Northbrook, IL 60062 -- (SBWire) -- 01/19/2024 --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 new report by MarketsandMarkets. The growth of the medical device connectivity market is majorly driven by the rise in telehealth and monitoring patients from far away, which is giving big chances for companies in the medical device connectivity market to grow. People also prefer getting healthcare at home, which adds to these growth opportunities.
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The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2022.
Categorized by product and services, the medical device connectivity market consists of medical device connectivity solutions, peripheral technologies/medical devices, and medical device connectivity services. In this market, the largest share was attributed to medical device connectivity solutions. This segment's significant market share is driven by heightened EHR and interoperability solution adoption in healthcare organizations. This trend is fueled by escalating regulatory demands, evolving healthcare policies, and the transition of point-of-care diagnostics from hospitals to home-based care. Additionally, the increasing necessity for integrated healthcare systems aimed at enhancing healthcare quality and outcomes further contributes to this segment's prominence in the market.
The wireless technologies segment accounted for the largest share of the medical device connectivity market in 2022.
Categorized by technology, the medical device connectivity market is divided into wired, wireless, and hybrid technologies. In the year 2022, the wireless technologies segment held the greatest market share within medical device connectivity. Wireless technologies in healthcare provide improved quality by ensuring doctors receive immediate patient updates, allowing quicker treatments. These tools facilitate shorter hospital stays and cost reductions via remote patient monitoring, all while maintaining treatment effectiveness. These advantages are driving the expansion of the wireless technologies sector in the industry.
The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022.
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 because these monitors are widely used for ongoing patient monitoring, particularly due to the increasing occurrence of chronic conditions among older demographics. They're crucial in emergency settings and operating rooms, contributing to their extensive adoption.
The hospitals segment accounted for the largest share of the medical device connectivity market in 2022.
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. A significant portion of this segment's market share is due to several factors. Firstly, there's a high number of patients, and hospitals have substantial financial capabilities to invest in advanced medical device connectivity solutions. Additionally, hospitals are experiencing declining profit margins, pushing them to prioritize top-quality patient care and safety. Moreover, the rising use of remote patient monitoring devices, especially for COVID-19 patients and those with chronic respiratory illnesses, is boosting the adoption of medical device connectivity solutions and services in this sector.
North America is expected to register the highest CAGR in the medical device connectivity market.
The North American market is expected to grow at the highest CAGR from 2023 to 2028. The reasons for this include increasing collaboration among healthcare providers, extensive use of clinical device connections to manage healthcare expenses, higher cases of COVID-19 patients in the US, strict regulations set by government and non-government bodies, and the existence of numerous companies in the area.
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Medical Device Connectivity Market Dynamics:
Drivers:
1. Favourable government support and initiatives
Restraints:
1. High cost of deployment for small healthcare organizations
Opportunities:
1. Increasing consolidation in the healthcare industry
Challenge:
1. Integration between various hospital information systems and medical devices
Key Market Players of Medical Device Connectivity Industry:
The prominent players in the global medical device connectivity market are, GE Healthcare (US), Silex Technology (Japan), Digi International Inc. (US), Bridge-Tech Medical (US), Iatric Systems Inc. (US), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), True Process (US), TE Connectivity (Switzerland), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Oracle Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Baxter International Inc. (US), and OSI systems (US).
The break of primary participants was as mentioned below:
- By Company Type – Tier 1–35%, Tier 2–45%, and Tier 3–20%
- By Designation – C-level–35%, Director-level–25%, Others–40%
- By Region – North America–45%, Europe–30%, Asia Pacific–20%, Latin America- 3%, Middle East and Africa–2%
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Medical Device Connectivity Market 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 Cerner to implement an integrated electronic care record across the province. This technology can 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.
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Future Projections: Medical Device Connectivity Market Enroute to $7.4 Billion by 2028 - Global Trends, Business Strategies, and Latest Research Updates
In October 2023, Philips announced new interoperability capabilities that offer a comprehensive view of patient health for improved monitoring and care coordination.