Digitalization in the medical device industry fuels innovation, evident in recent patents like medical service kiosks for telemedicine and intelligent recommendation systems, signifying a move towards personalized healthcare. Despite a patent application decline, increased job postings and deals indicate sustained investment and growth in digitalization. The impact of digitalization extends beyond the medical device sector, influencing various industries. GlobalData’s digital health report provides insights into the evolving landscape of healthcare amidst disruptive threats, identifying leading and disrupting companies in the digital health theme. 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 MD HEALTH RX SOLUTIONS, LLC and Oracle Corp are leveraging new digitalization technologies through recent patents. MD HEALTH RX SOLUTIONS, LLC's patent for a Medical Services Kiosk enables private and secure telemedicine sessions, improving patient access to healthcare. Oracle Corp's patent focuses on de-duplication and contextually-intelligent recommendations based on natural language understanding, enhancing workflow efficiency. These innovations allow for streamlined medical consultations online, personalized recommendations, and user-controlled task execution. By acquiring these patents, companies can enhance their digital capabilities, improve patient care, and optimize operational processes. The integration of these technologies will ultimately lead to more efficient and effective healthcare delivery in the digital age.
The industry experienced a 19% decline in the number of digitalization-related patent applications in Q1 2024 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 2% compared with Q1 2023.
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 Q1 2024, the number of digitalization-related deals in the medical device industry grew by 2% compared with Q1 2023. On a quarterly basis, there was 39% increase 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 37% growth compared with the previous quarter. On an annual basis, job postings also declined by 3%. Notably, management occupations, with a share of 20%, emerged as the top digitalization-related job roles within the medical device industry in Q1 2024, with new job postings rising by 13% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 12% in Q1 2024, with new job postings rising by 26% over the previous quarter. The other prominent digitalization roles include business and financial operations occupations with a 7% share in Q1 2024, and architecture and engineering occupations with a 6% share of new job postings.
GE HealthCare Technologies, Envista, Align Technology, Thermo Fisher Scientific, and CIOX Health 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, Australia, France and Singapore also maintain significant positions in digitalization adoption within the medical device industry.
In conclusion, the medical device industry is experiencing a notable surge in digitalization, as demonstrated by recent patents, strategic deals, and increased job postings. This trend underscores a shift towards more efficient, personalized, and technologically-driven healthcare delivery, shaping the future of the industry.
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.
