New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global Medical Device Connectivity Market is forecasted to increase at a CAGR of 25.2% and reach US$ 23.26 billion by the end of 2033.
The adoption of medical device connectivity in vital sign monitoring systems is set to increase rapidly over the coming years. The integration of medical device connectivity in vital sign monitoring systems allows for real-time monitoring and remote access to patient data, improving the quality of care and enabling healthcare providers to make informed decisions.
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Additionally, increasing demand for telemedicine and remote patient monitoring, driven by factors such as the COVID-19 pandemic and an aging population, is also driving the growth of the medical device connectivity market. This trend is expected to continue over the coming years, leading to further growth in the demand for medical device connectivity solutions.
Key Takeaways from Market Study
- By component, services account for a leading share of the medical device connectivity market.
- By end-use vertical, healthcare research centers are estimated to witness staggering growth at a CAGR of 27.2%.
- By application, home healthcare devices are estimated to account for a market share of 29.8%.
- By connectivity technology, demand for wireless connectivity is estimated to surge at a CAGR of 28.9% through 2033.
- North America is estimated to be the market leader for medical device connectivity with a share of 25.9%, followed by Europe at 19.3%, and East Asia at 15.3%.
“Due to the growing demand for vital sign monitoring systems, the medical device connectivity market is anticipated to exhibit significant expansion. Significant upsurge in the need for integration services for medical devices with existing communication technology infrastructure such as 5G technology & 4G LTE connectivity is majorly influencing the growth of the market,” says a Persistence Market Research analyst.
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Key Companies-
- Capsule Technologies Inc.
- Philips Healthcare.
- iHealth Labs Inc.
- Lantronix
- S3 Connected Health
- Cerner Corporation
- GE Healthcare
- Medtronic
- Cisco Systems
- Infosys
- Stryker Corporation
- Nuvon
- NantHealth
Growing Investments in Medical Devices Majorly Driving Demand for Medical Device Connectivity
Increasing investments in the medical device industry have been a major driving factor for the growth of the medical device connectivity market. With rising demand for connected medical devices, healthcare providers and manufacturers are investing in advanced technology to improve patient outcomes and make healthcare more efficient. This has led to the development of innovative medical devices with connectivity features, resulting in the growing demand for various medical device connectivity solutions.
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More Valuable Insights on Offer
Persistence Market Research’s report on the medical device connectivity market is segmented into five sections –
- component (solutions (interface devices, medical device connectivity hubs, medical telemetry solutions, others),
- services (consultation services, integration and deployment services, support & maintenance services)),
- connectivity technology (wired connectivity, wireless connectivity)
- application (vital sign monitoring systems, cardiology devices, ICU systems, oncology systems, home healthcare devices, others)
- end-use vertical (hospitals & clinics, diagnostic centers, healthcare research centers, other end users),
- region (North America, Latin America, Europe, East Asia, South Asia and Pacific, and the Middle East and Africa).
For additional information on how the medical device connectivity market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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