Precision and personalized medicine have become key areas of focus in the medical device sector, prompting companies to utilize cutting-edge technologies for business enhancement. Recent patents in in this field encompass innovations such as optimized treatment profiles in photodynamic therapy and integrated genomics for personalized medicine, promising enhanced treatment precision and patient outcomes in the medical device industry. GlobalData’s precision and personalized medicine market report provides comprehensive analysis of the 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 precision and personalized medicine. It provides an overview of recent developments in precision and personalized medicine-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of precision and personalized medicine in medical device industry
Medical companies are leveraging the latest patents in precision and personalized medicine to innovate and improve their businesses. Lumeda Inc's patent focuses on optimizing treatment irradiance profiles using a neural network model in photodynamic therapy. Leap of Faith Technologies Inc's patent integrates genomics and electronic health records to enable personalized medicine and identify disease risk factors. CAO Group, Inc's patent introduces a laser system for precise tissue ablation. Koninklijke Philips NV's patent creates a personalized airway model for sleep apnea therapy selection. Sanofi's patent targets precision medicine for cholesterol treatment. Acquirers of these patents stand to benefit from cutting-edge technologies that enhance treatment precision, personalization, and patient outcomes in the field of precision and personalized medicine.
The industry experienced a 15% decline in the number of precision and personalized medicine-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of precision and personalized medicine-related patent applications in the medical device industry remained flat compared with Q1 2023.
Strategic deal trends in precision and personalized medicine 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 precision and personalized medicine. 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 precision and personalized medicine in the medical device industry.
In Q1 2024, the number of precision and personalized medicine-related deals in the medical device industry declined by 60% compared with Q1 2023. On a quarterly basis, there was 25% 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 30% growth compared with the previous quarter. On an annual basis, job postings also declined by 6%. Notably, management occupations, with a share of 21%, emerged as the top precision and personalized medicine-related job roles within the medical device industry in Q1 2024, with new job postings rising by 21% quarter-on-quarter. Healthcare practitioners and technical occupations came in second with a share of 14% in Q1 2024, with new job postings rising by 7% over the previous quarter. The other prominent precision and personalized medicine roles include life, physical, and social science occupations with a 13% share in Q1 2024, and sales and related occupations with a 9% share of new job postings.
Precision Medicine Group, Guardant Health, Option Care Enterprises, Thermo Fisher Scientific, and Illumina are among the top companies leading in precision and personalized medicine hiring within the medical device industry.
Countries driving adoption of precision and personalized medicine in medical device industry
The US is the leading country in precision and personalized medicine adoption within the medical device industry, boasting the highest number of precision and personalized medicine-related patents, jobs, and deals. Meanwhile, Australia, France, Japan and India also maintain significant positions in precision and personalized medicine adoption within the medical device industry.
In conclusion, recent patents underscore the transformative potential of precision and personalized medicine in enhancing treatment precision and patient outcomes. Despite a decline in patent applications, strategic deals and hiring trends reflect sustained industry investment and growth, positioning companies for future success in this evolving field.
To further understand GlobalData's analysis on precision and personalized medicine 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.
