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 in the field of precision and personalized medicine are leveraging the latest patents to innovate and improve their businesses. Among these patents, one explores augmented and virtual reality implementations in pharmaceutical and medical research, offering improved visualization and access to information resources. Another patent revolutionizes cancer treatment through radiomicrospheres with alpha-emitting isotopes. A third patent introduces fractionated photoacoustic flow cytometry for in vivo detection of target objects in biofluidic systems. Additionally, there's a patent for photodynamic systems utilizing photosensitizer-conjugated gold nanoparticles for targeted cancer treatment. Lastly, a respiration monitoring device based on sonar responses through endotracheal tubes provides clinical decision support for mechanical ventilation settings. Acquiring these patents equips medical companies with advanced tools and methods for precision medicine, cancer treatment, diagnostics, and therapy optimization. These innovations in augmented reality, radiation therapy, flow cytometry, targeted treatment, and respiratory monitoring enhance their ability to offer personalized and effective medical solutions.

The industry experienced a 6% decline in the number of precision and personalized medicine-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of precision and personalized medicine-related patent applications in the medical device industry witnessed a drop of 25% compared with Q2 2022.

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 Q2 2023, the number of precision and personalized medicine-related deals in the medical device industry declined by 60% compared with Q2 2022. On a quarterly basis, there was 47% drop in the number of deals in Q2 2023 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q2 2023, the medical device industry experienced a 33% drop compared with the previous quarter. On an annual basis, job postings also declined by 61%. Notably, management occupations, with a share of 24%, emerged as the top precision and personalized medicine-related job roles within the medical device industry in Q2 2023, with new job postings drop by 36% quarter-on-quarter. Life, physical, and social science occupations came in second with a share of 23% in Q2 2023, with new job postings dropping by 30% over the previous quarter. The other prominent precision and personalized medicine roles include healthcare practitioners and technical occupations with an 8% share in Q2 2023, and computer and mathematical occupations with a 8% share of new job postings.

Guardant Health, Laboratory Corp of America Holdings, Danaher, Exact Sciences, 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, Germany, Canada, South Korea and Bahrain also maintain significant positions in precision and personalized medicine adoption within the medical device industry.

In summary, the medical device industry saw a decline in both quarterly and annual precision and personalized medicine-related patent applications. Strategic deals decreased significantly both quarterly and compared to the previous quarter. Job postings exhibited a substantial quarterly and annual decline, with management occupations leading in precision and personalized medicine-related roles.

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