The global medical device connectivity market is anticipated to garner a healthy CAGR of 25.2% during the forecast period (2022-2030).
In order to share information, medical devices and equipment in a healthcare setting can link to one another thanks to medical device connectivity. The market for connected medical devices is expected to grow in importance as it guarantees improved information and monitoring systems. Medical equipment that are connected transmit important data such as maintenance schedules and device tracking systems using real-time location systems. Global market expansion will be aided by the rising demand for home healthcare brought on by the advent of technologies like mobile-health.
Connected medical devices send alter to the physicians and concerned persons during healthcare emergency in a home healthcare setting. It also helps to minimize the number of nursing hours by increasing operational efficiency of the healthcare staff.
On the contrary, security concerns like patient privacy are likely to restrict the market growth in the foreseeable future. Moreover, small healthcare facilities are not able to afford the additional cost of offering medical devices connectivity, which in turn hinders the market growth across the globe.
The medical device connectivity market players comprises Cerner (U.S.), Qualcomm (U.S.), Koninklijke Philips N.V. (Netherlands), GE Healthcare (U.S.), Medtronic (U.S.), Bernoulli Enterprise (U.S.), Nanthealth (U.S.), Cisco Systems (U.S.), Lantronix (U.S.), Infosys (India), Ihealth Lab (U.S.), True Process (U.S.), Stryker Corporation, Nuvon, Inc, eDevice, Inc., and others.
Medical Device Connectivity Market: Segmental Analysis
The medical device connectivity market has been segmented on the basis of technology, products and services, and end user.
By products and services, the medical device connectivity market is segmented into medical device connectivity services and medical device connectivity solutions. Of these, the medical device connectivity services segment commands the largest share, mainly due to surging digitization in the health continuum, rising adoption of interoperability solutions and EHRs in healthcare organizations, especially in emerging nations, and the soaring need to curb healthcare costs.
The technology segment comprises wireless technologies, wired technologies, and hybrid technologies. Of these, the wired technologies segment is likely to gain prominence due to several benefits provided by wired solutions like improved reliability and data security, improved physical control, and high-speed network connectivity.
Based on the end users, the market comprises home healthcare, hospitals, diagnostic centers, ambulatory care centers, and others. Of these, the hospital’s segment is anticipated to gain prominence, mainly due to the enhanced healthcare infrastructure in the APAC, improving patient and financial outcomes, and surging need to improve operational efficiency of the healthcare organizations.
Geographically, the medical device connectivity market spans across Europe, North America, Asia Pacific, and the Rest of the World (RoW).
Considering the global scenario, the U.S. dominates the North American medical device connectivity market, as the region is the first choice for deploying medical device connectivity solutions, owing to advancing technologies and established healthcare systems.
Europe acquires the second spot due to the surging use of medical device connectivity services and solutions, which augments the efficiency of the healthcare systems and workforce. The market in the region is also propelled by the rising adoption of wearable patient monitoring systems in the countries of the region.
The Asia Pacific, on the other hand, is predicted to grow at the quickest rate since it contains so many rapidly developing nations, including Malaysia and India. To improve healthcare and raise public awareness, these nations are heavily using medical device connection solutions. The region will benefit from a growth in the use of remote monitoring and medical device connectivity solutions and services.
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