Global Wireless Medical Device Connectivity Market – Industry Trends and Forecast to 2029

Wireless Medical Device Connectivity Market Analysis and Size

The upkeep of a connection between various medical equipment is known as medical device connectivity. It is utilised to get rid of any chance of human error. It facilitates data flow from one device to another more quickly and accurately. Both wired and wireless connections can be made between the devices.

Data Bridge Market Research analyses that the wireless medical device connectivity market which was USD 1.73 billion in 2021, would rocket up to USD 9.80 billion by 2029, and is expected to undergo a CAGR of 24.21% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Wireless Medical Device Connectivity Market Scope and Segmentation      

Market Definition

Wireless medical devices provide more comprehensive connectivity, enabling continuous patient monitoring while they are in motion. Wi-Fi and bluetooth components are included in wireless medical equipment, which continue to raise the bar for healthcare around the world.

Wireless Medical Device Connectivity Market Dynamics

Drivers

• Increasing prevalence of telehealth

The market players have lucrative potential to the growing demand for technologies like telehealth, the trend toward home healthcare and telemedicine, and the use of cloud- and mobility-driven devices in the healthcare sector.

• Increasing investment for healthcare infrastructure

The primary drivers of the market between 2022 and 2029 will be the COVID-19 outbreak, which has prompted people to seek out home-based healthcare, rising demand for remote patient monitoring, and more precise and effective patient analysis to enhance healthcare treatments. The need to reduce expenses through shorter patient stays, fewer office visits, and fewer readmissions is driving up market demand.

• Growth of automated workflow

The expansion of automated workflow and documentation for patients' safety and efficiency and the execution of rules regarding healthcare services also impact the market for wireless medical device connectivity.

Opportunities

• Increase in the number of research and development activities   

Technologies like big data, artificial intelligence, mobile applications, 3D printing, sophisticated detectors, and others are predicted to open up new prospects for major industry participants in the wireless medical device connectivity market.

Restraints/Challenges

The market expansion of wireless medical device connectivity is anticipated to be constrained by medical professionals' resistance to using new healthcare I.T. systems and rising expenses that small healthcare organisations cannot pay. Data security issues, the blending of multiple hospital I.T. systems and medical equipment, and a shortage of qualified healthcare I.T. workers are factors that are expected to provide market challenges.

This wireless medical device connectivity market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the wireless medical device connectivity market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Wireless Medical Device Connectivity Market

The COVID-19 outbreak significantly impacted the market for wireless medical device connectivity because of the surge in demand for remote monitoring and patient engagement tools. COVID-19 has increased the demand for medical device connectivity integration in hospital and home care settings in patient monitoring systems and devices. On the other hand, manufacturers are primarily concentrating on growing their product portfolios to meet this expanding demand. A number of medical establishments are aggressively extending patient monitoring to temporary settings like home care. Additionally, demand for specific products related to the COVID-19 response has increased, including point-of-care cardiac monitoring devices, wireless monitoring systems, and respiratory equipment.

Recent Development

• In January 2021, Capsule Technologies Inc. was acquired by Koninklijke Philips N V. Philips' position in hospital patient care management connectivity solutions was strengthened by this tactic. Capsule Technology is a well-known provider of data technology and medical device integration for hospitals and healthcare organizations.
• To provide safe and effective patient care to its COVID-19 ventilated patients, Yale New Haven Health System, U.S., for instance, deployed Capsule Technologies, Inc.'s Ventilated Patient Surveillance (VPS) workstation in May 2020.

Global Wireless Medical Device Connectivity Market Scope

The wireless medical device connectivity market is segmented on the basis of component and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Wi-Fi Hardware
• Wireless Medical Telemetry Hardware
• Bluetooth Hardware

End-User

• Hospitals
• Home Healthcare
• Diagnostic Centers
• Ambulatory Care

Wireless Medical Device Connectivity Market Regional Analysis/Insights

The wireless medical device connectivity market is analysed and market size insights and trends are provided by country, component and end-user as referenced above.

The countries covered in the wireless medical device connectivity market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the wireless medical device connectivity market because of the significant adoption of the wireless medical device connectivity and operability, growth in number of healthcare providers.

Asia-Pacific is expected to grow in the market due to the rise in healthcare infrastructure.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Wireless Medical Device Connectivity Market Share Analysis

The wireless medical device connectivity market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to wireless medical device connectivity market.

Some of the major players operating in the wireless medical device connectivity market are:

• Cerner Corporation (U.S.)
• Medtronic (Ireland)
• Masimo (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• General Electric (U.S.)
• Stryker (U.S.)
• iHealth Labs Inc. (U.S.)
• Cisco Systems Inc. (U.S.)
• Lantronix Inc. (U.S.)
• Infosys Limited (India)
• Silicon & Software Systems Ltd. (Ireland)
• Spectrum Medical (U.K.)
• Hill-Rom Services Inc. (U.S.)
• Iatric Systems Inc. (U.S.)
• Silex Technology America Inc. (Japan)
• Digi International Inc. (U.S.)
• Baxter (U.S.)
• T.E. Connectivity (Switzerland)
• Bridge-Tech (U.S)
• Medicollector (U.S.)

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