Medical Device Connectivity Market

Medical Device Connectivity Market: By Product and Services, Technology, End-Use, and Region

Market Synopsis:

Global Medical Device Connectivity Market is valued at USD 1.23 Billion in 2022 and estimated to reach a value of USD 6.67 Billion by 2030 at a CAGR of 23.50% 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).

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.

Key Players:

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:

Global Medical Device Connectivity Market is tabulated as follows: