Selbyville, Delaware, March 10, 2021 (GLOBE NEWSWIRE) -- According to credible sources, global medical device connectivity market size valuation surpassed the USD 1.11 billion mark in 2019 and is projected to grow at a notable 25.7% CAGR, reaching a valuation of USD 6.94 billion by 2027. The lucrative market growth can be attributed to the advent of technologies such as mobile health.
The report defines market sizes of various segments and projects revenue contribution during the forecast period. Furthermore, it includes an in-depth scrutiny of qualitative as well as quantitative aspects of the industry with respect to each of the regions and countries considered. Investment opportunities available in micro markets are enlisted, along with detailed analysis of key players and their product offerings.
For the unversed, medical device connectivity helps in linking various medical equipment in a healthcare environment, enabling data sharing. These devices record crucial time sensitive information such as maintenance schedule and location through real time location systems (RTLS).
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The ability to reduce number of nursing hours due to increased operational efficiency provided by the instruments is also boosting market demand for medical device connectivity. For instance, Urgent Care Medicine journal reported that in 2017, the Hospital Corporation of America increased medical device connectivity in an effort to increase accessibility for patients in 14 major markets. The firm allocated USD 2.9 billion budget to raise urgent care locations to 120 from 72 by the end of same year.
Moreover, focused research and development activities in the medical stream, and increasing demand for automation are adding considerable traction to industry growth. On the other hand, patient privacy concerns pose a challenge for worldwide medical device connectivity industry outlook.
Elaborating on market segments:
Based on product gamut, global medical device connectivity market is arrayed into integration solutions, telemetry, interface devices, services, and hubs. On the basis of technology, the market is classified into wired, hybrid, and wireless variants. End users of the market are hospitals, ambulatory care, homecare, and diagnostic centers.
Geographical Summary:
Seasoned analysts claim that North America accounted for significant market share in the recent past, owing to widespread acceptance of clinical device connectivity and interoperability solutions in order reduce the high healthcare costs.
Parallelly, Asia-Pacific medical device connectivity market share is anticipated to showcase the highest growth rate during 2020-2027. Increasing demand and government initiatives for the adoption of automation in medical vertical will create a favorable groundwork for market expansion in Asia-Pacific region.
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Global Medical Device Connectivity Market Product Ambit (Revenue, USD Billion, 2017-2027)
- Integration Solutions
- Telemetry
- Interface Devices
- Services
- Hubs
Global Medical Device Connectivity Market Technology Type (Revenue, USD Billion, 2017-2027)
- Wired
- Hybrid
- Wireless
Global Medical Device Connectivity Market End User Spectrum (Revenue, USD Billion, 2017-2027)
- Hospitals
- Ambulatory Care
- Diagnostic Centers
- Home Healthcare
Global Medical Device Connectivity Market Regional Outlook (Revenue, USD Billion, 2017-2027)
North America
- US
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- RoE
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- RoAPAC
Latin America
- Mexico
- Brazil
Rest of the world
Global Medical Device Connectivity Market Competitive Gamut (Revenue, USD Billion, 2017-2027)
- GE Healthcare
- Lantronix, Inc.
- NantHealth, Inc.
- Cerner Corporation
- Medtronic plc
- Infosys Limited
- Qualcomm Inc.
- Koninklijke Philips N.V.
- Cisco Systems, Inc.
- Digi International, Inc.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Medical device connectivity Market, by Region, 2018-2027 (USD Billion)
1.2.2. Medical device connectivity Market, by Product,2018-2027 (USD Billion)
1.2.3. Medical device connectivity Market, by Technology,2018-2027 (USD Billion)
1.2.4. Medical device connectivity Market, by End user,2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Medical device connectivity Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Medical device connectivity Market Dynamics
3.1. Medical device connectivity Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Medical device connectivity Market Industry Analysis
4.1. Porter's 5 Force Model
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Medical device connectivity Market, by Product
5.1. Market Snapshot
5.2. Global Medical device connectivity Market by Product, Performance - Potential Analysis
5.3. Global Medical device connectivity Market Estimates & Forecasts by Product2017-2027 (USD Billion)
5.4. Medical device connectivity Market, Sub Segment Analysis
5.4.1. Integration Solutions
5.4.2. Interface Devices
5.4.3. Telemetry
5.4.4. Hubs
5.4.5. Services
Chapter 6 Global Medical device connectivity Market, by Technology
6.1. Market Snapshot
6.2. Global Medical device connectivity Market by Technology, Performance - Potential Analysis
6.3. Global Medical device connectivity Market Estimates & Forecasts by Technology2017-2027 (USD Billion)
6.4. Medical device connectivity Market, Sub Segment Analysis
6.4.1. Wired
6.4.2. Wireless
6.4.3. Hybrid
Chapter 7. Global Medical device connectivity Market, by End user
7.1. Market Snapshot
7.2. Global Medical device connectivity Market by End user, Performance - Potential Analysis
7.3. Global Medical device connectivity Market Estimates & Forecasts by End user 2017-2027 (USD Billion)
7.4. Medical device connectivity Market, Sub Segment Analysis
7.4.1. Hospitals
7.4.2. Home Healthcare
7.4.3. Diagnostic Centers
7.4.4. Ambulatory Care
Chapter 8. Global Medical device connectivity Market, Regional Analysis
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