Digitalization is revolutionizing the medical device sector, with innovations, investments, and hiring trends shaping the industry’s future. In the field of digitalization, medical companies are leveraging the latest patents to enhance their businesses, focusing on various technologies and applications. Strategic deals are also being made to secure partnerships and stay at the forefront of advancements. While job postings have seen a decline, management and computer occupations remain prominent in digitalization roles. The impact of digitalization extends beyond the medical device sector, influencing various industries. GlobalData’s Digital Health – Thematic Intelligence report covers key technology trends, macroeconomic trends, and regulatory impacts, along with insights into digital health value chains, mergers & acquisitions activities, and major milestones in the digital health journey. Buy the report here.
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 in the field of digitalization are leveraging the latest patents to innovate and improve their businesses. These patents focus on various digitalization technologies and applications. For example, one patent involves a data processing system with a machine learning engine that provides output generating functions. This system identifies and executes interactive condition evaluation tests to generate an output. Another patent is for an interactive electronic communications and control system that updates user devices with parsed data and receives user-provided information for database updates. Additionally, there are patents related to using information from wearable devices in third-party applications and providing patient transfer mediation services. These patents offer the acquirer the opportunity to enhance their digitalization capabilities and improve their medical services through advanced technologies and applications.
The industry experienced a 9% decline in the number of digitalization-related patent applications in Q3 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 12% compared with Q3 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 Q3 2023, the number of digitalization-related deals in the medical device industry declined by 29% compared with Q3 2022. On a quarterly basis, there was 25% 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 16% drop compared with the previous quarter. On an annual basis, job postings also declined by 13%. Notably, management occupations, with a share of 19%, emerged as the top digitalization-related job roles within the medical device industry in Q3 2023, with new job postings drop by 17% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 14% in Q3 2023, with new job postings dropping by 17% over the previous quarter. The other prominent digitalization roles include business and financial operations occupations with a 9% share in Q3 2023, and office and administrative support occupations with a 7% share of new job postings.
GE HealthCare Technologies, Envista, CIOX Health, Thermo Fisher Scientific, and Dentsply Sirona 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, China, the UK, South Korea and Israel also maintain significant positions in digitalization adoption within the medical device industry.
In conclusion, the medical device industry experienced a slight quarterly decline but demonstrated annual growth in digitalization-related patent applications. Strategic deals decreased both quarterly and annually. Job postings saw a quarterly increase but an annual decline, with management occupations leading in digitalization roles. Companies like GE HealthCare Technologies, Envista, KARL STORZ SE, Dentsply Sirona, and Align Technology are actively hiring in this field. The US leads in digitalization adoption, with China, South Korea, Germany, and the UK also contributing significantly to the industry's growth within the medical device sector.
To further understand GlobalData's analysis on digitalization in the medical device industry, buy the report here.