The medical device industry, spearheaded by companies such as Samsung Group and DexCom Inc, is actively embracing Internet of Things (IoT) technologies, as reflected in recent patents. This surge in innovation not only signifies advancements in healthcare monitoring and personalized patient care but also triggers strategic deals and job opportunities, reshaping the industry landscape. The impact of IoT extends beyond the medical device sector, influencing various industries. GlobalData’s Internet of Things market report provides comprehensive analysis of the IoT market. 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 such as Samsung Group, DexCom Inc, and National Taiwan University Hospital are leveraging the latest Internet of Things technologies through their recent patents. These patents include innovations such as electronic devices for estimating body temperature, wearable support devices, analyte sensors for continuous glucose measurement, and non-invasive heart failure detection techniques using machine learning models. By acquiring these patents, medical companies can benefit from improved healthcare monitoring, personalized patient care, and enhanced diagnostic capabilities. These technologies enable real-time data collection, analysis, and communication, ultimately leading to more efficient and effective healthcare delivery. The integration of these IoT technologies will revolutionize the medical industry, providing better patient outcomes and advancing medical research and innovation.
The industry experienced a 24% decline in the number of IoT-related patent applications in Q4 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 8% compared with Q4 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 Q4 2023, the number of IoT-related deals in the medical device industry grew by 4% compared with Q4 2022. On a quarterly basis, there was 32% increase 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 18% drop compared with the previous quarter. On an annual basis, job postings also declined by 19%. Notably, computer and mathematical occupations, with a share of 20%, emerged as the top IoT-related job roles within the medical device industry in Q4 2023, with new job postings drop by 36% quarter-on-quarter. Management occupations came in second with a share of 12% in Q4 2023, with new job postings dropping by 18% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with a 9% share in Q4 2023, and healthcare support occupations with a 9% share of new job postings.
ConnectedHealth, ResMed, Abbott Laboratories, Hinge Health, and Fresenius SE & Co 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, Germany, the UK, France and China also maintain significant positions in IoT adoption within the medical device industry.
Despite a recent decline in IoT-related patent applications, the upward trend in strategic deals and continuous hiring efforts underscore the enduring significance of IoT technologies in advancing healthcare. The US, along with key global players, remains pivotal in driving the adoption and integration of IoT within the medical device industry.
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