The medical device sector is experiencing a notable transformation marked by the prominent adoption of digitalization, where pioneers such as Augustine Biomedical and Design LLC, Straumann Holding AG, and QDoc Inc. are spearheading advancements, strategic collaborations, and recruitment efforts to reshape healthcare practices and elevate patient care. The impact of digitalization extends beyond the medical device sector, influencing various industries. GlobalData’s digitalization market report provides comprehensive analysis of the digitalization 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 digitalization. It provides an overview of recent developments in digitalization-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of digitalization in medical device industry
Medical companies like Augustine Biomedical and Design LLC, Straumann Holding AG, QDoc Inc., MedImpact Holdings, Inc., and DexCom Inc. are leveraging new digitalization technologies through their latest patents. These technologies include automated dose-response record systems for medical equipment, multifunctional prosthetic components for dental prosthesis installation, real-time connection systems between people and service providers, processing retail clinic claims electronically, and providing alerts to mobile communications device users. By acquiring these patents, the companies can enhance their digitalization capabilities, improve efficiency in medical processes, enhance patient care, and streamline communication between healthcare providers and patients. Overall, these innovations will enable the companies to stay at the forefront of digital transformation in the medical industry and provide better services to their customers.
The industry experienced a 17% decline in the number of digitalization-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of digitalization-related patent applications in the medical device industry witnessed a drop of 13% compared with Q4 2022.
Strategic deal trends in digitalization 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 digitalization. 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 digitalization in the medical device industry.
In Q4 2023, the number of digitalization-related deals in the medical device industry declined by 41% compared with Q4 2022. On a quarterly basis, there was 21% drop 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 19% drop compared with the previous quarter. On an annual basis, job postings also declined by 21%. Notably, management occupations, with a share of 24%, emerged as the top digitalization-related job roles within the medical device industry in Q4 2023, with new job postings drop by 1% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 13% in Q4 2023, with new job postings dropping by 24% over the previous quarter. The other prominent digitalization roles include business and financial operations occupations with an 8% share in Q4 2023, and office and administrative support occupations with a 7% share of new job postings.
Envista, Align Technology, Thermo Fisher Scientific, GE HealthCare Technologies, and Straumann are among the top companies leading in digitalization hiring within the medical device industry.
Countries driving adoption of digitalization in medical device industry
The US is the leading country in digitalization adoption within the medical device industry, boasting the highest number of digitalization-related patents, jobs, and deals. Meanwhile, the UK, South Korea, France and China also maintain significant positions in digitalization adoption within the medical device industry.
In conclusion, despite a recent decline in digitalization-related patent applications and strategic deals, the steadfast focus on digital transformation within the medical device industry, led by pioneering companies and countries like the US, underscores a commitment to shaping the future of healthcare through advanced technology and improved services.
To further understand GlobalData's analysis on digitalization 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.
