The global medical device connectivity market research is anticipated to garner a healthy CAGR of 25.2% during the forecast period (2022-2030).
Medical device connectivity enables equipment and medical devices in a healthcare context to interact with one another and exchange information. Because connected medical devices promise better information and monitoring systems, the market for them is anticipated to gain importance. Using real-time location systems, medical equipment that is connected transmits crucial information including maintenance schedules and device tracking systems. The increased demand for home healthcare brought on by the emergence of technologies like mobile-health will aid in the global market's rise.
When a medical emergency occurs in a home healthcare setting, connected medical devices send messages to the doctors and other concerned parties. By improving the operational effectiveness of the healthcare team, it also helps to reduce the amount of nursing hours.
On the other hand, security issues including patient privacy are probably going to limit industry expansion in the near future. Moreover, small healthcare institutions cannot afford the added expense of providing connectivity for medical devices, which in turn restrains the global market's expansion.
Competitive Dashboard
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 report 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.
Regional Frontiers
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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