Pune, India, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The global medical device connectivity market size was valued at USD 2.05 Billion in 2021 and is exxpected to grow at a CAGR 25.43% during the forecast period, according to a recent market study by Quince Market Insights. Medical device connectivity is a device used to maintain and establish a connection. Through which data is transferred between a medical device like a patient monitor and an information system to transmit or receive data from another device or internet.
The growing importance of governmental bodies across various developed and underdeveloped countries for building nationwide healthcare information exchanges (NHEs) and adoption of electronic medical record (EMR) solutions are the reasons driving the medical device connectivity market.
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Further, the high-cost structures for connectivity and interoperability solutions for various medical devices, small healthcare organizations struggling for proper internet connections, and also lack wireless connectivity options are restraining the global medical device connectivity market growth.
The advanced technology in healthcare sectors with advanced IT tools is providing opportunities for the players operating in the medical device connectivity market. Consolidation is mostly the preferred strategy adopted by healthcare to increase the patient base and optimization of resource utilization is opening new ways to operate in the coming years.
Designing and developing of products involves high cost and long screening process for government regulations, are giving tough challenges to the market of medical device connectivity.
Impact of COVID-19 on Global Medical Device Connectivity Market
The emergence of the Covid-19 pandemic hampered the normal workings of every business unit. The transportation sector was totally ceased by governmental bodies across the world to decrease the spread of infectious viruses across the world.
The prolonged lockdown, many hospitals are now shifting to home care settings or other temporary setups for expanding patient monitoring to provide optimal care. Also, the demands for remote monitoring and patient engagement solutions have been increased are increasing the demands for global medical device connectivity market.
Global Medical Device Connectivity Market, by Product & Services
Based on product & services, the global medical device connectivity market is segmented into telemetry systems, connectivity hubs, training services, interface devices, medical device connectivity services, medical device connectivity solutions, medical device integration solutions, and implementation & integration solutions.
Medical device connectivity solutions hold the largest market share for global medical device connectivity in 2021 and are expected to remain largest during the forecast period. Factors attributing the growth of the segment is due to increase adoption of electronic health record (EHRs) and other interoperability solutions in healthcare organizations. Additionally, shift of point-of-care diagnostics from hospitals to home care and are driving the medical device connectivity solutions segment.
Global Medical Device Connectivity Market, by Application
Based on application, the market is bifurcated into infusion pumps, vital signs & patient monitors, anesthesia machines & ventilators, and others. Among these, the vital signs & patient monitors segment captures the largest market share for global medical device connectivity in 2021 and is anticipated to remain largest during the coming forecast period.
Factors attributing to the growth of the segment are due to the increasing chronic diseases in aged-populations during emergency purposes and increasing uses of such monitors for monitoring patients continuously due are driving the medical device connectivity market.
Global Medical Device Connectivity Market, by Technology
Based on technology, the market is bifurcated into wireless technologies, wired technologies, and hybrid technologies. Among these, wireless technologies hold the largest market share for medical device connectivity in 2021 and are anticipated to remain the largest during the forecast period.
Factors attributed to the growth of wireless technologies is because it offers a better quality of healthcare as professionals constantly receive real-time updates for patients. In addition, reduction in healthcare expenditures are continuously boosting the market for wireless technologies.
Global Medical Device Connectivity Market, by End-User
Based on end-user, the medical device connectivity market is segmented into ambulatory care services, imaging diagnostic centers, hospitals, and others. The hospital segment captures the largest market share for the global medical device connectivity market in 2021 and is expected to remain largest during the coming forecast period.
Factors attributing to the growth of the hospital segment are the large volume of patients, increasing focus on offering high-quality patient service are driving the global medical device connectivity market.
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Global Medical Device Connectivity Market, by Region
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America is dominating the medical device connectivity market in 2021 and is anticipated to remain dominant during the forecast period. Due to advanced technology and established healthcare systems, medical device connectivity solutions have become the first choice for deployment. Also, the rising number of coronavirus cases in the U.S. which are driving the global medical device connectivity market.
Recent Developments in the Global Medical Device Connectivity Market
- August 2021- Noida medical device park received its final shape. The medical device park will have an incubation center on a five-acre land, which will be a boon for startups' healthcare service providers. YEIDA has signed a MoU with IIT-Kanpur, for the incubation.
- August 2021 – Medical Device Innovation Consortium, declared its launch of Digital Health Initiative. This reflects the company’s assurance to adapt to the evolution of the medical device ecosystem.
- July 2021 – Cognizant and Philips both collaborated to develop more end-to-end solutions. The collaboration enables life sciences companies and healthcare organizations to accelerate clinical trials and improve patient care.
Some Key Findings of the Global Medical Device Connectivity Market Report Include:
- The analysis includes a global medical device connectivity market study, expansions, and forecasts, along with a country-specific analysis.
- An in-depth analysis of the global medical device connectivity market comprises segment by product & services, application, technology, end user, and regions with an analysis of trend-based insights and factors.
- Product offering details on competitive benchmarking and evolution approach adopted by the industry players, along with their investments in the last five years in the global market have been provided in the report.
- The market research includes a study of the provinces, boundaries, drivers, prospects, guidelines, challenges, and procedures that are propelling the global medical device connectivity market.
- The study also offers complex measures of potential market effect during the forecast period and an in-depth overview of the leading companies operating in the global market.
- External as well as internal variables that are expected to have a positive or negative effect on companies have been evaluated, which will offer the decision-makers a strong futuristic view of the industry.
- The research also helps understand the dynamics of the medical device connectivity market structure by analyzing market segments and by projecting the size of the market.
- The report helps to understand the effects of COVID-19 pandemic on medical device connectivity market.
- Some major industry players functional in the global medical device connectivity market are: GE Healthcare, Infosys, True Process, Ihealth Lab, Cerner, Bernoulli Enterprise, Qualcomm, Cisco Systems, Koninklijke Philips N.V., Lantronix, eDevice, Nuvon, Stryker Corporation, and Others.
For more information on this topic please visit our website report titled, “Global Medical Device Connectivity Market, By Product & Services (Telemetry Systems, Connectivity Hubs, Training Services, Interface Devices, Medical Device Connectivity Services, Medical Device Connectivity Solutions, Medical Device Integration Solutions, and Implementation & Integration Solutions), By Application (Vital Signs & Patient Monitors, Infusion Pumps, Anesthesia Machines & Ventilators, and Others), By Technology (Wired Technologies, Wireless Technologies, and Hybrid Technologies), By End User (Imaging & Diagnostic Centers, Ambulatory Care Centers, Hospitals and Others), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, South America)”— in-depth analysis along with the table of contents (ToC).
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