The global medical device connectivity market insights is anticipated to garner a healthy CAGR of 25.2% during the forecast period (2023-2032).
Medical device connectivity
enables equipment and medical devices in a healthcare context to interact with
one another and exchange information. Because connected medical devices promise
better information and monitoring systems, the market for them is anticipated
to gain importance. Using real-time location systems, medical equipment that is
connected transmits crucial information including maintenance schedules and
device tracking systems. The increased demand for home healthcare brought on by
the emergence of technologies like mobile-health will aid in the global
market's rise.
When a medical emergency occurs
in a home healthcare setting, connected medical
devices send messages to the doctors and other concerned parties. By
improving the operational effectiveness of the healthcare team, it also helps
to reduce the amount of nursing hours.
On the other hand, security
issues including patient privacy are probably going to limit industry expansion
in the near future. Moreover, small healthcare institutions cannot afford the
added expense of providing connectivity for medical devices, which in turn
restrains the global market's expansion.
Competitive Dashboard
The medical device connectivity
market players comprises Cerner (U.S.), Qualcomm (U.S.), Koninklijke Philips N.V.
(Netherlands), GE Healthcare (U.S.), Medtronic (U.S.), Bernoulli Enterprise
(U.S.), Nanthealth (U.S.), Cisco Systems (U.S.), Lantronix (U.S.), Infosys
(India), Ihealth Lab (U.S.), True Process (U.S.), Stryker Corporation, Nuvon,
Inc, eDevice, Inc., and others.
Medical Device Connectivity Market: Segmental Analysis
The medical
device connectivity market players has been segmented on the basis of
technology, products and services, and end user.
By products and services,
the medical device connectivity market is segmented into medical device
connectivity services and medical device connectivity solutions. Of these, the
medical device connectivity services segment commands the largest share, mainly
due to surging digitization in the health continuum, rising adoption of
interoperability solutions and EHRs in healthcare organizations, especially in
emerging nations, and the soaring need to curb healthcare costs.
The technology segment comprises
wireless technologies, wired technologies, and hybrid technologies. Of these,
the wired technologies segment is likely to gain prominence due to several
benefits provided by wired solutions like improved reliability and data
security, improved physical control, and high-speed network connectivity.
Based on the end users,
the market comprises home healthcare, hospitals, diagnostic centers, ambulatory
care centers, and others. Of these, the hospital's segment is anticipated to
gain prominence, mainly due to the enhanced healthcare infrastructure in the
APAC, improving patient and financial outcomes, and surging need to improve
operational efficiency of the healthcare organizations.
Regional Frontiers
Geographically, the medical
device connectivity market spans across Europe, North America, Asia Pacific,
and the Rest of the World (RoW).
Considering the global scenario,
the U.S. dominates the North American medical device connectivity market, as the
region is the first choice for deploying medical device connectivity solutions,
owing to advancing technologies and established healthcare systems.
Europe acquires the second spot
due to the surging use of medical device connectivity services and solutions,
which augments the efficiency of the healthcare systems and workforce. The
market in the region is also propelled by the rising adoption of wearable
patient monitoring systems in the countries of the region.
The Asia Pacific, on the other
hand, is predicted to grow at the quickest rate since it contains so many
rapidly developing nations, including Malaysia and India. To improve healthcare
and raise public awareness, these nations are heavily using medical device
connection solutions. The region will benefit from a growth in the use of remote
monitoring and medical device connectivity solutions and services.
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