This article presents a quarterly round-up of the latest trends in the medical device industry regarding IoT. It provides an overview of recent developments in IoT-related deals, talent acquisition, and patent filings within the medical device industry.
Diverse applications of internet of things in medical device industry
Medical companies are leveraging the latest patents in the field of internet of things to innovate and improve their businesses. For example, AliveCor Inc has patented a machine learning health analysis system that continuously monitors a user’s health status using low-fidelity health indicators. This technology can provide personalized health insights and early detection of potential issues. Additionally, OMNISCIENT MEDICAL AS has developed a system for monitoring health-related aspects of a patient using UWB radar and pattern recognition models to detect and classify patterns indicative of undesirable events. These advancements in internet of things technologies offer companies the opportunity to enhance patient care, improve diagnostic accuracy, and streamline healthcare processes. Acquiring these patents can enable companies to stay at the forefront of medical innovation and provide cutting-edge solutions to patients and healthcare providers.
The industry experienced a 27% decline in the number of IoT-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of IoT-related patent applications in the medical device industry witnessed a drop of 0.25% compared with Q1 2023.
Strategic deal trends in internet of things 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 IoT. 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 IoT in the medical device industry.
In Q1 2024, the number of IoT-related deals in the medical device industry declined by 21% compared with Q1 2023. On a quarterly basis, there was 21% 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 59% growth compared with the previous quarter. On an annual basis, job postings also grew by 17%. Notably, Computer and mathematical occupations, with a share of 17%, emerged as the top IoT-related job roles within the medical device industry in Q1 2024, with new job postings rising by 40% quarter-on-quarter. Healthcare support occupations came in second with a share of 12% in Q1 2024, with new job postings rising by 123% over the previous quarter. The other prominent IoT roles include architecture and engineering occupations with a 10% share in Q1 2024, and management occupations with a 10% share of new job postings.
ResMed, ConnectedHealth, Fresenius SE & Co, Abbott Laboratories, and Baxter International are among the top companies leading in IoT hiring within the medical device industry.
Countries driving adoption of internet of things in medical device industry
The US is the leading country in IoT adoption within the medical device industry, boasting the highest number of IoT-related patents, jobs, and deals. Meanwhile, Canada, China, India and Singapore also maintain significant positions in IoT adoption within the medical device industry.
In conclusion, the medical device industry is witnessing significant advancements through IoT innovations, as evidenced by patents and strategic deals. Despite fluctuations in patent applications and deal trends, the sector experiences robust growth in job postings, particularly in specialized fields, reflecting a strong commitment to harnessing IoT for improved healthcare outcomes.
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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.