Newark, NJ, Aug. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global medical device connectivity market is expected to grow from USD 1.63 billion in 2019 and to reach USD 8.76 billion by 2027, growing at a CAGR of 23.4% during the forecast period 2020-2027.
The growing rate of infiltration of the services in digital devices is expected to drive the market growth of medical device connectivity. The ever increasing healthcare infrastructure in many regions has to lead to the advancement of medical devices. Hence, the medical devices' connectivity market is growing in these regions owing to the improved efficiency of the working of medical devices.
Medical device connectivity has helped in the minimization of errors, which was caused by human labor. These product helps to form a connection between the medical devices with the help of a central network. Further, it helps in effective diagnosis, which is totally based on the specific data set of each patient. This makes the treatment low cost and effective. Additionally, the increasing trend of home health care facilities has resulted in the growth of the demand for medical device connectivity. It also increases the inflow of data and also updates the patient’s data at a faster pace.
The connectivity among the medical devices offers much additional benefit. It helps to carry out the essential information and pass it to the subsequent device without the need for any manual entry. The physicians or doctors can receive signals during an emergency situation with the help of connected medical devices. It provides operational efficiency and thus requires the constant need to track the devices. However, these machines have high installation costs, and therefore small scale healthcare units have not been able to integrate with the technology. Further, the unwillingness of the adoption of digitalization is also hampering the market growth.
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Key players operating in the global medical device connectivity market include Honeywell Hommed Llc., GE Healthcare, Digi International Inc., Nanthealth Inc., Siemens Healthcare AG, Cerner Corporation, Bernoulli Enterprise Inc., TE Connectivity, Qualcomm Inc., Cisco Systems Inc., Lantronix Inc., Infosys Ltd., Koninklijke Philips N.V., Capsule Tech Inc, Medtronic Plc. and others. The manufacturers of the medical device connectivity market are seeking to gain higher market shares by adopting expansionary strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, in order to maintain their position in the market. Capsule Tech Inc. and Siemens Healthcare AG are some of the biggest manufacturers present in the global market of medical device connectivity.
- In February 2019, a company named Francisco Partners announced the acquisition of 'Qualcomm Life,' which is part of the business operation of Qualcomm. The Qualcomm Life part deals with medical device connectivity across different stages in healthcare.
- Recently, in March 2020, Masimo Corporation made a partnership with Imprivata. It helped to merge the medical device access technology of Imprivata with Masimo’s connectivity platform and patient monitoring.
Medical devices solutions dominated the market and held the largest market share of 67.92% in the year 2019
On the basis of the product type segment, the global medical device connectivity market includes medical devices connectivity services and medical devices connectivity solutions. The services segment further includes implementation & integration, support & maintenance, consulting, and training. The solution segment includes medical device integration, telemetry systems, connectivity hubs, and interface devices. The solution segment dominated the market and held the largest market share of 67.92% in the year 2019. This can be attributed to the growing need to integrate healthcare devices for faster and accurate performance.
Wireless technology segment dominated the market and held the largest market share of 41.83% in the year 2019
On the basis of the technology segment, the global medical device connectivity market includes wired, wireless, and hybrid technologies. Wireless technology dominated the market and held the largest market share of 41.83% in the year 2019. Wireless technology has been intensively used for the past few years. Doctors find it convenient for the procurement of better results and also helps in providing better treatment. Further, it minimizes the cost of the procedure by enabling remote monitoring. It also reduces the stay time in the hospital.
The wired segment dominated the market and held the largest market share of 38.02% in the year 2019
On the basis of the component segment, the global medical device connectivity market includes wired, wireless, and hybrid technologies. The wired segment dominated the market and held the largest market share of 38.02% in the year 2019. The wireless hardware segment further includes Wi-Fi hardware, Bluetooth hardware, and wireless web map tile services (WMTS). The traditionally used wired hardware is still in demand owing to the ease of process and know-how of the product in many industries. Further, the wireless hardware segment is expected to grow at a significant rate. Wi-Fi is preferred majorly because of its flexibility.
Hospitals dominated the market and held the largest market share of 46.11% in the year 2019
The end-users segment includes hospitals, diagnostic & imaging centers, home healthcare systems, and ambulatory care centers. Hospitals dominated the market and held the largest market share of 46.11% in the year 2019. Hospitals have broad applications of the medical device connectivity as compared to the other segments. Moreover, the growing investments in the healthcare system have resulted in an increase in demand for advance medical products in the segment.
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Regional Segment Analysis of the Medical Device Connectivity Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global medical device connectivity market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for a significant market share of 36.02% in the year 2019. The increasing integration among the health providers, an increase of connectivity between clinical devices and interoperability solution, a rise in chronic diseases, and the need to reduce the costs associated with treatment are some of the vital factors responsible for the growth of the product in the region. However, Asia-Pacific is expected to grow at a significant rate owing to the growing demand of medical demand connectivity in the healthcare facilities. Further, increasing remote monitoring has contributed to the growth.
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About the report:
The global medical device connectivity market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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