Medical Device Connectivity Market to surpass USD 4.7 billion by 2030 from USD 1.2 billion in 2018 at a CAGR of 25.5% throughout the forecast period, i.e., 2020-30. The connectivity market for medical devices is gaining importance as it enables better control of patients and the information system, which is the main market driver. In addition, the linked medical devices hold essential data such as the maintenance schedule and the device monitoring system via the real-time location system (RTLS). Owing to the introduction of technology such as mobile health, the demand for home healthcare is another main factor for the sector. In the event of a health emergency in a home healthcare setting, the linked medical devices will send warnings to doctors or concerned individuals.
Connectivity with Medical Devices is a general concept that also includes artificial intelligence and big data analytics. The demand for wireless tools in the medical sector is growing at a tremendous pace with increasing wireless communication in nearly every domain. In terms of patient care and dose monitoring, automation of hospitals and old age homes require significant applications of medical device connectivity. Alerts and emergency alarms often contain essential components that act as linked devices. Govt. supports interconnectivity in medical premises. The regulatory system makes it more popular.
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Medical Device Connectivity Market: Key Players
- GE Healthcare
- Qualcomm Inc.
- Cerner Corporation
- Nanthealth, Inc.
- Koninklijke Philips N.V.
- Medtronic PLC
- Cisco Systems, Inc.
- Infosys Limited
- Digi International Inc.
- Lantronix, Inc.
- Bernoulli Enterprise, Inc
Medical Device Connectivity Market: Segments
Wired technologies segment to grow with the highest CAGR during 2020-30
Medical Device Connectivity Market is segmented by technology into wired technologies, wireless technologies, and hybrid technologies Based on application, the wireless technologies segment held the leading position with a market share in the Medical Device Connectivity market in 2018. When physicians continuously receive real-time information about patients, wireless devices deliver a higher quality of healthcare, allowing quicker treatments. Via remote patient monitoring, these technologies also allow shorter hospital stays and reduced healthcare spending without hampering treatment quality. These benefits allow the growth of the segment of wired technologies to grow. Also, the segment of wired and hybrid technologies is projected to expand at lucrative rates.
Hospitals segment to grow with the highest CAGR during 2020-30
Medical Device Connectivity Market is segmented by end-user into Hospitals, Home Healthcare Centers, Diagnostic and Imaging Centers, and Ambulatory Care Centers. The Hospital segment has been generating the largest revenue throughout the historical and forecast period owing to the increasing adoption of these techniques. This is attributed to the growing number of hospitals and the facilities for healthcare. In addition, the segment’s demand was increased by favorable reimbursement plans and insurance coverage. Combined with rising healthcare prices, the burgeoning geriatric population has increased the market for the home healthcare segment. Due to the rising prevalence of chronic disorders including diabetes, hypertension, cardiac disorders, etc. the segment is also expected to gain prominence.
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Medical Device Connectivity Market: Market Dynamics
Increase in the Demand for Telehealth and Telemedicine Technologies
Increased adoption of electronic health records and health information sharing systems, increased demand for telehealth and telemedicine technologies, and technological developments in wireless and Bluetooth-enabled medical devices are key factors for market development. In the healthcare IT sector, electronic data is a rapidly evolving subject. The healthcare industry has generated tremendous quantities of data since its inception, powered by record-keeping, enforcement and regulatory requirements, and patient care. In order to drive precision medicine growth, EHR databases and software provide rich resources. It is also expected that the growing acceptance of telepathology, the increasing investment in healthcare in developed countries, the market penetration of key producers in developing countries, and the increasing emphasis on drug development will drive the market.
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High cost of Medical Device Connectivity systems
However, the development of the Medical Device Connectivity market is hindered by uncertain reimbursement policies, shortages of trained staff, and the reluctance of older pathologists to embrace modern technologies. While these systems can be afforded by large hospitals with substantial capital budgets, pathologists and academic institutions with small budgets or IT support often cannot afford them. The high cost of these systems combined with a shortage of trained workers to operate Medical Device Connectivity systems is expected to restrict the adoption of these systems.
Medical Device Connectivity Market: Regions
Medical Device Connectivity Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Medical Device Connectivity Market in North America held the largest market share in the year 2018 and it is expected to continue its market dominance in the future followed by the countries in the European region due to raised disposable income and growing healthcare expenditure. In addition, the emergence of major market players with improved healthcare products has strengthened the connectivity market for medical devices. During the forecast period, the Asia-Pacific region is projected to be the fastest-growing market. Growing R&D investments for the development of technologically advanced healthcare infrastructure are factors attributed to growth. In addition, the government’s favorable policies, along with an increase in per capita income, would stimulate business growth.
Medical Device Connectivity Market Segments:
- By Product & Service:
- Medical Device Connectivity Solutions
- Medical Device Integration
- Interface Devices
- Connectivity Hubs
- Telemetry Systems
- Medical Device Connectivity Services
- Support and Maintenance
- Implementation and Integration
- Medical Device Connectivity Solutions
- By Technology:
- Wired Technologies
- Wireless Technologies
- Hybrid Technologies
- By End-User:
- Home Healthcare Centers
- Diagnostic and Imaging Centers
- Ambulatory Care Centers
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