The advent of Remote Patient Monitoring (RPM) has revolutionized patient care within the medical device sector, offering innovative solutions for assessing and treating various medical conditions by remotely monitoring patients’ health conditions and significantly impacting care and outcomes. Companies in the medical device industry are leveraging the latest patents to enhance their RPM capabilities, ranging from methods for making treatment decisions in prostate cancer to wireless, real-time monitoring of sweat parameters. These advancements not only improve patient care but also drive investment and hiring trends within the industry. GlobalData’s Remote Patient Monitoring Devices Market report offers a comprehensive outlook on the RPM devices market, providing meticulous market sizing, segmentation, regulatory analysis, and competitive insights. 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 in the field of remote patient monitoring are leveraging the latest patents to innovate and improve their businesses. One such patent, held by Lantheus Holdings Inc, focuses on methods for making prostate cancer treatment decisions. This patent provides a comprehensive approach to assessing patients with prostate cancer, allowing for more informed treatment management decisions. Lollipop Technology (Hangzhou) Co., Ltd. has patented a method for testing different hormones based on different time periods of pregnancy preparation. This patent offers a systematic and perfect pregnancy preparation management plan, enabling women to complete various hormone tests at home and analyze the results without frequent hospital visits. EmblemHealth Inc's patent enhances patient referral outcomes through structuring data for efficient place of service utilization rate analysis. This method improves the referral process by matching patient profiles with healthcare providers and calculating the utilization rate to select the most suitable provider. Alcon Inc's patent introduces an imaging system that displays a fused reconstructed image with a multidimensional image, providing surgeons with a comprehensive visualization of the surgical site. Lastly, Northwestern University's patent focuses on wireless, real-time monitoring of sweat parameters. This invention includes a sensor that measures sweat parameters, allowing for continuous monitoring of an individual's health. Acquiring these patents will benefit the acquirer by providing them with cutting-edge technologies and applications in the field of remote patient monitoring. These patents offer innovative solutions for assessing and treating prostate cancer, managing pregnancy preparation, improving patient referral outcomes, enhancing surgical visualization, and monitoring sweat parameters. By leveraging these technologies, the acquirer can improve their remote patient monitoring capabilities, leading to better patient care and outcomes.
The industry experienced a 15% decline in the number of RPM-related patent applications in Q3 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 4% compared with Q3 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 Q3 2023, the number of RPM-related deals in the medical device industry declined by 36% compared with Q3 2022. On a quarterly basis, there was 36% 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 46% drop compared with the previous quarter. On an annual basis, job postings also declined by 36%. Notably, computer and mathematical occupations, with a share of 22%, emerged as the top RPM-related job roles within the medical device industry in Q3 2023, with new job postings drop by 36% quarter-on-quarter. Management occupations came in second with a share of 15% in Q3 2023, with new job postings dropping by 54% over the previous quarter. The other prominent RPM roles include installation, maintenance, and repair occupations with a 10% share in Q3 2023, and sales and related occupations with a 8% share of new job postings.
Koninklijke Philips, Vyaire Medical, Shenzhen Mindray Bio-Medical Electronics, Medtronic, and GE HealthCare Technologies 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, the Netherlands, India and Japan 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. Shenzhen Mindray Bio-Medical Electronics, Koninklijke Philips, Vyaire Medical, Nexus, and Medtronic are actively hiring in this field. The US leads in RPM adoption, with Australia, Japan, the Netherlands, and Switzerland also contributing significantly to the industry's growth within the medical device sector.
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