Global Medical Device Connectivity Market, By Product and Service (Medical Device Connectivity Solutions, Medical Device Connectivity Services), Technology (Wired Technologies, Wireless Technologies, Hybrid Technologies), Application (Vital signs and patient monitors, Anesthesia machines and Ventilators, Infusion pumps, Others), End User (Hospitals, Home Healthcare Centers, Diagnostic Centers, Ambulatory Care Centers) – Industry Trends and Forecast to 2029
Global Medical Device Connectivity Market Analysis and Size
Surging growth in the telehealth and remote patient monitoring markets across the globe has largely impacted the market growth. Furthermore, the healthcare industry is embracing automation in all aspects of its operations, and medical device connection is a critical component of that automation. The market has shown a significant growth over the past few years, owing to the presence of these growth determinants. With the advent of COVID-19 pandemic, the demand for medical device connection has also increased, which will propel the growth and expansion of the market in near future.
- Global Medical Device Connectivity Market was valued at USD 1.7 billion in 2021 and is expected to reach USD 10 billion by 2029, registering a CAGR of 24.9% during the forecast period of 2022-2029. The "medical device connectivity solutions" accounts for the largest product and service segment in the medical device connectivity market within the forecasted period as it is able to bring various healthcare facilities together. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Global Medical Device Connectivity Market Definition
Medical device connection (MDC) is a patient-centered system of integrated medical equipment that analyses and monitors patients' electronic health records (EHR). Medical gadgets connected via wireless network technologies allow medical care personnel to keep an eye on a patient at all times, even from afar. Hospitals are striving for thorough, accurate, and detailed medical device data to improve clinical outcomes and patient safety as medical device technology advances.
2022 to 2029
2020 (Customizable to 2019 - 2014)
Revenue in USD Billion, Volumes in Units, Pricing in USD
Product and Service (Medical Device Connectivity Solutions, Medical Device Connectivity Services), Technology (Wired Technologies, Wireless Technologies, Hybrid Technologies), Application (Vital signs and patient monitors, Anesthesia machines and Ventilators, Infusion pumps, Others), End User (Hospitals, Home Healthcare Centers, Diagnostic Centers, Ambulatory Care Centers)
U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa
Market Players Covered
Cerner Corporation (US), Medtronic (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), General Electric Company (US), Stryker (US), iHealth Labs Inc., (US), Cisco (US), Lantronix Inc. (US), Infosys Limited (India), Silicon & Software Systems Ltd. (Ireland), Spectrum Medical (UK), Hill-Rom Services Inc. (US), Iatric Systems Inc. (US), Silex technology, Inc. (Japan), Digi International Inc. (US), Baxter (US), TE Connectivity (Switzerland), Bridge-Tech (U.S), and Medicollector (US)
Medical Device Connectivity Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
- High Adoption Across Healthcare
Growth in the telehealth and remote patient monitoring markets and the growing inclination towards home healthcare are the most significant factors driving the growth for this market. Moreover, the high burden of COVID-19 will also accelerate the market's overall growth. The growth in the adoption of EHRs, which results in large volume of electronic data which needs to be managed effectively. This further accelerates the adoption of medical device connectivity.
Furthermore, the growing focus on the quality of care and patient safety are also expected to fuel market growth. Moreover, the cost benefits of the connected healthcare environment regarding the growing healthcare spending also cushion the market's growth within the forecasted period. The patient safety and medical device connectivity aids in the data analytics are also projected to bolster the growth of the market.
- Growth Opportunities To Drive The Market
Moreover, the rising technological advancements, growing consolidation in the healthcare industry, and increase in the adoption of medical device connectivity in healthcare facilities are estimated to generate lucrative opportunities for the market. The favorable government support and the initiatives coupled with the increased attention towards patient care and quality will further expand the medical device connectivity market's growth rate in the future.
Restraints/Challenges Global Medical Device Connectivity Market
- Various Limitations Will Hinder Growth
On the other hand, factors such as the reluctance of healthcare professionals to adopt advanced healthcare IT solutions along with the various concerns related to integration between various hospital information systems and medical devices are expected to obstruct market growth.
The shortage of skilled expertise will restrict the growth of the market. Also, the factors such as the high deployment for healthcare startups and risks in data security are projected to challenge the medical device connectivity market in the forecast period of 2022-2029.
This 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 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.
Post Covid-19 Impact on Medical Device Connectivity Market
The outbreak of COVID-19, led to huge impact on the medical device connectivity market, as the demand for remote monitoring and patient engagement solutions has skyrocketed. COVID-19 has resulted in an immense demand for medical device connectivity integration in patient monitoring systems and devices, both in hospital and home care settings. Moreover, on the other hand, the manufacturers are majorly focusing on expanding their portfolios to accommodate this growing demand. Various healthcare facilities are actively expanding patient monitoring to home care settings or other temporary setups. Also, the certain items that are linked to the response to COVID-19, such as respiratory, wireless monitoring systems, and point-of-care cardiac monitoring equipment, have seen a spike in demand. The demand for and acceptance of medical device connectivity solutions, on the other hand, remained consistent throughout the year, and the trend has persisted well into 2021. The pandemic has generated a surge in interest in wireless medical devices, EHR systems, and telemetry solutions for remote COVID-19 patient monitoring, with non-hospital settings seeing the most uptake.
Therefore, the market is estimated to show noteworthy growth rate during and even post COVID-19.
- In January 2021, Capsule Technologies Inc. has been acquired by Koninklijke Philips N V. Capsule Technology is a prominent provider of medical device integration and data technologies for hospitals and healthcare organizations, and this strategy strengthened Philips' position in patient care management connection solutions for hospitals.
Global Medical Device Connectivity Market Scope
The medical device connectivity market is segmented on the basis of product and service, technology, application 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.
Product and Service
- Medical Device Connectivity Solutions
- Medical Device Connectivity Services
On the basis of product and service, the medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services. The medical device connectivity solutions is sub-segmented into medical device integration solutions, interface devices, telemetry systems and connectivity hubs. The medical device connectivity services is sub-segmented into implementation and integration services, support and maintenance services and training services and consulting services. The medical device connectivity solutions will account for the largest market share, as it is able to bring various healthcare facilities together.
- Wired Technologies
- Wireless Technologies
- Hybrid Technologies
On the basis of technology, the medical device connectivity market is segmented into wired technologies, wireless technologies and hybrid technologies.
- Vital signs and patient monitors
- Anesthesia machines and Ventilators
- Infusion pumps
On the basis of application, the medical device connectivity market is segmented into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps and others.
- Home Healthcare Centers
- Diagnostic Centers
- Ambulatory Care Centers
On the basis of end user, the medical device connectivity market is segmented into hospitals, home healthcare centers, diagnostic centers and ambulatory care centers.
Medical Device Connectivity Market Regional Analysis/Insights
The medical device connectivity market is analyzed and market size insights and trends are provided by country, product and service, technology, application and end user as referenced above.
The countries covered in the 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 medical device connectivity market because of the increasing consolidation amongst the healthcare providers and the extensive implementation of the clinical device connectivity and the strict guidelines by the several government and non-government authorities within the region.
Europe is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increasing disposable income and the rising healthcare expenses, advanced healthcare products, and the increasing disposable income within the region.
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.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The medical device connectivity market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical device connectivity market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical device connectivity market. The data is available for historic period 2010-2020.
Competitive Landscape and Medical Device Connectivity Market Share Analysis
The 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 medical device connectivity market.
Some of the major players operating in the medical device connectivity market are Cerner Corporation (US), Medtronic (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), General Electric Company (US), Stryker (US), iHealth Labs Inc., (US), Cisco (US), Lantronix Inc. (US), Infosys Limited (India), Silicon & Software Systems Ltd. (Ireland), Spectrum Medical (UK), Hill-Rom Services Inc. (US), Iatric Systems Inc. (US), Silex technology, Inc. (Japan), Digi International Inc. (US), Baxter (US), TE Connectivity (Switzerland), Bridge-Tech (U.S), and Medicollector (US) among others.
Research Methodology : Global Medical Device Connectivity Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts https://www.databridgemarketresearch.com/speak-to-analyst/?dbmr=global-medical-device-connectivity-market
Customization Available : Global Medical Device Connectivity Market
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.