Clouding Medical Industry!
GlobalData indicates that the medical industry is witnessing a solid drive and changes in cloud investments across several key metrics.
Digitalisation activities received a big boost because of the Pandemic, where cloud technologies are leading from the front. Cloud has become one of the key global themes across all industries, and top companies are competing with each other by boasting cloud investments in their year-on-year company reports.
GlobalData’s thematic approach to sector activity seeks to group key company information on hiring, deals, patents and more by topic to see which industries are best placed to weather the disruptions coming their way.
These themes, of which cloud is one, are best thought of as “any issue that keeps a CEO awake at night”, and by tracking them, it becomes possible to ascertain which companies are leading the way on specific issues and which are dragging their heels.
One area in which there has been a decrease in cloud investment among medical companies is in the number of deals. GlobalData figures show that there were 14 cloud deals in medical in the second quarter of 2019. By the second quarter of 2021, that number was 12.
Hiring patterns within the medical sector as a whole are pointing towards an increase in the level of attention being shown to roles related to the cloud. There were 5,576 actively advertised for open medical roles within the industry in the second quarter of this year, up from 1,402 in the same quarter last year.
It is also apparent from an analysis of keyword mentions in financial filings that the cloud is occupying the minds of medical companies to a lesser extent.
Cloud was mentioned in 28 company reports of the biggest medical companies in Q2 2021. This figure represents a decrease compared to the same period in 2019 when 58 industry filings mentioned cloud.
Cloud is decreasingly fueling Innovation in the medical sector. There were, on average, 114 medical patents related to cloud granted in the second quarter of 2019. That figure has fallen to 44 patents in the last quarter of 2020.
With such heavy investments in cloud systems, medical companies will have to increase their cyber security spending. The entire digital boost has forced the medical industry to adopt new techniques which can walk hand-in-hand with technological advancements.
Apart from investments in Cloud Technology, the medical industry has also seen a sharp increase in demand for digital health and telehealth services. Our experts predict that there will be a big-time boost and development of Software As a Medical Device and the Digital Health sector as a whole. These MedTech innovations will dominate the rest of the decade as COVID19 has shifted market focus towards better health and human wellbeing.
Innovators across the globe are triggered and hustling to develop new and new Software for the industry where few of them could be treated as a medical devices. This uptrend promises a complete makeover of patient care services where the Patient will have utmost benefit from these innovations.
With advancing time and new innovations, regulations continue to be a nightmare for medical manufacturers. New and enhanced medical regulations are being introduced worldwide.
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