Innovative patents in precision and personalized medicine are reshaping the landscape of the medical device industry, as companies like Accure Acne Inc, Caris MPI, Inc, and Duke University lead the charge. These patents not only drive advancements in treatment efficacy but also influence strategic investments and job trends, emphasizing the critical role of precision and personalized medicine in healthcare innovation and practice. GlobalData’s precision and personalized medicine market report provides comprehensive analysis of the precision and personalized medicine 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 new precision and personalized medicine technologies through recent patents to innovate and improve their businesses. For example, Accure Acne Inc has patented a self-calibrating temperature sensing apparatus for targeted treatment systems, ensuring accurate temperature measurements during treatments. Caris MPI, Inc's patent on a pan-cancer platinum response predictor uses molecular profiling to predict patient response to platinum-based chemotherapy, enabling personalized treatment selection. Duke University's patent focuses on identifying mitochondrial defects in CNS diseases using metabolomics and genetic analyses for patient stratification and treatment. These patents showcase the advancements in precision and personalized medicine, offering companies the opportunity to enhance treatment efficacy and patient outcomes through tailored and precise medical interventions.
The industry experienced a 44% decline in the number of precision and personalized medicine-related patent applications in Q4 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 44% compared with Q4 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 Q4 2023, the number of precision and personalized medicine-related deals in the medical device industry declined by 90% compared with Q4 2022. On a quarterly basis, there was 50% drop 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 8% drop compared with the previous quarter. On an annual basis, job postings also declined by 12%. Notably, management occupations, with a share of 26%, emerged as the top precision and personalized medicine-related job roles within the medical device industry in Q4 2023, with new job postings drop by 15% quarter-on-quarter. Life, physical, and social science occupations came in second with a share of 20% in Q4 2023, with new job postings dropping by 5% over the previous quarter. The other prominent precision and personalized medicine roles include sales and related occupations with a 15% share in Q4 2023, and computer and mathematical occupations with a 7% share of new job postings.
Guardant Health, Oxford Nanopore Technologies, Qiagen, Tempus Labs, 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, India, Australia, Spain and Canada also maintain significant positions in precision and personalized medicine adoption within the medical device industry.
Precision and personalized medicine patents drive transformative innovation, yet industry-wide trends indicate a decline in applications and deals, influencing job markets. Despite challenges, strategic focus and top companies sustain the US as a leader in adopting tailored medical interventions.
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.
