The Medical Device sector has undergone a transformation with the advent of the internet of things (IoT), empowering medical companies to adopt novel technologies and applications for business enhancement. IoT’s impact spans from utilizing alternating polarity magnetic fields in cancer cell treatment to creating wireless devices for personalized user recommendations, unveiling fresh healthcare possibilities. The medical device industry demonstrates a shift in IoT-related deals and job postings, with an emphasis on computer-related roles in IoT applications. The impact of IoT extends beyond the medical device sector, influencing various industries. GlobalData’s Internet of Things (IoT) Market report helps keep abreast of the latest trends in internet of things, 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 IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of internet of things in medical device industry
Medical companies in the field of internet of things (IoT) are leveraging new technologies and applications to innovate and improve their businesses. One such technology is the use of alternating polarity magnetic fields to treat cancer cells and other rapidly-dividing cells. This system includes a magnetic field generator, electromagnetic coil, and a controller to apply the magnetic field to the target body area. The treatments can be co-administered with anti-cancer drugs for enhanced effectiveness.
Another innovation is the use of a wireless device and radio frequency tags to provide user marketing recommendations based on their interaction with a product. The motion of the user detected by the tag is used to generate a signal, which is then utilized by a computing device to determine the level of user interaction and generate marketing information.
Additionally, an electronic finger ring has been developed for real-time monitoring of health and fitness. The ring includes sensors connected to a microcontroller and battery, capturing values of fitness and health parameters to track the user's lifestyle and activities.
Furthermore, a system for controlling healthcare devices and systems using voice commands has been introduced. A listening device receives voice commands, which are translated into text and used to send device-specific instructions to medical devices. This allows for hands-free control of multiple devices from any location.
Lastly, an electronic apparatus with a UWB communication module and multiple antennas is used to obtain three-dimensional information of an object. The UWB transmission and reflection signals are used to determine the object's characteristics.
These patents provide medical companies with valuable technologies and applications in the IoT field. By leveraging these innovations, the acquirer can enhance their cancer treatment capabilities, improve user engagement and marketing strategies, enable real-time health monitoring, facilitate hands-free control of healthcare devices, and obtain detailed information about objects. Overall, these patents offer significant benefits in terms of IoT technologies and applications for the acquirer.
The industry experienced a 26% decline in the number of IoT-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the medical device industry witnessed a drop of 17% compared with Q3 2022.
Strategic deal trends in internet of things 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 IoT. 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 IoT in the medical device industry.
In Q3 2023, the number of IoT-related deals in the medical device industry declined by 42% compared with Q3 2022. On a quarterly basis, there was 19% 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 21% drop compared with the previous quarter. On an annual basis, job postings also grew by 43%. Notably, computer and mathematical occupations, with a share of 26%, emerged as the top IoT-related job roles within the medical device industry in Q3 2023, with new job postings drop by 4% quarter-on-quarter. Management occupations came in second with a share of 12% in Q3 2023, with new job postings rising by 5% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with a 7% share in Q3 2023, and personal care and service occupations with a 6% share of new job postings.
ResMed, ConnectedHealth, Abbott Laboratories, Medtronic, and Hinge Health are among the top companies leading in IoT hiring within the medical device industry.
Countries driving adoption of internet of things in medical device industry
The US is the leading country in IoT adoption within the medical device industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, the UK, the Netherlands, Israel and Australia also maintain significant positions in IoT adoption within the medical device industry.
In summary, the medical device industry saw a slight quarterly decline but marginal annual growth in IoT-related patent applications. Strategic deals decreased both quarterly and annually. Job postings showed a quarterly increase and significant annual growth, with computer and mathematical occupations leading in IoT roles. ResMed, Fresenius SE & Co and MDI Achieve are actively hiring in this field. The US is at the forefront of IoT adoption, with India, Australia, Canada, and the UK also contributing significantly to the industry's growth within the medical device sector.
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