by The medical device connectivity market involves connecting medical devices such as MRI machines, CT scanners, and monitoring equipment to hospitals’ electronic health records (EHR) systems, allowing clinicians to access patient data seamlessly. Medical device connectivity helps in improving clinician workflow efficiency, enhancing patient safety and experience through real-time access to clinical information at the point of care.
The global Medical Device Connectivity Market is estimated to be valued at US$ 2.6 Billion in 2023 and is expected to exhibit a CAGR Of 14% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rapid advancement in telehealth and telemedicine infrastructure: The COVID-19 pandemic highlighted the critical need for telehealth and telemedicine services globally. This stimulated massive investments in telehealth infrastructure development. For instance, in May 2020, the U.S. government allocated $200 million to support rural healthcare programs and telehealth services under the CARES Act. Rapid digitalization of healthcare with more patients and providers adopting virtual care is expected to drive the integration of medical devices with digital platforms and fuel the medical device connectivity market growth over the forecast period.
Growing need for centralized monitoring of high-acuity patients: The growing geriatric population susceptible to chronic diseases is increasing the prevalence of patients requiring continuous monitoring in long-term care facilities and at home. Medical device connectivity allows continuous transmission of patient health data to clinicians for remote monitoring. This reduces hospital readmissions and improves patient outcomes. The need for centralized monitoring of high-risk patients is expected to propel the medical device connectivity market expansion during the forecast period.
Segment Analysis
The medical device connectivity market can be segmented based on products and end-users. Within products, integration solutions hold the dominant share owing to high demand for interoperability of medical devices with EHRs & healthcare IT systems. Integration solutions enable seamless data transfer from medical devices to healthcare systems and facilitate effective patient monitoring. The rising adoption of digital healthcare is supplementing the growth of this segment.
Under end-users, hospitals remain the key end-user segment due to large volume of patients. Ambulatory care centers are emerging as a lucrative segment attributable to increasing focus on delivering quality outpatient care. Homecare settings present lucrative opportunities for market players attributed to rising geriatric population undergoing remote monitoring.
PEST Analysis
Political: Growing government initiatives to promote digitization of healthcare infrastructure and provision of incentives for adoption of connectivity solutions are aiding market expansion.
Economic: Rising healthcare spends especially in developing nations and availability of funds for digital healthcare programs are positively impacting the market revenue.
Social: Rising incidence of chronic diseases worldwide combined with growing awareness about effectiveness of connectivity in disease management will drive the demand.
Technological: Surge in 5G penetration, rising application of AI/ML and IoT in healthcare are paving ways for development of innovative medical device connectivity solutions. Cloud-based platforms enable seamless data exchange and are gaining popularity.
Key Takeaways
The Global Medical Device Connectivity Market Demand is expected to witness high growth on account of various factors.
Regional analysis indicates North America holds the dominant market share attributing to robust healthcare infrastructure and early adoption of advanced medical technologies in the region. Asia Pacific exhibits bright prospects attributed to growing healthcare expenditures, increasing penetration of private healthcare providers and rising geriatric population undergoing remote patient monitoring.
Key players operating in the medical device connectivity market include Capsule Technologies Inc., Cerner Corporation, GE Healthcare, Philips Healthcare, Medtronic, Masimo, ICU Medical, Cisco Systems Inc., and Lantronix. These players are focusing onR&D investments to develop innovative connectivity and data management solutions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
