Medical Device Connectivity Market
Medical Device Connectivity Market - Global Industry Assessment & Forecast
- By Product & Services Medical Device Connectivity Solutions, Medical device integration solutions, Interface devices Telemetry systems, Connectivity Hubs, Medical Device Connectivity Services, Implementation and Integration services, Support & maintenance services, Training services, Consulting services
- By Technology Wired technologies, Wireless technologies, Hybrid technologies Global Medical Device Connectivity Market
- By End User Hospitals, Home Care Centers, Diagnostic & Imaging Centers, Ambulatory Care Centers
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
- By Application Vital signs & patient monitors, Anesthesia machines & Ventilators, Infusion pumps, Other applications connected devices
|Forecast Years:||2022 - 2028|
|Historical Years:||2016 - 2021|
|Revenue 2021:||USD 1.68 Billion|
|Revenue 2028:||USD 7.40 Billion|
|Revenue CAGR (2022 - 2028):||23.6%|
|Fastest Growing Region (2022 - 2028)||Asia Pacific|
|Largest Region (2021):||North America|
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Medical Device Connectivity Market: By Product and Services, Technology, End-Use, and Region
Global Medical Device Connectivity Market is valued at USD 1.68 Billion in 2021 and estimated to reach a value of USD 7.40 Billion by 2028 at a CAGR of 23.6% during the forecast period, 2022–2028. The term Medical Device Connectivity is used when describing the methods of communicating to and from a medical device, i.e., the hardware used to connect to wireless or wired networks in order to send or receive data. The need for connectivity between hospitals/healthcare providers and medical devices has grown significantly with the increase in healthcare information technology (HIT) systems. As of 2020, 100% of Multispecialty hospitals and clinics in the U.S. use electronic medical records (EMRs).
Medical Device Connectivity Market Size, 2021 To 2028 (USD Billion)
Increasing Popularity of Telehealth and Telemedicine to Drive Growth of Medical Device Connectivity Market
The advances in HIT have been used to enable "patient-centric" management and safe, efficient transferring of patient data via Medical Device Connectivity including: Remote monitoring or telehealth which allows a doctor or clinician to remotely monitor a patient's health status via telecommunication which can lead to early detection of adverse events or conditions, real-time feedback on device performance, reassurance for patients that they are following the prescribed treatment plan and improved population health by removing barriers to access to care.
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Moreover, the demand for Medical Device Connectivity is increasingly rapidly as it enables remote management of devices such as pacemakers, implantable cardioverter defibrillators, insulin pumps and continuous glucose monitors. This connectivity allows the device itself to contact emergency response teams/providers in the event of a medical emergency associated with the device, such as electrical disturbances or battery depletion.
By Technology, Wireless Segment to Dominate the Medical Device Connectivity Market
As per our findings through a survey of 200 hospitals, which were members of the Hospitals and Health Networks magazine's Research Advisory Board, found that that 80% hospitals are making use of wireless medical devices (WMDs), such as insulin pumps or heart monitors. The ambitious goal is to improve care coordination among the patient's different doctors and caregivers; increase patient safety during transfers between facilities; reduce the time patients spend in hospitals, nursing homes and other health care facilities; and grant access to patient information.
Hospitals are investing more into wireless technology because it is critical for moving healthcare beyond the four walls of a hospital or clinic. The survey also revealed that hospitals are using Wi-Fi, 3G or 4G cellular technologies to access WMDs' data remotely. But the bandwidth required is too much for these systems; hence it is likely that they are being replaced by LTE and 5G in the near future.
North America to Dominate Medical Device Connectivity Market
As of 2021, North America holds the largest share of wireless connectivity devices market in healthcare and is projected to continue the same in the years to come. The region accounted for 45% of the overall revenue generated in the global market in 2021 thanks to a large number of aging population and increasing awareness about the benefits of connected medical devices, high penetration of medical connectivity device in almost 80% of the hospitals in the US and Canada. North America is expected to continue being a major consumer through 2028, thanks to a relatively larger patient base and the rise in healthcare spending.
Medtronic plc (Ireland), Cerner Corporation (US), Koninklijke Philips N.V. (Netherlands), Masimo (US), Stryker Corporation (US), GE Healthcare (US), Cisco Systems (US), iHealth Labs Inc. (US), Infosys (India), Lantronix Inc. (US), Spectrum Medical Ltd. (UK), S3 Connected Health (Ireland), Hill-Rom Holdings Inc. (US), Silex Technology (Japan), Iatric Systems Inc. (US), Digi International Inc. (US), TE Connectivity (Switzerland), True Process (US), Bridge-Tech Medical (US), Dragerwerk AG & CO. KGAA (Germany), Medicollector LLC (US), Honeywell International (US), Wipro Ltd. (India), Ascom Holdings AG (Switzerland), and OSI Systems (US).
Global Medical Device Connectivity Market is segmented as follows:
Regions & Countries Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Global Medical Device Connectivity Market is tabulated as follows:
Frequently Asked Question
The global Medical Device Connectivity valued at USD 1.68 Billion in 2020 and is expected to reach USD 7.40 Billion in 2028 growing at a CAGR of 23.6%.
The prominent players in the market are Medtronic plc (Ireland), Cerner Corporation (US), Koninklijke Philips N.V. (Netherlands), Masimo (US), Stryker Corporation (US), GE Healthcare (US), Cisco Systems (US), iHealth Labs Inc. (US), Infosys (India), Lantronix Inc. (US), Spectrum Medical Ltd. (UK), S3 Connected Health (Ireland), Hill-Rom Holdings Inc. (US), Silex Technology (Japan), Iatric Systems Inc. (US), Digi International Inc. (US), TE Connectivity (Switzerland), True Process (US), Bridge-Tech Medical (US), Dragerwerk AG & CO. KGAA (Germany), Medicollector LLC (US), Honeywell International (US), Wipro Ltd. (India), Ascom Holdings AG (Switzerland), and OSI Systems (US)..
The market is project to grow at a CAGR of 23.6% between 2021 and 2028.
The driving factors of the Medical Device Connectivity include
- Increasing Popularity of Telehealth and Telemedicine
North America was the leading regional segment of the Medical Device Connectivity in 2020.