Medical Device Connectivity Market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%. The growth of this market is influenced by the increasing need for integration in continually expanding hospitals and other healthcare organizations that require connectivity tools for building interfaces between various departments/systems. The importance of integrating increasingly complex data sets is increasing with the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe.
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Growth in this market is majorly due to growth in the telehealth and remote patient monitoring markets, and the growing inclination towards home healthcare is expected to provide significant growth opportunities for players operating in the market. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe. However, concerns related to integration between various hospital information systems and medical devices and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.
Key Market Players
The prominent players in the global medical device connectivity market are Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), Silex Technology (Japan), Digi International Inc. (US), True Process (US), TE Connectivity (Switzerland), Bridge-Tech Medical (US), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), and OSI Systems (US).
The Medical Device Connectivity Market refers to the industry focused on connecting medical devices within healthcare facilities to enable data integration, exchange, and interoperability. These connectivity solutions facilitate real-time monitoring, data analysis, and improved clinical decision-making. Here are some key points about the market:
- Market Overview: The Medical Device Connectivity Market has been experiencing significant growth in recent years. The increasing adoption of electronic health records (EHRs), the need for streamlined workflows, and the rising demand for real-time patient monitoring and data analysis are driving the market’s expansion.
- Market Dynamics:
- Growing Demand for Integrated Healthcare Systems: The integration of medical devices with hospital information systems (HIS) and EHRs is becoming essential for seamless data exchange and comprehensive patient care. Medical device connectivity solutions play a crucial role in achieving this integration.
- Focus on Patient Safety and Clinical Outcomes: Healthcare facilities are increasingly prioritizing patient safety and improved clinical outcomes. Medical device connectivity enables real-time monitoring of patients, early detection of critical events, and timely interventions, leading to enhanced patient care and safety.
- Increasing Need for Remote Patient Monitoring: The rise of telemedicine and remote patient monitoring has created a demand for medical device connectivity. Connected medical devices allow healthcare providers to remotely monitor patients’ vital signs, manage chronic conditions, and provide timely interventions.
- Regulatory Requirements and Interoperability Standards: Regulatory bodies are emphasizing the interoperability of medical devices to ensure seamless data exchange and patient safety. Compliance with regulations and adherence to interoperability standards are critical factors in the adoption of medical device connectivity solutions.
- Market Statistics:
- Market Size: According to market research, the global medical device connectivity market was valued at USD 1.7 billion in 2021 and is projected to reach USD 4.9 billion by 2026, growing at a CAGR of 24.4% during the forecast period.
- Wireless Connectivity Dominance: Wireless connectivity solutions, such as Wi-Fi, Bluetooth, and RFID, hold a significant market share due to their convenience, mobility, and ease of implementation. These technologies enable seamless data transmission and real-time monitoring.
- Increasing Adoption in Hospitals: Hospitals represent the largest end-user segment in the medical device connectivity market. The integration of medical devices with hospital networks and EHR systems enables efficient data management, improved patient care, and enhanced operational efficiency.
- North America Leading the Market: North America dominates the medical device connectivity market, driven by the region’s advanced healthcare infrastructure, early adoption of healthcare technologies, and supportive government initiatives. Europe and Asia Pacific are also witnessing significant growth in this market.
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The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2020
Based on product and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical devices connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. The large share of this segment can be attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms, the shift of point-of-care diagnostics from hospitals to home care settings, and the growing need for integrated healthcare systems to improve the quality and outcome of healthcare.
The wireless technologies segment accounted for the largest share of the medical device connectivity market in 2020
Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. In 2020, the wireless technologies segment accounted for the largest share of the medical device connectivity market. Wireless technologies offer a better quality of healthcare as doctors constantly receive real-time updates about patients, enabling faster treatments. These technologies also enable shorter hospital stays and reduced healthcare expenditure through remote patient monitoring without hampering the efficiency of the treatment. These advantages are supporting the growth of the wireless technologies segment.
The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2020
Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, anesthesia machines & ventilators, infusion pumps, and other applications. The other applications segment comprises imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and fetal monitoring devices. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2020. This can be attributed to the widespread use of such monitors for continuous patient monitoring due to the rising incidence of chronic disorders among the aging populations and its need in emergency settings and operating rooms. Also, the increasing adoption of such monitors for remote patient monitoring during the COVID-19 pandemic is propelling the market growth.
Report Link: Medical Device Connectivity Market
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