Advancements in precision medicine are reshaping the medical device industry with targeted solutions and innovations. Patents focusing on gene suppression, bacterial detection, data integration, and nuclear scan accuracy showcase groundbreaking developments. Concurrently, strategic partnerships and expanded hiring initiatives reflect an industry-wide commitment to pioneering solutions and collaborative growth. GlobalData’s Precision and Personalized Medicine in Pharma – Thematic Intelligence report offers a comprehensive analysis of key healthcare, technology, macroeconomic, and regulatory trends influencing this field, outlining their impact on the future of precision and personalized medicine. Buy the report here.
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. One such patent, held by T-One Therapeutics S.R.L., relates to the suppression or inhibition of LINE1 (L1) expression for medical use. This technology has the potential to enhance precision and personalized medicine by targeting specific genetic elements.
Another patent, held by Bioventures, LLC, describes a method for non-invasively detecting and purging bacterial cells using a modified photoacoustic in vivo flow cytometer device. This technology enables the detection and destruction of bacterial cells, offering potential applications in precision medicine for the diagnosis and treatment of infections.
Omics Data Automation Inc holds a patent for a system and method for integrating data for precision medicine. This technology allows for the aggregation of heterogeneous disparate data, enabling various operations to be performed without altering the structure of the query or resulting distributed data set representation. This innovation has the potential to streamline data analysis and improve the accuracy of precision medicine approaches.
Siemens AG holds a patent for a system and method to estimate attenuation correction for repeated scans and low dose scans in long axial fov pet scanners. This technology utilizes background radiation-based attenuation correction to improve the accuracy of nuclear scans. By generating attenuation corrected scan data and reconstructing images based on this data, this innovation can enhance the precision and reliability of medical imaging in personalized medicine applications.
Overall, these patents offer medical companies in the field of precision and personalized medicine the opportunity to leverage cutting-edge technologies and applications. By incorporating these innovations into their businesses, these companies can enhance their ability to provide targeted and personalized medical solutions, ultimately improving patient outcomes.
The industry experienced a 55% decline in the number of precision and personalized medicine-related patent applications in Q3 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 rise of 33% compared with Q3 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 Q3 2023, the number of precision and personalized medicine-related deals in the medical device industry declined by 63% compared with Q3 2022. On a quarterly basis, there was 61% 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 17% growth compared with the previous quarter. On an annual basis, job postings also declined by 30%. Notably, management occupations, with a share of 28%, emerged as the top precision and personalized medicine-related job roles within the medical device industry in Q3 2023, with new job postings rising by 38% quarter-on-quarter. Life, physical, and social science occupations came in second with a share of 18% in Q3 2023, with new job postings dropping by 6% over the previous quarter. The other prominent precision and personalized medicine roles include healthcare practitioners and technical occupations with a 10% share in Q3 2023, and computer and mathematical occupations with a 7% share of new job postings.
Guardant Health, Illumina, Tempus Labs, Thermo Fisher Scientific, and Hinge Health 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, South Africa, the Netherlands, Canada and China 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. Guardant Health, Laboratory Corp of America Holdings, Danaher, Exact Sciences, and Illumina are actively hiring in this field. The US is the primary driver of adoption in precision and personalized medicine, with Germany, Canada, South Korea, and Bahrain also contributing significantly to the industry's growth within the medical device sector.
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