Global Medical Device Connectivity Market Size USD 17.31 Billion in 2032 | Emergen Research
Rising demand for data analytics solutions in the healthcare industry and growing emphasis on patient safety and quality of care are key factors driving medical device connectivity market growth
Vancouver, Nov. 07, 2023 (GLOBE NEWSWIRE) — The global medical device connectivity market size reached USD 1.55 Billion in 2021 and is expected to register a CAGR of 24.5% during the forecast period, according to latest analysis by Emergen Research. Rising demand for data analytics solutions in the healthcare industry is a key factor expected to drive revenue growth of the global medical device connectivity market during the forecast period. Besides, rising emphasis on patient safety and quality of care is expected to further augment market growth. In addition, rising demand for telemedicine and telehealth applications in the healthcare industry is expected to support growth of the global medical device connectivity market going ahead.
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However, inability of some end-users to adopt digital information technology systems is expected to hamper global medical device connectivity market growth to a certain extent during the forecast period.
Segments Covered in Report
|Market size in 2021||USD 1.55 Billion|
|Revenue forecast in 2032||USD 17.31 Billion|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD Billion, and CAGR from 2023 to 2032|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Solution, Service, Technology, End-use, And Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Country scope||U.S., Canada, Mexico, Germany, U.K., France, China, India, Japan, South Korea, Rest of APAC, Brazil, Saudi Arabia, UAE, South Africa|
|Key companies profiled||Infosys Limited, Cisco Systems, Inc., Medtronic plc, Cerner Corporation, Digi International Inc., Lantronix, Inc., Masimo Corporation, Stryker Corporation, Qualcomm Inc., and Baxter International Inc.|
|Customization scope||10 hours of free customization and expert consultation|
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MAJOR COMPANIES and Competitive Landscape
The global medical device connectivity market is fragmented, with a large number of large and medium-sized market players accounting for major revenue share. Key players are focusing and implementing various strategies, entering into mergers and acquisitions, strategic agreements, and contracts, adopting more advanced technologies and offering related solutions. Some prominent players operating in the medical device connectivity market are:
• Infosys Limited
• Cisco Systems, Inc.
• Medtronic plc
• Cerner Corporation
• Digi International Inc.
• Lantronix, Inc.
• Masimo Corporation
• Stryker Corporation
• Qualcomm Inc.
• Baxter International Inc.
- In September 2020, Cheetah Medical, Inc. was acquired by Baxter International Inc. Through this deal, Baxter will strengthen its position in the field of digital healthcare services by incorporating non-invasive hemodynamic monitoring devices and technologies of Cheetah Medical.
- In January 2020, Masimo Corporation reached a definitive agreement to acquire NantHealth, Inc. The deal advances Masimo’s objective to help hospitals enhance the quality of treatment by using hospital automated systems, connectivity, and advanced non-invasive monitoring technologies. Connected care solution provider, NantHealth, Inc. is a well-established player and a pioneer in delivering hospital connectivity solutions, allowing seamless data processing and storage of medical device information via a vendor-agnostic framework in electronic health records or other clinical information systems.
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Some Key Highlights From the Report
- The medical device connectivity solutions segment is expected to account for largest revenue share during the forecast period due to increasing installation of Electronic Health record (EHRs) and Health Information Exchange (HIE) systems. In addition, growing need for integrated healthcare systems is also driving revenue growth of this segment. For example, over the last decade, implementation of fundamental data standards, such as RxNorm (NLM, 2022), Health Level 7 Fast Healthcare Interoperability Resources (FHIR) (HL7 International, n.d.), SNOMED (SNOMED International, n.d.), and the United States Core Data for Interoperability (USCDI) (HealthIT.gov, n.d.), has resulted in significant progress in interoperability.
- The wired segment is expected to grow at a significant rate throughout the forecast period owing to features such as stability, high speed, and ease of access. There are also fewer concerns about security breaches. For example, smart wires with sensing capabilities, are a contemporary trend. The medical device sector is now preferring reactive measures instead of preventative measures. This means that therapeutic devices will be able to detect and notify patients and physicians of possible health issues before they occur. As a result, benefits provided by wired technology are increasing demand for medical device connectivity solutions, which is driving market revenue growth.
- The anesthesia machines and ventilators segment is expected to grow at a rapid rate during the forecast period due to increasing technological advancements. For example, in November 2021, MDoloris Medical Systems’ HFVI MOC-9 high-frequency variability index monitor, has received commercial approval and regulatory clearance in Japan. This device is reported to be the country’s first monitoring device for anesthesia and analgosedation patients. Another example is development of a device called ‘Jivan Vayu’ by the Indian Institute of Technology, Ropar, which could be used instead of a Continuous Positive Airway Pressure (CPAP) machine. CPAP is a treatment technique for individuals who suffer from sleep apnea, which employs mild air pressure, keeps the airways open to allow for easier breathing.
- The hospital segment is expected to lead the global market in terms of revenue share during the forecast period, owing to its ability to make considerable expenditures on medical device connectivity solutions, as well as necessity to deliver superior health services. For example, in 2021, majority of Danish hospitals used Nemo Healthcare fetal monitoring system. In Denmark, around fifty NemoRemote systems are now in service. During pregnancy, both unborn child and mother could be monitored at home using an innovative patch and a tablet.
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Emergen Research has segmented the global medical device connectivity market based on product & services, technology, application, end-use, and region:
- Product & Services Outlook (Revenue, USD Million; 2023-2032)
- Medical Device Connectivity Solutions
- Integration Solutions
- Telemetry Systems
- Connectivity Hubs
- Interface Devices
- Medical Device Connectivity Services
- Support & Maintenance Services
- Implementation & Integration Services
- Training Services
- Consulting Services
- Medical Device Connectivity Solutions
- Technology Outlook (Revenue, USD Million; 2023-2032)
- Application Outlook (Revenue, USD Million; 2023-2032)
- Vital Signs & Patient Monitors
- Anesthesia Machines & Ventilators
- Infusion Pumps
- Other Applications
- Imaging Systems
- Implantable Cardiac Devices
- Respiratory Devices
- Neurological Devices
- Fetal Monitoring Devices
- End-use Outlook (Revenue, USD Million; 2023-2032)
- Home Healthcare Centers
- Ambulatory Care Centers
- Diagnostic & Imaging Centers
- Regional Outlook (Revenue, USD Million; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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