The medical device industry is embracing remote patient monitoring (RPM) technologies, with companies such as Stryker Corp, Elucid Bioimaging Inc, and The Procter & Gamble Co leading innovation through recent patents. Despite a decline in patent applications, strategic deals and job opportunities signal a sustained focus on advancing patient care and operational efficiency in RPM. GlobalData’s remote patient monitoring market report provides comprehensive analysis of the RPM market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the medical device industry regarding RPM. It provides an overview of recent developments in RPM-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of remote patient monitoring in medical device industry
Medical companies are leveraging new remote patient monitoring technologies to innovate and improve their businesses. Recent patents include a mobile electrocardiogram system for real-time ECG monitoring and a system for automated cut planning for surgical procedures. Additionally, there are patents for screening subjects for dyslipidemia therapy trials, a light-emitting hair growth management device with a companion app, and automatic diaphragm detection using ventilator waveforms. These technologies offer advanced monitoring, personalized therapy recommendations, and improved surgical planning. Acquirers of these patents, such as Stryker Corp, Elucid Bioimaging Inc, and The Procter & Gamble Co, stand to benefit from enhanced patient care, streamlined processes, and potentially new revenue streams in the field of remote patient monitoring.
The industry experienced a 9% decline in the number of RPM-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of RPM-related patent applications in the medical device industry witnessed a drop of 8% compared with Q4 2022.
Strategic deal trends in remote patient monitoring 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 RPM. 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 RPM in the medical device industry.
In Q4 2023, the number of RPM-related deals in the medical device industry grew by 15% compared with Q4 2022. On a quarterly basis, the number of deals in Q4 2023 compared to the previous quarter, remained flat.
Impact on hiring
In terms of new job posting, in Q4 2023, the medical device industry experienced a 21% drop compared with the previous quarter. On an annual basis, job postings also declined by 35%. Notably, management occupations, with a share of 26%, emerged as the top RPM-related job roles within the medical device industry in Q4 2023, with new job postings rising by 30% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 13% in Q4 2023, with new job postings dropping by 50% over the previous quarter. The other prominent RPM roles include installation, maintenance, and repair occupations with a 9% share in Q4 2023, and sales and related occupations with a 9% share of new job postings.
Koninklijke Philips, Shenzhen Mindray Bio-Medical Electronics, Vyaire Medical, Medtronic, and Baxter International are among the top companies leading in RPM hiring within the medical device industry.
Countries driving adoption of remote patient monitoring in medical device industry
The US is the leading country in RPM adoption within the medical device industry, boasting the highest number of RPM-related patents, jobs, and deals. Meanwhile, China, France, India and Israel also maintain significant positions in RPM adoption within the medical device industry.
Innovations in remote patient monitoring technologies, evidenced by recent patents and strategic deals, are reshaping the medical device industry, with potential to enhance patient care and drive operational efficiencies despite a temporary dip in job postings.
To further understand GlobalData's analysis on remote patient monitoring in the medical device industry, buy the report here.