Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Device Connectivity Market by Product & Services, Technology, Application (Vital Signs & Patient Monitors, Ventilators, Anesthesia Machines, Infusion Pumps, Imaging Systems, Respiratory devices), End User, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global medical device connectivity market is projected to reach USD 7.4 billion by 2028 from USD 2.6 billion in 2023, at a CAGR of 21.5%
The market's growth is primarily fueled by the growing necessity to merge complex data sets due to the widespread adoption of electronic medical records and various healthcare IT initiatives. Factors like rising healthcare expenses, robust government support, the increasing demand for data analytics in healthcare, and the amplified emphasis on quality care and patient safety are boosting the global market for medical device connectivity solutions.
Nevertheless, challenges concerning the integration of hospital information systems with medical devices, the high initial costs of installing these connectivity platforms, and the hesitation among healthcare professionals to embrace sophisticated IT solutions are expected to somewhat constrain the market's growth.
Based on the products and services, the medical device connectivity solutions accounted for the largest share during the forecast period
Based on products and services, the medical device connectivity market is segmented into medical device connectivity solutions, peripheral technologies/medical devices, and medical device connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity.
This segment's significant market share is due to the rising use of EHRs and similar interoperability solutions in healthcare groups. This trend is driven by increasing regulatory demands, changes in healthcare policies, the transition of diagnostics from hospitals to home care, and the rising necessity for unified healthcare systems to enhance healthcare quality and results.
Based on the technology segment, wireless technologies accounted for the largest share during the forecast period
The medical device connectivity market is categorized based on technology into wired, wireless, and hybrid technologies. In 2022, the segment pertaining to wireless technologies dominated the largest portion of the market share within medical device connectivity.
Wireless technologies in healthcare provide enhanced care by ensuring doctors receive instant patient updates, facilitating quicker treatments. These tools also allow shorter hospital stays and cost savings through remote patient monitoring, all while maintaining treatment effectiveness. These advantages are driving the expansion of the wireless technologies segment in the industry.
Based on application segment, vital signs & patient monitors segment accounted for the largest share during the forecast period
Based on applications, the medical device connectivity market has been segmented into vital signs and patient monitors, ventilators, anesthesia machines, infusion pumps, imaging systems, respiratory devices, and others. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022.
The reason behind this is the extensive utilization of these monitors for ongoing patient monitoring, primarily due to the increased occurrence of chronic illnesses among the aging demographic. Additionally, their necessity in emergency rooms and operating theaters contributes to their widespread use. Furthermore, the growing adoption of these monitors for remote patient monitoring during the COVID - 19 pandemic is driving market growth.
Based on end user segment, hospitals accounted for the largest share during the forecast period
Based on end users, the medical device connectivity market is segmented into hospitals and surgical centers, maternity and fertility care, trauma and emergency care, tertiary care centers, home care settings, ambulatory & OPD, imaging and diagnostic centers, and others. In 2022, the hospitals segment accounted for the largest share of the medical device connectivity market.
This segment holds a significant share due to several factors. Firstly, there is a high volume of patients, and hospitals have substantial financial capacity to invest in sophisticated medical device connectivity solutions. Additionally, declining hospital profit margins are pushing for heightened attention toward top-tier patient care and safety. Moreover, the rising usage of remote patient monitoring devices, especially for COVID - 19 patients and those with chronic respiratory illnesses, is propelling the adoption of medical device connectivity solutions and services within this segment.
North America accounted for the largest share in the medical device connectivity market during the forecast period
In 2022, North America accounted for the largest share of the medical device connectivity market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The dominance of this region in the medical device connectivity market stems from several key factors.
Notably, increased collaboration among healthcare providers and the extensive adoption of clinical device connections and interoperability solutions are aimed at managing escalating healthcare expenses. Additionally, strict regulations from bodies like HIPPA, FCC, and CMS play a pivotal role. Furthermore, the presence of numerous industry players significantly contributes to North America's substantial market share in medical device connectivity.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 455 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.6 Billion |
| Forecasted Market Value (USD) by 2028 | $7.4 Billion |
| Compound Annual Growth Rate | 21.5% |
| Regions Covered | Global |
Companies Mentioned
- Ascom Holdings AG
- Baxter International Inc.
- Bridge-Tech Medical, Inc.
- Cisco Systems, Inc.
- Digi International Inc.
- Dragerwerk AG & Co. KGaA
- GE Healthcare
- Honeywell International Inc.
- Iatric Systems, Inc.
- Ihealth Labs Inc.
- Infosys Limited
- Koninklijke Philips N.V.
- Lantronix, Inc.
- Masimo Corporation
- Medicollector LLC
- Medtronic PLC
- Oracle Corporation
- Osi Systems, Inc.
- S3 Connected Health
- Silex Technology, Inc.
- Spectrum Medical Ltd.
- Stryker Corporation
- Te Connectivity Ltd.
- True Process
- Wipro Limited
For more information about this report visit https://www.researchandmarkets.com/r/wu9x9p
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