New York, USA, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Medical Device Connectivity Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Medical Device Connectivity Market Information By Product & Services, Technology, End-User, And Region - Forecast till 2030", the market will reach USD 9.4 billion by 2030 at a 25.2% CAGR.
Market Synopsis
A patient-centered system of linked medical technology called Medical Device Connection (MDC) analyzes and keeps track of patients' electronic health information (EHR). Medical professionals can monitor a patient at all times, even from a distance, thanks to medical devices connected via wireless network technologies. As medical equipment technology develops, hospitals strive for comprehensive, accurate, and complete medical device data to enhance clinical results and patient safety. The increasing emphasis on patient safety and quality of care is also anticipated to propel market expansion. Additionally, the linked healthcare environment's cost advantages concerning rising healthcare spending also restrain market expansion during the projected time.
The connectivity of medical devices and improvements in patient safety is also anticipated to support the market's expansion. The main drivers of market growth are the widespread adoption of electronic health records and health-related information exchange systems, rising demand for telehealth and telemedicine technologies, and technological breakthroughs in wireless technologies and Bluetooth-enabled medical equipment. The healthcare market IT is seeing a tremendous increase in the use of electronic data. The healthcare sector has produced enormous volumes of data since it began, mostly due to record keeping, regulatory and compliance obligations, and patient care.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 9.4 Billion |
| CAGR | 25.20% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Products and Services, Technology and End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Growing penetration of EHRs & health information exchange systems in healthcare organizations |
| Increasing adoption of wearable patient monitoring systems |
Medical Device Connectivity Market Competitive Landscape:
The foremost players in the medical device connectivity market are:
- iHealth Labs Inc. (US)
- Bridge-Tech Medical (US)
- S3 Connected Health (Ireland)
- Digi International Inc. (US)
- True Process (US)
- TE Connectivity (Switzerland)
- Ascom Holdings AG (Switzerland), Wipro Ltd. (India)
- Medicollector LLC (US)
- Dragerwerk AG & CO. KGAA (Germany)
- Honeywell International (US)
- Cisco Systems (US)
- Lantronix Inc. (US)
- OSI Systems (US)
Medical Device Connectivity Market Dynamics:
Market Drivers:
The booming telehealth and remote patient monitoring markets worldwide have significantly impacted the market growth. Additionally, it is predicted that the market will benefit greatly from escalating technical breakthroughs, increasing healthcare industry mergers, and expanding acceptance of medical device connections in healthcare facilities. The favorable government efforts and support, together with the growing focus on patient care and quality, will accelerate the growth rate of the medical device connectivity market in the next years. Healthcare businesses are producing a lot of electronic data due to the rapid expansion in the usage of EHRs. Effective data management is required to guarantee that it is used to its full potential to raise patient care standards.
In this respect, medical device connectivity solutions have shown to be successful and are being used more frequently by numerous healthcare organizations to enhance clinical results and lower total healthcare costs. Medical device connection is a crucial part of the automation that the healthcare sector is pursuing across all facets of its operations. The most important drivers driving this market's growth are the expanding telehealth and remote patient monitoring markets and the rising popularity of home healthcare.
Market Restraints:
On the other hand, factors like the reluctance of healthcare providers to adopt modern healthcare IT solutions and several worries about integrating different hospital information systems and medical equipment are anticipated to impede market expansion.
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COVID Analysis
Due to the spike in demand for surveillance devices and patient engagement tools, the COVID-19 epidemic had a substantial influence on the medical device connection industry. The need for medical device connectivity integration in patient monitoring devices and systems in both institutional and home care settings has increased as a result of COVID-19. To fulfill this rising demand, manufacturers instead focus primarily on extending their product lines. Several medical establishments aggressively extend patient monitoring to temporary settings like home care. Additionally, demand for specific products related to the COVID-19 response has increased, including point-of-care cardiac monitoring devices, wireless monitoring systems, and respiratory equipment.
Additionally, it is anticipated that favorable federal programs and support, with rising healthcare costs and the demand for better patient monitoring & information systems, will propel market expansion. The worldwide COVID-19 crisis has also increased the demand for medical services. Additionally, this has caused a rise in healthcare expenses. Healthcare organizations are accelerating the deployment of medical device connectivity to reduce these spiraling expenses. The high cost of COVID-19 will hasten the market's expansion as a whole. EHR use is increasing, creating a vast amount of electronic data that needs to be managed well. This quickens the uptake of healthcare device connectivity even more.
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Medical Device Connectivity Market Segmentation
By technology, the market includes wired technologies, wireless technologies, and hybrid technologies.
By product & services, the market includes medical device connectivity solutions and medical device connectivity services.
By end-user, the market includes hospitals, home care centers, and diagnostic & imaging centers.
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Medical Device Connectivity Market Regional Insights
A significant portion of the global market for medical device connection is anticipated to be dominated by North America because of the region's growing prevalence of chronic diseases and adoption of healthcare IT. Due to the development of cutting-edge technologies and growing public awareness of health issues, the nation spends money on healthcare. To simplify patient treatment, wireless tools are frequently used across the country. Due to the increased usage of connection systems and facilities for medical devices that increase the productivity of healthcare personnel and procedures, Europe had the fastest-growing market share in the global market. The Asia-Pacific region is forecast to expand the quickest during the projected timeframe. The surge is associated with rising R&D spending for developing technologically advanced healthcare infrastructure. Additionally, the expansion of the market will be aided by the government's constructive efforts and an increase in per capita income.
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