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Which companies are leading the way for artificial intelligence in the medical sector?

Which companies are leading the way for artificial intelligence in the medical sector?

Koninklijke Philips NV and Medtronic Plc are leading the way for artificial intelligence investment among top medical companies according to our analysis of a range of GlobalData data.

Artificial intelligence has become one of the key themes in the medical sector of late, with companies hiring for increasingly more roles, making more deals, registering more patents and mentioning it more often in company filings.

These themes, of which artificial intelligence is one, are best thought of as “any issue that keeps a CEO awake at night”, and by tracking and combining them, it becomes possible to ascertain which companies are leading the way on specific issues and which are dragging their heels.

According to GlobalData analysis, Koninklijke Philips NV is one of the artificial intelligence leaders in a list of high-revenue companies in the medical industry, having advertised for 578 positions in artificial intelligence, made nine deals related to the field, filed 113 patents and mentioned artificial intelligence five times in company filings between January 2020 and June 2021.

Our analysis classified 13 companies as Most Valuable Players – or MVPs – due to their high number of new jobs, deals, patents and company filings mentions in the field of artificial intelligence. An additional two companies are classified as Market Leaders and zero are Average Players. Five more companies are classified as Late Movers due to their relatively lower levels of jobs, deals, patents and company filings in artificial intelligence.

For the purpose of this analysis, we’ve ranked top companies in the medical sector on each of the four metrics relating to artificial intelligence: jobs, deals, patents and company filings. The best-performing companies – the ones ranked at the top across all or most metrics – were categorised as MVPs while the worst performers – companies ranked at the bottom of most indicators – were classified as Late Movers.

Alcon Inc is spearheading the artificial intelligence hiring race, advertising for 701 new jobs between January 2020 and June 2021. The company reached peak hiring in May 2020, when it listed 80 new job ads related to artificial intelligence.

Johnson & Johnson followed Alcon Inc as the second most proactive artificial intelligence employer, advertising for 616 new positions. Koninklijke Philips NV was third with 578 new job listings.

When it comes to deals, Koninklijke Philips NV leads with nine new artificial intelligence deals announced from January 2020 to June 2021. The company was followed by Medtronic Plc with four deals and F. Hoffmann-La Roche Ltd with three.

GlobalData’s Financial Deals Database covers hundreds of thousands of M&A contracts, private equity deals, venture finance deals, private placements, IPOs and partnerships, and it serves as an indicator of economic activity within a sector.

One of the most innovative medical companies in recent months was Koninklijke Philips NV, having filed 113 patent applications related to artificial intelligence since the beginning of last year. It was followed by Olympus Corp with 31 patents and Alcon Inc with 19.

GlobalData collects patent filings from 100+ counties and jurisdictions. These patents are then tagged according to the themes they relate to, including artificial intelligence, based on specific keywords and expert input. The patents are also assigned to a company to identify the most innovative players in a particular field.

Finally, artificial intelligence was a commonly mentioned theme in medical company filings. Medtronic Plc mentioned artificial intelligence 11 times in its corporate reports between January 2020 and June 2021. Johnson & Johnson filings mentioned it 11 times and Baxter International Inc mentioned it 11 times.

Methodology:

GlobalData’s unique Job analytics enables understanding of hiring trends, strategies, and predictive signals across sectors, themes, companies, and geographies. Intelligent web crawlers capture data from publicly available sources. Key parameters include active, posted and closed jobs, posting duration, experience, seniority level, educational qualifications and skills.



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