Medical Device Connectivity Market is Expected to Reach $7.4 Billion | MarketsandMarkets™

Chicago, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Medical Device Connectivity market in terms of revenue was estimated to be worth $2.6 Billion in 2023 and is poised to reach $7.4 Billion by 2028, growing at a CAGR of 21.5% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. Growth in this market is majorly driven by more healthcare providers joining together, and this, along with the rise in telehealth and remote patient monitoring, offers big chances for companies in the medical device connectivity market to grow. People are also preferring healthcare at home, which adds to these opportunities for growth. Rising healthcare expenses, solid government backing, the growing demand for using data in healthcare, and a bigger focus on providing better care and keeping patients safe are pushing the global market for medical device connectivity solutions forward.

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Medical Device Connectivity Market Scope:

Report Coverage Details
Market Revenue in 2023 $2.6 Billion
Estimated Value by 2028 $7.4 Billion
Growth Rate Poised to grow at a CAGR of 21.5%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product & Services, Technology, Application and End-user
Geographies Covered North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increasing consolidation in the healthcare industry
Key Market Driver Favorable government support and initiatives

However, worries about connecting different hospital systems with medical devices, the high cost of setting up medical device connections, and some healthcare workers being unsure about using advanced technology might slow down how much this market can grow.

Based on products and services, the medical device connectivity market is segmented into medical device connectivity solutions, peripheral technologies or medical devices, and medical device connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. The reason for this is that more healthcare places are using electronic health records and similar systems that can work together. There are also more rules and changes in healthcare laws that make these systems necessary. Tests that used to be done only in hospitals are now happening at home, and we need better ways for all parts of healthcare to work together to make things better for patients.

The medical device connectivity market is divided based on technology into wired, wireless, and hybrid technologies. In 2022, the largest share of the market was attributed to the wireless technologies segment. Wireless technologies help doctors get quick updates about patients all the time, so they can treat them faster. They also allow patients to be monitored from far away, which means they might not need to stay in the hospital for as long. This saves money on healthcare without making the treatment less effective. These benefits are helping the wireless technologies part of healthcare grow.

Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, ventilators, anesthesia machines, infusion pumps, imaging systems, respiratory devices, and other applications. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022. This is due to because a lot of people, especially older folks, use these monitors all the time to keep track of their health issues. They're also used a lot in emergencies and during surgeries. More people started using these monitors from far away, which is making this market grow.

Based on end users, the medical device connectivity market is segmented into hospitals and surgical centers, maternity and fertility care, trauma and emergency care, tertiary care centers, home care settings, ambulatory and OPD, imaging and diagnostic centers, and others. In 2022, the hospitals and surgical centers segment accounted for the largest share of the medical device connectivity market. This is because there are a lot of patients, and hospitals have a lot of money to buy really good medical device connections. Hospitals are making less money, so they're looking for ways to give better care to patients. They're also using devices that monitor patients from far away. This is making more hospitals use these medical device connections.

In 2022, North America accounted for the largest share of the medical device connectivity market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The reason is that healthcare groups are joining together, and many hospitals here are using devices that connect medical tools. They're doing this to lower how much healthcare costs. The rules made by different groups like HIPPA, FCC, and CMS are strict and that affects how hospitals use these devices. Also, there are many companies in this area that are part of the medical device connectivity market.

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Medical Device Connectivity market major players covered in the report, such as:

  • Oracle Corporation (US)
  • Medtronic plc (Ireland)
  • Masimo (US)
  • Koninklijke Philips N.V. (Netherlands)
  • GE Healthcare (US)
  • Stryker Corporation (US)
  • iHealth Labs Inc. (US)
  • Cisco Systems (US)
  • Lantronix Inc. (US)
  • Infosys (India)
  • S3 Connected Health (Ireland)
  • Spectrum Medical Ltd. (UK)
  • Baxter Internatinoal Inc. (US)
  • Iatric Systems Inc. (US)
  • Silex Technology (Japan)
  • Digi International Inc. (US)
  • True Process (US)
  • TE Connectivity (Switzerland)
  • Bridge-Tech Medical (US)
  • Medicollector LLC (US)
  • Dragerwerk AG & CO. KGAA (Germany)
  • Honeywell International (US)
  • Ascom Holdings AG (Switzerland)
  • Wipro Ltd. (India)
  • OSI systems (US)
  • and Among Others

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This report categorizes the Medical Device Connectivity market into the following segments:

Global Medical Device Connectivity Market, by Product & Services

  • Medical Device Connectivity Solutions   
    • Medical device integration solutions
    • Interface devices
    • Telemetry systems
    • Connectivity Hubs
  • Peripheral Technologies/ Medical Devices                            
    • Patient Monitoring Devices
    • Critical Care
    • Imaging Systems                                                             
    • Other Medical Devices                                  
  • Medical Device Connectivity Services                     
    • Implementation and Integration services
    • Support & maintenance services
    • Training services
    • Consulting services

Global Medical Device Connectivity Market, by Technology

  • Wired technologies
    • LAN
    • WAN
  • Wireless technologies
    • Cloud-based
    • Bluetooth
    • Other Wireless
  • Hybrid technologies

Global Medical Device Connectivity Market, by Application

  • Vital signs & patient monitors
    • Blood glucose monitors
    • ECG/Heart Rate Monitors            
    • Blood pressure monitors             
    • Multiparameter Monitors           
    • Oximeters          
    • Other Patient Monitors (Capnographs, EEG, EKG, etc.)   
  • Ventilators                         
  • Anesthesia Machines                    
  • Infusion Pump                  
  • Imaging Systems                             
    • MRI & CT            
    • Ultrasound        
    • X-ray    
  • Others (Mammography & nuclear medicine)      
  • Respiratory Devices ((Sleep apnea, spirometers)               
  • Others (Implantable Cardiac Devices, Hearing Devices, etc.)                         
    • Implants             
    • Pacemakers      
    • Others 

Global Medical Device Connectivity Market, by End User

  • Hospitals & Surgical Centers                       
  • Maternity & Fertility Care                            
  • Trauma & emergency care                          
  • Tertiary Care Centers (Old Age Homes, Assisted Living Facilities, long-term care centers, rehabs, etc.)                      
  • Home care settings                        
  • Ambulatory & OPD                         
  • Imaging & Diagnostic Centers                    
  • Others                 

Global Medical Device Connectivity Market, by region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • Rest of Middle East & Africa

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Medical Device Connectivity Industry Recent Developments:

  • In October 2023, Philips announced new interoperability capabilities that offer a comprehensive view of patient health for improved monitoring and care coordination. The interoperability of Philips Capsule Medical Device Information Platform (MDIP) with Philips Patient Information Center iX (PIC iX), provide hospitals with a first-of-its-kind, comprehensive patient overview. Philips is creating an open patient monitoring ecosystem to bring together disparate medical devices and systems on a single interface. Interoperability between MDIP and PIC iX gives clinicians a new clinical perspective that enables the capture of streaming data flowing freely from a variety of medical device manufacturers on an open, scalable, secure platform.
  • In February 2023, the province of Nova Scotia, in collaboration with Nova Scotia Health Authority (NSHA) and IWK Health (IWK), entered into a 10-year agreement with Oracle Cernerto implement an integrated electronic care record across the province. Thistechnologycan help improve access to patient information for healthcare professionals.
  • During 2021, Koninklijke Philips N V entered into an agreement to purchase Capsule Technologies Inc. This move aimed to enhance Philips’ position in delivering connectivity solutions for patient care management within hospital settings. Capsule Technologies, being a prominent provider of medical device integration and data technologies to healthcare organizations, contributed to this strategy of expanding Philips' leadership in the field.
  • During 2021, Masimo Corporation introduced iSirona, a connectivity solution designed for integrating with EMRs, surveillance monitoring, managing alarms, providing mobile notifications, incorporating smart displays, and enabling analytics.

Key Market Stakeholders:

  • Medical device connectivity solutions and service providers
  • Medical device connectivity vendors
  • Hospitals and clinics
  • Wireless device manufacturers
  • Healthcare institutions
  • Healthcare technology suppliers
  • Research institutes
  • Market research and consulting firms
  • Venture capitalists and investors

Report Objectives:

  • To define, describe, segment, and forecast the medical device connectivity market by product & services, technology, application, end – users and region.
  • To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall medical device connectivity market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
  • To forecast the size of the market device connectivity market in five main regions (along with their respective key countries), namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
  • To profile the key players in the medical device connectivity market and comprehensively analyze their core competencies and market shares
  • To track and analyze competitive developments such as acquisitions, product launches, expansions, collaborations, agreements, partnerships, and R&D activities of the leading players in the medical device connectivity market
  • To benchmark players within the medical device connectivity market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business strategy, market share, and product offering

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