnostic test article, which combines a diagnostic test article with a software application integrated with a mobile communication device and a cloud-based network. This integration allows for advantages and improvements over conventional point of use diagnostics.
Another application is a communication hub and storage device that stores parameters and status of a surgical device to be shared with cloud-based analytics systems. This modular surgical system retrieves medical records from an EMR database, deletes data associated with the patient's identity, extracts relevant patient data, and stores an anonymous data file. This maintains patient anonymity while combining the anonymous data file with the patient EMR.
Additionally, non-fungible token systems and methods are used to store and access healthcare data in blockchain managed digital filing cabinets. This system converts healthcare data into non-fungible tokens on a blockchain to protect it from unauthorized access and manages access based on authentication rules.
Furthermore, a network topology for insulin pump systems is implemented, which includes an insulin delivery device, a controller, peripheral devices, and a mobile application. The peripheral devices generate patient data related to blood glucose levels and transmit it wirelessly, while the mobile application communicates with the controller to manage the system.
Lastly, a dynamic accelerator generation and deployment tool deploys multiple accelerators to programmable devices and automatically generates an image for a new programmable device. This allows for efficient deployment and utilization of accelerators.
Acquiring these patents will benefit the acquirer in terms of cloud technologies and applications by providing innovative solutions for processing diagnostic test articles, storing and accessing healthcare data securely, managing insulin pump systems, and deploying accelerators efficiently. These technologies can enhance the acquirer's capabilities in the medical field, improve patient care, and drive business growth.
The industry experienced a 72% decline in the number of cloud-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of cloud-related patent applications in the medical device industry witnessed a drop of 52% compared with Q3 2022.
Strategic deal trends in cloud 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 cloud. 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 cloud in the medical device industry.
In Q3 2023, the number of cloud-related deals in the medical device industry grew by 83% compared with Q3 2022. On a quarterly basis, there was 10% increase 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 20%. Notably, computer and mathematical occupations, with a share of 40%, emerged as the top cloud-related job roles within the medical device industry in Q3 2023, with new job postings drop by 15% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 15% in Q3 2023, with new job postings rising by 99% over the previous quarter. The other prominent cloud roles include management occupations with a 12% share in Q3 2023, and business and financial operations occupations with a 4% share of new job postings.
Intelerad Medical Systems, ResMed, GE HealthCare Technologies, Thermo Fisher Scientific, and Koninklijke Philips are among the top companies leading in cloud hiring within the medical device industry.
Countries driving adoption of cloud in medical device industry
The US is the leading country in cloud adoption within the medical device industry, boasting the highest number of cloud-related patents, jobs, and deals. Meanwhile, China, Israel, South Africa and Canada also maintain significant positions in cloud adoption within the medical device industry.
In summary, the medical device industry witnessed a decline in cloud-related patent applications on a quarterly basis, but a significant annual increase. Strategic deals remained stable quarterly but decreased annually. Job postings decreased both quarterly and annually, with computer and mathematical occupations dominating cloud-related roles. Leading companies like ResMed, Intelerad Medical Systems and Danaher actively hire in the medical device sector, contributing to global cloud adoption, with the US leading and China, India, Switzerland, and Turkey making significant contributions.
To further understand GlobalData's analysis on cloud in the medical device industry, buy the report here.