The global medical device connectivity market is projected to reach USD 2,670.3 million by 2023 from USD 939.4 million in 2018, at a CAGR of 23.2%. Growth in this market can be attributed to a number of factors such as the increasing penetration of EHRs & health information exchange systems in healthcare organizations, healthcare IT initiatives driving the integration of medical devices with hospital information systems, and the growing need to curtail healthcare costs through a connected healthcare environment.
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By product and service, the medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity services segment is expected to grow at the highest CAGR during the forecast period. The need for effective implementation and maximum utilization of connectivity solutions are expected to play a key role in the growth of the medical device connectivity services market in the next few years.
By type of technology, the wireless technologies are expected to register the highest CAGR during the forecast period. This growth can be attributed to the benefits offered by wireless technologies, such as cost-effectiveness; improved patient safety, mobility, and the possibility of device connectivity over a long distance; greater efficiency; and improved healthcare delivery.
Based on end users, the home healthcare segment is expected to register the highest CAGR of during the forecast period. The high growth in this segment is primarily attributed to the increasing reliance of patients on telehealth solutions, such as remote monitoring via phones and the Internet to manage their health conditions. Governments in a number of countries are also implementing various initiatives to promote home healthcare, which is expected to drive the growth of this end-user segment in the coming years.
The North America region is expected to register the highest growth rate in the global medical device connectivity market during the forecast period. The large share and high CAGR of North America in this market is attributed to the increasing need for integrated healthcare IT systems to ensure reliability, efficient maintenance of data, data integrity, timely availability of patient data to authorized healthcare professionals, and compliance with various federal healthcare mandates that encourage implementation of interoperability across hospitals in this region.
Emerging markets such as Asia Pacific have a high potential for growth in the medical device connectivity market mainly due to the rising government investments and reforms to modernize healthcare infrastructure, growing purchasing power of consumers, increasing government initiatives for infrastructural development, and the rising need to control the soaring healthcare costs.
