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 specializing in remote patient monitoring are leveraging cutting-edge patents to drive innovation and enhance their operations. These patents encompass a range of technologies and applications that elevate the remote monitoring and management of patients' health. For instance, Abbott Laboratories has developed a patent focused on diagnosing pre-diabetic and diabetic conditions based on monitored glucose measurements, enabling early intervention. Terumo Corp introduces a system for real-time health status monitoring using sensors attached to various body parts, enhancing vascular health monitoring. Fisher & Paykel Healthcare Corporation Ltd streamlines device configuration for personalized care through server-based settings. The University of Louisville employs spectral analysis and machine learning for precise muscle activation in epidural spinal stimulation. Lastly, iRhythm Technologies Inc presents a wearable monitor device that records cardiac data for continuous monitoring and early detection of abnormalities. Acquiring these patents empowers medical companies with advanced remote patient monitoring technologies, enabling more accurate diagnoses, proactive health monitoring, streamlined device setup, improved therapies, and continuous cardiac surveillance.

The industry experienced a 7% decline in the number of RPM-related patent applications in Q2 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 5% compared with Q2 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 Q2 2023, the number of RPM-related deals in the medical device industry declined by 31% compared with Q2 2022. On a quarterly basis, there was 100% increase 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 20% drop compared with the previous quarter. On an annual basis, job postings also grew by 20%. Notably, management occupations, with a share of 18%, emerged as the top RPM-related job roles within the medical device industry in Q2 2023, with new job postings drop by 47% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 16% in Q2 2023, with new job postings dropping by 18% over the previous quarter. The other prominent RPM roles include installation, maintenance, and repair occupations with a 10% share in Q2 2023, and sales and related occupations with a 9% share of new job postings.

Shenzhen Mindray Bio-Medical Electronics, Koninklijke Philips, Vyaire Medical, Nexus, and Medtronic 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, Japan, the Netherlands and Switzerland also maintain significant positions in RPM adoption within the medical device industry.

In conclusion, the medical device industry experienced a decline in quarterly and annual RPM-related patent applications. Strategic deals decreased quarterly but showed a substantial increase compared to the previous quarter. Job postings exhibited both quarterly decline and significant annual growth, with management occupations leading in RPM-related roles.

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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.