PUNE, India, Jan. 11, 2021 (GLOBE NEWSWIRE) -- The Global Medical Device Connectivity Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Medical Device Connectivity Market size was estimated to be US$ 1.2 billion in 2019 and is expected to grow at a CAGR od 22% through 2030. Rising demand for EMRs to get access to the current patient information is driving the medical device connectivity market. The implementation of such solutions speeds up treatment procedures while improving the outcomes. Remote monitoring is a major trend in the healthcare sector and medical staffs use such technology to monitor patient’s blood pressure and blood sugar level with high accuracy while reducing human errors. RFID tags are used in the hospitals to get detailed information regarding patient using the bar code. The data collected is displayed as the bracelet with RFID bar code is scanned and doctors can monitor and treat patients using the analysis tool. Rising adoption of digitized healthcare infrastructure across the globe with increased demand and adoption of advanced technology in medical device connectivity is driving the market growth. The leading players operating in the market are focusing on business expansions through strategic partnerships in the form of mergers and acquisitions, which is anticipated to expedite competition in the market.
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Rising adoption of connected robotic surgery units is anticipated to dominate medical device connectivity consumption in coming years
The global medical device connectivity market is segmented on the basis of component, end-user, and geography. Based on components, the global medical device connectivity market is segmented into wireless hardware, wired hardware, and software. Based on end-user, the global medical device connectivity market is segmented into hospitals, home healthcare, ambulatory care centers, and others. The software of medical device connectivity in component contributed the largest share of 33.5% to the global medical device connectivity market in terms of volume in 2019 and is anticipated to be a dominating segment throughout the forecast period. Growing demand for connected devices for immediate report analysis and instant treatment facilities is fueling the medical device connectivity market. Additionally, the medical and technical companies are working together to obtain the desired product, thereby fueling the growth of the global medical device connectivity market.
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The wireless hardware is anticipated to be the fastest-growing component of medical device connectivity during the forecast period growing at a CAGR of 22.3% during the forecast period in terms of revenue. By end-user, the hospitals of medical device connectivity user-contributed US$ 0.47 Bn to the global medical device connectivity market in 2019 and is anticipated to witness prominent growth during the forecast period. Digitization of healthcare infrastructure will aid doctors to treat patients with more efficiency and accuracy. Which in turn, has bolstered the demand for medical device connectivity across the globe.
Based on geography, the global medical device connectivity market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada, and the Rest of North America. Europe is sub-segmented into Germany, the United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, South Korea, Taiwan, and the Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and the Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
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North America held the largest share of the global medical device connectivity market in terms of revenue and volume in 2019 followed by Europe and Asia Pacific. The U.S. is the major consumer of connected devices with the presence of a large number of market players across the region. Asia Pacific contributed 29.8% share in global medical device connectivity market in 2019 owing to strong demand from the digitization of private hospitals and clinics across Asia. South America contributed a share of 7.6% to the global medical device connectivity market in 2019 in terms of revenue. Rising investment in the healthcare IT sector coupled with the collaboration of government authorities with private players across major countries, primarily Brazil for transforming the medical treatment procedures are anticipated to drive the growth of the South America medical device connectivity market in the coming years.
Major players active in the global medical device connectivity market include Cerner Corporation, Digi International Inc., Philips Healthcare, Cisco Systems Inc., Honeywell HomeMed LLC, Siemens Healthcare, eDevice Inc., GE Healthcare Ltd., Cardiopulmonary Corporation and Qualcomm Inc.
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