Pune, Jan. 20, 2025 (GLOBE NEWSWIRE) -- Medical Device Connectivity Market Size & Growth Analysis:
According to SNS Insider, The Medical Device Connectivity Market size was valued at USD 2.45 billion in 2023 and is projected to reach USD 16.21 billion by 2032, expanding at a remarkable CAGR of 22.68% from 2024 to 2032. This rapid growth is attributed to the increasing adoption of telehealth, remote patient monitoring, and the rising demand for seamless data exchange across healthcare systems.
Market Overview:
The global Medical Device Connectivity Market has gained substantial traction as healthcare organizations seek enhanced interoperability between devices and systems for better patient outcomes. Medical device connectivity involves enabling seamless communication between devices like infusion pumps, patient monitoring systems, and diagnostic equipment, allowing healthcare providers to efficiently exchange patient data. This connectivity allows for real-time monitoring, improved workflow, and better decision-making in clinical environments.
The demand for connected medical devices has surged due to the increasing prevalence of chronic diseases, the rise in remote patient care, and a growing emphasis on data-driven healthcare. These devices improve patient monitoring, reduce the likelihood of human errors, and optimize hospital operations. Moreover, they contribute to the efficient management of electronic health records (EHRs), ensuring timely access to patient data and improved clinical outcomes.
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Major Players Analysis Listed in this Report are:
- Baxter International Inc. – Sigma Spectrum Infusion System
- Iatric Systems Inc. – EasyConnect
- Silex Technology – SX-570 Wi-Fi Module
- Digi International Inc. – Digi ConnectPort
- True Process – Vines Platform
- Koninklijke Philips N.V. – IntelliBridge Enterprise
- GE Healthcare – Carescape One
- Stryker Corporation – Connected OR Solutions
- iHealth Labs Inc. – iHealth Wireless BP Monitor
- Cisco Systems – Cisco Healthcare Network
- Lantronix Inc. – XPort Embedded Device Server
- TE Connectivity – Medical-grade connectors and Sensors
- Bridge-Tech Medical – Bridge-Med Device Interface
- Medicollector LLC – BedMasterEx
- Oracle Corporation – Oracle Health Data Platform
- Medtronic plc – CareLink Network
- Masimo – Masimo Root
- Infosys – Connected Health Platform
- S3 Connected Health – Enterprise Connected Health Solutions
- Spectrum Medical Ltd. – Quantum Perfusion Systems
- Drägerwerk AG & Co. KGaA – Infinity Acute Care System
- Honeywell International – Honeywell Smart Sensor
- Ascom Holdings AG – Digistat Suite
- Wipro Ltd. – Healthcare IoT Solutions
Medical Device Connectivity Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.45 billion |
| Market Size by 2032 | US$ 16.21 billion |
| CAGR | CAGR of 22.68% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | Innovations in AI, IoT, and 5G alongside the rise of telemedicine and chronic disease management are key growth drivers. |
Segment Analysis:
By Product & Services:
- Medical Device Connectivity Solutions have emerged as the dominant segment, accounting for over 50% of the market share in 2023. These solutions include software platforms and interfaces that facilitate seamless data exchange between medical devices and healthcare systems like EHRs. The dominance of this segment is driven by the increasing adoption of EHR systems globally, the need for interoperable devices, and the demand for enhanced workflow efficiency in healthcare settings. Real-time monitoring and remote patient care, accelerated by the rise of telehealth, further fuel the demand for these solutions.
- Medical Device Connectivity Services are expected to register the fastest growth during the forecast period. This segment includes essential services such as installation, integration, training, and maintenance of connectivity solutions. With the complexity of modern medical ecosystems, the demand for technical expertise and ongoing maintenance is escalating. As healthcare providers adopt more advanced connectivity solutions, the need for services that ensure smooth integration and upgradeability continues to rise.
By Technology:
- Wireless technologies held the largest market share in 2023, accounting for 55%. This segment’s dominance is due to the flexibility and ease of deployment offered by wireless technologies such as Wi-Fi, Bluetooth, and 5G. These technologies enable real-time data transmission, making them ideal for remote patient monitoring, telemedicine, and wearables. The rapid adoption of these technologies is facilitated by their ability to enhance patient care by offering greater mobility and easier integration across devices.
- Hybrid technologies, which combine wired and wireless solutions, are the fastest-growing segment in the market. These technologies balance the reliability of wired connections with the flexibility of wireless ones, making them particularly beneficial for healthcare environments that require a combination of both. Hybrid solutions are gaining traction as healthcare providers increasingly seek adaptable, secure, and reliable connectivity solutions for their medical devices.
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Medical Device Connectivity Market Segmentation
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
By Technology
- Wired technologies
- LAN
- WAN
- Wireless technologies
- Cloud-based
- Bluetooth
- Other Wireless
- Hybrid technologies
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
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
Recent Developments:
- October 2024: Glassbeam, Inc. partnered with the Department of Veterans Affairs (VA) Healthcare Technology Management (HTM) program. This collaboration aims to enhance predictive analytics and real-time data capabilities across a wide range of medical devices, improving the efficiency of healthcare delivery.
- September 2023: Mindray launched the TE Air Wireless Handheld Ultrasound, a compact device designed to enhance accessibility and connectivity in healthcare settings. This portable ultrasound offers seamless integration with mobile devices or the TE X Ultrasound System, expanding its utility for healthcare professionals.
Statistical Analysis
- Chronic diseases: Over 60% of the global population is affected by chronic diseases, including heart disease, diabetes, and hypertension. These conditions significantly increase the demand for connected medical devices, as they require continuous monitoring and management.
- Heart disease: One in four deaths globally is attributed to cardiovascular disease, increasing the need for remote monitoring and device connectivity.
- Diabetes: Approximately 10% of the global population is living with diabetes, which demands real-time glucose monitoring and connected health management solutions.
- Hypertension: Around 40% of the adult population globally is diagnosed with hypertension, further driving the need for medical devices to monitor and manage blood pressure continuously.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Incidence and Prevalence (2023)
5.2 Prescription Trends (2023), by Region
5.3 Device Volume, by Region (2020-2032)
5.4 Healthcare Spending, by Region (Government, Commercial, Private, Out-of-Pocket) (2023)
6. Competitive Landscape
7. Medical Device Connectivity Market by Product & Services
8. Medical Device Connectivity Market by Technology
9. Medical Device Connectivity Market by Application
10. Medical Device Connectivity Market by End User
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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