Remote patient monitoring (RPM) continues to revolutionize the medical device industry, offering advanced solutions for patient care. Patients benefit from devices like physiological sensors and automatic data ranking, ensuring fast and reliable monitoring. Despite a recent decline in RPM-related deals, the industry experienced significant job growth, particularly in management and computer-related occupations. GlobalData’s remote patient monitoring (RPM) market report provides comprehensive analysis of the 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 like Masimo Corp, Intersurgical Ltd, Koninklijke Philips NV, Medit Corp, and NovoCure Ltd are leveraging new remote patient monitoring technologies through their latest patents. These technologies include devices with multiple configurations for physiological measurements, respiratory masks with sensors, automatic ranking of medical information, orthodontic plan display systems, and ingestible implantable devices to measure internal field intensity. These innovations aim to provide fast, reliable, and convenient monitoring solutions for patients in various care settings, including at home. By acquiring these patents, companies can enhance their remote patient monitoring capabilities, improve patient outcomes, and streamline healthcare processes. These advancements showcase the ongoing commitment of medical companies to innovate and improve patient care through technology.
The industry experienced a 22% decline in the number of RPM-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of RPM-related patent applications in the medical device industry remained flat compared with Q1 2023.
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 Q1 2024, the number of RPM-related deals in the medical device industry declined by 27% compared with Q1 2023. On a quarterly basis, there was 39% drop 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 58% growth compared with the previous quarter. On an annual basis, job postings also declined by 25%. Notably, management occupations, with a share of 25%, emerged as the top RPM-related job roles within the medical device industry in Q1 2024, with new job postings rising by 65% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 16% in Q1 2024, with new job postings rising by 130% over the previous quarter. The other prominent RPM roles include architecture and engineering occupations with a 12% share in Q1 2024, and sales and related occupations with a 9% share of new job postings.
Shenzhen Mindray Bio-Medical Electronics, Koninklijke Philips, Medtronic, GE HealthCare Technologies, and Vyaire Medical 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, Australia, China, Singapore and Japan also maintain significant positions in RPM adoption within the medical device industry.
In conclusion, remote patient monitoring technologies are revolutionizing healthcare delivery, with companies innovating to enhance patient care and streamline processes. Despite a decline in patent applications and deals, the industry's robust job market reflects its ongoing commitment to advancing remote patient monitoring solutions worldwide.
To further understand GlobalData's analysis on remote patient monitoring in the medical device industry, buy the report here.
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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.
