New York, April 06, 2022 (GLOBE NEWSWIRE) -- The novel coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization (WHO) on the 11th of March 2020. The deadly SARS-CoV-2 virus that caused the contagious disease and was first identified in December 2019 in Wuhan, China, disrupted normal human lives as well as business organizations severely. Till the 1st of April 2022, according to the WHO, a total of 486761597 confirmed cases of COVID-19 were registered worldwide, whereas a total of 6142735 deaths were reported to the WHO on the same date. The growing burden of COVID-19 globally raised the need amongst the government of nations worldwide to adopt strict measures so as to restrict the spread of the virus. The stringent restrictions also enforced individuals to adopt telehealth and remote patient services as healthcare service providers focused primarily on providing services to patients who were affected by the coronavirus.
Research Nester has recently released a report titled “Global Medical Device Connectivity Market” which is studied for the forecast period, i.e., 2022-2031. The market research report includes the regulatory and standards landscape, along with the impact of COVID-19 on the market growth in the coming years. In addition to this, the report, which is studied by utilizing primary and secondary research processes, also covers the key market dynamics and further provides a brief analysis of the key players operating in the market.
Telehealth has undoubtedly been a boon for the healthcare industry during the pandemic. According to the Office of the Assistant Secretary for Planning and Evaluation (ASPE) of the United States Department of Health and Human Services (HHS), the share of Medicare visits conducted through telehealth in the year 2020 reached 52.7 Million, up from 0.84 Million in the year 2019. This was a 63-fold increase in the adoption of telehealth in the United States. With the growing adoption of telehealth and remote patient monitoring services, along with the increasing inclination towards home healthcare, there is a growing need amongst the healthcare service providers for the safe, secure, and effective information transfer of information across different medical equipment, thereby promoting the need for medical device connectivity.
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The global medical device connectivity market generated a revenue of USD 1513.25 Million in the year 2021 and is further expected to reach USD 10897.22 Million by the end of 2031. The market growth can also be attributed to the increasing focus of the government of nations worldwide on promoting digital health. For instance, according to the WHO, the Health Assembly, in the year 2013, adopted the resolution WHA66.24 on the standardization and interoperability of eHealth. Additionally, in the year 2020, the global strategy on digital health 2020-2025 was endorsed by the Seventy-third World Health Assembly in decision WHA73(28) (2020). Besides this, the market growth can also be attributed to the growing concern for different types of noncommunicable diseases (NCDs), which according to the WHO kill 41 Million people each year and constitute 71% of all deaths worldwide, and for the need for advanced diagnostics and therapies. In addition to this, the growing awareness amongst individuals for early diagnosis of diseases and the increasing healthcare expenditure worldwide is also expected to create numerous opportunities for market growth. According to the statistics by the World Bank, the current health expenditure per capita (current US$) around the world increased from USD 911.889 Thousand in the year 2010 to USD 1121.796 Thousand in the year 2019.
The global medical device connectivity market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst these, the market in North America generated the largest revenue of USD 534.18 Million in the year 2021 and is further expected to reach a revenue of USD 3944.79 Million by the end of 2031. The market in the region is anticipated to grow on account of the growing adoption of electronic health records (EHRs) and electronic medical records (EMRs) amongst the health care service providers in the region, along with the increasing awareness of the benefits of using telehealth amongst the healthcare service providers. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), in the year 2019, 89.9% of office-based physicians were using an EMR/HER system. Additionally, the statistics also stated that 72.3% of office-based physicians with a certified EMR/HER system. The market in the region is further segmented by country into the United States and Canada, out of which, the market in the United States is anticipated to grow with the highest CAGR of 23.24% during the forecast period and also attain the largest revenue by the end of 2031.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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On the other hand, the medical device connectivity market in the Asia Pacific generated a revenue of USD 364.69 Million in the year 2021 and is further expected to garner the second-largest revenue of USD 2964.04 Million by the end of 2031. The market in the region is further segmented by country into China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, and the Rest of Asia Pacific. Amongst the market in these nations, the market in China registered the largest revenue of USD 141.06 Million in the year 2021 and is further expected to reach a revenue of USD 1259.72 Million by the end of 2031. Further, the market in Japan registered the second-largest revenue of USD 115.26 Million in the year 2021 and is further expected to reach USD 907.0 Million by the end of 2031.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global medical device connectivity market is segmented on the basis of technology into wireless, wired, and hybrid. Amongst these segments, the wireless segment generated the largest revenue of USD 675.43 Million in the year 2021 and is further expected to reach USD 5193.23 Million by the end of 2031. In North America, the segment is expected to garner the largest revenue of USD 1897.45 Million by the end of 2031, up from a revenue of USD 241.98 Million in the year 2021. On the other hand, in the Asia Pacific, the segment generated the largest revenue of USD 162.29 Million in the year 2021 and is further expected to touch USD 1419.78 Million by the end of 2031.
The global medical device connectivity market is further segmented by end-user into hospitals, home care, and others. Amongst these segments, the hospitals segment registered the largest revenue of USD 1093.39 Million in the year 2021 and is further expected to touch USD 8297.25 Million by the end of 2031. In North America, the segment is projected to touch the largest revenue of USD 2958.60 Million by the end of 2031, up from a revenue of USD 384.61 Million in the year 2021. On the other hand, in Europe, the segment is anticipated to reach the largest revenue of USD 2236.11 Million by the end of 2031, up from a revenue of USD 315.94 Million in the year 2021.
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Some of the prominent industry leaders in the global medical device connectivity market that are included in our report are Cerner Corporation (Oracle Corporation), General Electric Healthcare (General Electric Company), Infosys Limited, Cisco Systems Inc., Koninklijke Philips N.V., Medtronic plc, iHealth Labs Inc., Masimo, Capsule Technologies, Digi International Inc., True Process Inc. (Baxter International, Inc.), LANTRONIX, INC., Hill-Rom Services, Inc., and others.
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