Mentions of cloud computing within the filings of companies in the medical devices industry were 30% higher in the second quarter of 2022 than in Q2 of 2021.
In total, the frequency of sentences related to cloud computing between July 2021 and June 2022 was 98% higher than in 2016 when GlobalData, from whom our data for this article is taken, first began to track the key issues referred to in company filings.
When companies in the medical devices industry publish annual and quarterly reports, ESG reports and other filings, GlobalData analyses the text and identifies individual sentences that relate to disruptive forces facing companies in the coming years. Cloud computing is one of these topics - companies that excel and invest in these areas are thought to be better prepared for the future business landscape and better equipped to survive unforeseen challenges.
To assess whether cloud computing is featuring more in the summaries and strategies of companies in the medical devices industry, two measures were calculated. Firstly, we looked at the percentage of companies which have mentioned cloud computing at least once in filings during the past twelve months - this was 48% compared to 32% in 2016. Secondly, we calculated the percentage of total analysed sentences that referred to cloud computing.
Of the 10 biggest employers in the medical devices industry, IQVIA was the company which referred to cloud computing the most between July 2021 and June 2022. GlobalData identified nine cloud-related sentences in the United States-based company's filings - 0.18% of all sentences. Medtronic mentioned cloud computing the second most - the issue was referred to in 0.04% of sentences in the company's filings. Other top employers with high cloud mentions included Roche, BD and Danaher.
This analysis provides an approximate indication of which companies are focusing on cloud computing and how important the issue is considered within the medical devices industry, but it also has limitations and should be interpreted carefully. For example, a company mentioning cloud computing more regularly is not necessarily proof that they are utilising new techniques or prioritising the issue, nor does it indicate whether the company's ventures into cloud computing have been successes or failures.
In the last quarter, companies in the medical devices industry based in the United States were most likely to mention cloud computing with 0.12% of sentences in company filings referring to the issue. In contrast, companies with their headquarters in Asia mentioned cloud computing in just 0.03% of sentences.