Medical Device Connectivity Market to Reach USD 7.40 Billion by 2028

Vantage Market Research

Jan 27, 2022

The Medical Device Connectivity Market is expected to reach USD 7.40 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 23.6% in between 2022 to 2028. Through digitization, the method of storing the patient’s information has increased the security of the patient’s information and the flexibility has improved the overall treatment given to the patient. All these factors are responsible for driving the Medical Device Connectivity market growth.

Key Findings:

  • The Medical Device Connectivity solutions segment is projected to grow at the fastest CAGR during the forecast period. The usage of medical device integration solutions has come up with several healthcare facilities together with investments in healthcare.
  • The wireless technologies segment held the largest market share in 2021. The growth in the segment is driven by the benefits provided by the wireless technologies for doctors who receive updates on time regarding the health status of the patients and assistance in providing treatment on time. The hospital stays are reduced along with healthcare expenditure, thus, propelling the market growth.
  • North America is expected to hold the largest market share in 2021. The increasing adoption of Medical Device Connectivity to reduce healthcare costs coupled with growing alliances among various healthcare providers are the factors that drive the market growth.

Some of key players in Medical Device Connectivity 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)..

Medical Device Connectivity market growth is mainly driven by the growth in telehealth, remote patient monitoring coupled with preferences towards home healthcare. The high burden of the COVID-19 pandemic, healthcare costs, government support & initiatives with a growing focus on the quality of care as well as patient safety are the factors responsible for boosting the market of Medical Device Connectivity solutions globally. On the contrary, the integration between several hospital information systems and the medical devices coupled with the reluctance of healthcare professionals for the adoption of advanced healthcare solutions is the factor that hinders the market growth.

Asia Pacific is poised to record the fastest CAGR. The growing relations among the healthcare providers in the market with the widespread acceptance of clinical device connectivity and interoperability solutions to reduce healthcare costs are anticipated to augment the market growth. Additionally, stringent guidelines laid down by authorities for medical services are the major factor contributing to the regional growth.