The Medical Device Connectivity Market Size was valued at USD 2.52 billion in 2023, and is expected to reach USD 12.12 billion by 2031 and grow at a CAGR of 21.7% over the forecast period 2024-2031.
Medical device connection is a broad concept that also encompasses AI and Big Data Analytics. With the growth of wireless connectivity in nearly every domain, the demand for wireless instruments in the medical field is skyrocketing. Medical device connection is being used extensively in the modernization of hospitals and nursing homes for patient monitoring and dose monitoring. Alerts and emergency alarms are also important components that work as connected devices. The government's regulatory framework encourages interconnectivity in medical facilities, making it increasingly common.
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DRIVERS
RESTRAINTS
OPPORTUNITIES
CHALLENGES
The COVID-19 epidemic had a significant impact on the medical device connectivity market, as demand for remote monitoring and patient engagement solutions increased dramatically. COVID-19 has sparked a surge in interest in medical device connectivity integration in patient monitoring systems and devices, both in hospitals and at home. On the other hand, manufacturers are concentrating their efforts on increasing their product ranges in order to meet this growing demand. Various healthcare facilities are aggressively expanding patient monitoring to include home care and other temporary settings. In addition, several devices associated to the COVID-19 response, such as respiratory, wireless monitoring systems, and point-of-care cardiac monitoring equipment, have witnessed an increase in demand.
The interest for and acknowledgment of medical device connectivity solutions, then again, stayed steady consistently, and the pattern has continued well into 2021. The pandemic has created a flood in interest in remote clinical gadgets, EHR frameworks, and telemetry answers for distant COVID-19 patient checking, with non-medical clinic settings seeing the most take-up.
VALUE CHAIN ANALYSIS
According to a survey conducted by the American Health Association, around 5300 hospitals in the United States are affiliated with a large medical group. Consolidation is required for the medical records and data generated on a daily basis. In addition, the PPACA mandates that health-care businesses use health-care IT solutions in the United States. The Medical Device Connectivity sector has virtually eliminated the scanning and shredding of medical records, as well as the hiring of additional personnel to monitor the documents.
By Product & Services
The medical device connectivity market is portioned into medical device connectivity solutions and clinical gadgets network administrations. The medical device connectivity solutions addressed the greatest part of the clinical gadget availability arrangements. The huge portion of this fragment can be ascribed to the expanded reception of EHRs and other interoperability arrangements in medical services associations, developing administrative necessities and medical care changes, the shift of point-of-care diagnostics from emergency clinics to home consideration settings, and the developing requirement for coordinated medical care frameworks to work on the quality and result of medical services.
By Technology
Wired technologies, wireless technologies, and hybrid technologies are the three types of medical device connectivity. The medical device connectivity market will be dominated by wireless technology. Wireless technologies improve healthcare by allowing clinicians to obtain real-time updates about their patients, allowing for faster treatment. Remote patient monitoring enabled by these technologies also allows for shorter hospital stays and lower healthcare costs without compromising treatment efficiency. The growth of the wireless technology segment is aided by these benefits.
By Application
Vital signs and patient monitors, anaesthetic machines and ventilators, infusion pumps, and other applications are all part of the medical device connection industry. Imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and foetal monitoring devices are among the other applications segment's offerings. The imperative signs and patient screens portion overwhelmed the clinical gadget association market. This is owing to the widespread usage of Like monitors for continuous patient monitoring, which is required in emergency rooms and operating rooms due to the rising incidence of chronic diseases among the elderly population. The market is also growing due to the growing use of such monitors for remote patient monitoring during the COVID-19 epidemic.
By End User
Hospitals, home healthcare facilities, diagnostic & imaging centres, and ambulatory care centres make up the medical device connection industry. The hospital sector held the highest proportion of the medical device connectivity market. The high purchasing power of hospitals to buy modern medical device connectivity solutions, diminishing hospital margins, and a growing focus on providing high-quality patient care and safety are all factors contributing to this segment's substantial share. Also boosting the adoption of medical device connection solutions and services in this category is the growing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19, as well as the rising incidence of various chronic respiratory disorders.
By Product and Services
Medical Device Connectivity Solutions
Implementation and Integration services
Support & maintenance services
Training services
Consulting services
By Technology
Wired technologies
Wireless technologies
Hybrid technologies
By Application
Vital signs & patient monitors
Anesthesia machines & Ventilators
By End User
Hospitals
Home Care Centers
Diagnostic & Imaging Centers
Ambulatory Care Centers
Due to rising disposable income and rising healthcare expenditure, the market is likely to be dominated by North American countries, followed by countries in the European region. In addition, the medical device connectivity market has benefited from the existence of significant industry participants with improved healthcare products. During the estimate time frame, the Asia-Pacific locale is supposed to increment at the quickest rate. Rising R&D spending for the creation of technologically superior healthcare infrastructure are among the elements contributing to the expansion. Market development will also be aided by government initiatives and an increase in per capita income.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Some of the major key players are as follows: Cerner Corporation, GE Healthcare Ltd., Cisco Systems Inc., Digi International Inc., Honeywell HomeMed LLC, Philips Healthcare, Cardiopulmonary Corporation, Qualcomm Inc.eDevice Inc., Siemens Healthcare and Other Players.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 2.52 Billion |
| Market Size by 2031 | US$ 12.12 Billion |
| CAGR | CAGR of 21.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product and Services (Medical Device Connectivity Solutions, Implementation and Integration services, Support & maintenance services, Training services, Consulting services) • By Technology (Wired technologies, Wireless technologies, Hybrid technologies) • By Application (Vital signs & patient monitors, Anesthesia machines & Ventilators, Infusion pumps) • By End User (Hospitals, Home Care Centers, Diagnostic & Imaging Centers, Ambulatory Care Centers) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Cerner Corporation, GE Healthcare Ltd., Cisco Systems Inc., Digi International Inc., Honeywell HomeMed LLC, Philips Healthcare, Cardiopulmonary Corporation and Qualcomm Inc.eDevice Inc., and Siemens Healthcare. |
| DRIVERS | • COVID-19 is becoming more common throughout the world. • EHRs and health information exchange systems are becoming more widely used in healthcare settings. • In terms of cost savings, linked healthcare environments outperform unconnected healthcare environments. escalating medical costs |
| RESTRAINTS | • Little medical care organizations have a high sending cost. • Medical practitioners' reluctance to use advanced healthcare IT technologies |
Ans: The Medical Device Connectivity Market is to grow at a CAGR of 21.7% over the forecast period 2024-2031.
Drivers, Restraints, Opportunities, and Challenges are the factors of marketing dynamics Medical Device Connectivity market.
The COVID-19 epidemic had a significant impact on the medical device connectivity market, as demand for remote monitoring and patient engagement solutions increased dramatically.
Yes, this report covers qualitative and quantitative analysis.
Ans: The Medical Device Connectivity Market 2.52 Bn in 2023.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medical Device Connectivity Market Segmentation, By Product and Services
8.1 Medical Device Connectivity Solutions
8.2 Implementation and Integration services
8.3 Support & maintenance services
8.4 Training services
8.5 Consulting services
9. Medical Device Connectivity Market Segmentation, By Technology
9.1 Wired technologies
9.2 Wireless technologies
9.3 Hybrid technologies
10. Medical Device Connectivity Market Segmentation, By Application
10.1 Vital signs & patient monitors
10.2 Anesthesia machines & Ventilators
10.3 Infusion pumps
11. Medical Device Connectivity Market Segmentation, By End User
11.1 Hospitals
11.2 Home Care Centers
11.3 Diagnostic & Imaging Centers
11.4 Ambulatory Care Centers
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13 Company Profiles
13.1 Cerner Corporation
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 GE Healthcare Ltd.
13.3 Cisco Systems Inc.
13.4 Digi International Inc.
13.5 Honeywell HomeMed LLC
13.6 Philips Healthcare
13.7 Cardiopulmonary Corporation and Qualcomm Inc.
13.8 eDevice Inc.
13.9 Siemens Healthcare.
14. Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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