Medical Device Connectivity Market

According to Stratistics MRC, the Global Medical Device Connectivity Market is accounted for $1.72 billion in 2021 and is expected to reach $8.42 billion by 2028 growing at a CAGR of 25.5% during the forecast period. Medical device connectivity (MDC) is the establishment and maintenance of a connection through which data is transferred between a medical device, such as a patient monitor, and an information system. It is also termed as biomedical device integration or biomedical device connectivity.



Market Dynamics:

Driver:

High Implementation across Healthcare

Growth in telehealth and remote patient monitoring and the growing inclination toward home healthcare are the most significant factors driving the growth of this market. Moreover, the high burden of COVID-19 will also accelerate the market's overall growth. The growth in the adoption of EHRs results in a large volume of electronic data which needs to be managed effectively. This further accelerates its adoption of it. Additionally, the growing focus on the quality of care and patient safety is also expected to fuel market growth. Also, the cost benefits of the connected healthcare environment concerning the growing healthcare spending cushion the market's growth. Patient safety and medical device connectivity aid in data analytics are also projected to bolster the growth of the market.

Restraint:

High Cost

The development of the 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.

Opportunity:

Growing Association in the Healthcare Industry

The healthcare industry is increasingly consolidating in large regional and national healthcare systems are expanding in size. In the US, the execution of the Patient Protection and Affordable Care Act (PPACA) has mandated healthcare organizations in the country to use advanced healthcare IT tools, which, in turn, has increased the financial burden on healthcare organizations. The implementation of such healthcare reforms affects the profit margins of hospitals, doctors, and insurers. To control healthcare delivery costs, healthcare organizations in the US are increasing their patient base and optimizing the utilization of available resources. Incidentally, consolidation is one of the most preferred strategies adopted by healthcare providers to increase their patient base and optimize resource utilization.

Threat:

Integration between various hospital information systems and medical devices

The healthcare industry is increasingly consolidating in large regional and national healthcare systems that are expanding in size. In the US, the execution of the Patient Protection and Affordable Care Act (PPACA) has mandated healthcare organizations in the country to use advanced healthcare IT tools, which, in turn, has increased the financial burden on healthcare organizations. The implementation of such healthcare reforms affects the profit margins of hospitals, doctors, and insurers. To control healthcare delivery costs, healthcare organizations in the US are increasing their patient base and optimizing the utilization of available resources. Incidentally, consolidation is one of the most preferred strategies adopted by healthcare providers to increase their patient base and optimize resource utilization.

Hospitals segment is expected to be the largest during the forecast period

The hospital's segment accounted for the largest share of the market. The large share of this segment can be accredited to the huge patient volume, the high purchasing power of hospitals to buy advanced medical device connectivity solutions, decreasing margins in hospitals, and increasing focus on offering high-quality patient care and safety. Also, the collective focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases is driving the adoption of its solutions and services in this segment.

The Wired Technologies segment is expected to have the highest CAGR during the forecast period

When physicians endlessly 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.

Region with highest share:

Europe is projected to hold the highest market share. Europe is projected to observe a significant amount of growth in the market, because of the increase in disposable income and the rising healthcare expenses. Moreover, the occurrence of prominent key players with advanced healthcare products is further anticipated to propel the growth of the medical device connectivity market in the province in the coming years.

Region with highest CAGR:

North America is projected to have the highest CAGR, North America has been the largest and fastest-growing market, due to better availability of technologies, increasing demand for eHealth solutions, increasing funding for innovation in the medical sector, increasing focus on the quality of care and patient safety, and increasing government initiatives and support in the region. The U.S. contributed the largest revenue to the North American as well as global market. The increasing implementation of electronic health record systems, growing geriatric population, and increasing need for data analytics in healthcare are the key growth driving factors for the U.S. medical device connectivity market.



Key players in the market:

Some of the key players profiled in the Medical Device Connectivity Market include Ascom Holdings AG , Cerner Corporation, Cisco Systems, Digi International Inc, Dragerwerk AG & CO. KGAA, GE Healthcare , Hill-Rom Holdings Inc, Honeywell International, Iatric Systems Inc, iHealth Labs Inc., Infosys, Koninklijke Philips N.V., Lantronix Inc, Masimo , Medicollector LLC , Medtronic plc, S3 Connected Health, Silex Technology, Spectrum Medical Ltd, Stryker Corporation , TE Connectivity, Wipro Ltd.

Key developments:

In February 2021: Lantronix launched EDS3000, a multi-serial port for ethernet services that delivers next-generation hybrid ethernet terminal/multi-serial port device server connectivity for easy remote access and management of virtually any IT/networking equipment or edge device (ideal for medical devices).

In November 2020: GE Healthcare expanded its AI offerings and Edison ecosystem and also introduced breakthrough imaging innovations to help shape the future of healthcare.

In January 2021: Koninklijke Philips N V signed an agreement to acquire Capsule Technologies Inc. This strategy expanded Philips’ leadership in patient care management connectivity solutions for hospitals, as Capsule Technologies is a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.

Components Covered: 
• Wireless Hardware
• Wireless Hardware (Wi-Fi, WMTS, Bluetooth)
• Wireless Medical Telemetry Hardware
• Bluetooth Hardware
• Software 

Product & Services Covered:
• Solutions
• Services 

Technology’s Covered:
• Wired Technologies
• Wireless Technologies
• Hybrid Technologies
  
Applications Covered:
• Anesthesia Machines & Ventilators
• Infusion Pumps
• Vital Signs & Patient Monitors

End Users Covered:
• Ambulatory Care Centers
• Clinics and Dispensaries
• Diagnostic & Imaging Centers
• Home Care Centers
• Hospitals and Paramedical Support

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances