The global medical device connectivity market size was US$ 1.7 billion in 2021. The global medical device market is forecast to grow to US$ 10.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 21.1% during the forecast period from 2022 to 2030.
The growing trend of medical device connectivity is expected to transform the entire outlook of the healthcare sector. Connectivity with medical devices encompasses various popular concepts, such as artificial intelligence and big data analytics. Automation of hospitals and nursing homes involves extensive uses of medical device connectivity for patient care and dose monitoring. It includes services like emergency alarms and alerts.
Factors Influencing the Market
The global medical device connectivity market is forecast to record significant growth, owing to the rising trend of telehealth and telemedicine technologies. Electronic health records are growing in popularity due to the convenience offered by technologies. Apart from that, it allows patients to have access to their health information anytime they want.
Healthcare data is growing at a substantial pace due to the rapidly increasing pool of patients. As a result, the demand to save this crucial data with strong security will increase. EHR systems are expected to gain traction due to these factors during the study period.
The rising emphasis on drug development will also contribute to the market growth during the analysis period. Apart from that, growing investments by government bodies to cater to the demands of the people that also reside in rural areas and don't have access to efficient healthcare are forecast to drive the medical device connectivity market forward.
On the flip side, the high costs of medical device connectivity systems may limit the market growth during the study period.
COVID-19 Impact Analysis
The medical device connectivity industry recorded a sharp incline in the growth graph due to the COVID-19 pandemic. The pandemic significantly surged the need to adopt remote methods. As a result, the concept of telehealth gained substantial traction during the pandemic period.
Regional Analysis
North America is forecast to hold the largest share in the medical device connectivity market, owing to the rising disposable income and growing healthcare expenditure. Apart from that, the strong foothold of various industry players in the region, such as GE Healthcare, Cerner Corporation, Nanthealth, Inc., etc., will also amplify the growth of the market.
In Asia-Pacific, the healthcare industry is undergoing notable evolution due to rising R&D investments, increasing adoption of smart devices, and favorable policies by government bodies.
Competitors in the Market
• GE Healthcare
• Qualcomm Inc.
• Cerner Corporation
• Nanthealth, Inc.
• Koninklijke Philips N.V.
• Medtronic PLC
• Cisco Systems, Inc.
• Infosys Limited
• Digi International Inc.
• Lantronix, Inc.
• Bernoulli Enterprise, Inc.
• Other Prominent Players
Market Segmentation
The global medical device connectivity market segmentation focuses on Product & Service, Technology, End-User, and Region.
By Product & Service:
• Medical Device Connectivity Solutions
o Medical Device Integration
o Interface Devices
o Connectivity Hubs
o Telemetry Systems
• Medical Device Connectivity Services
o Support and Maintenance
o Implementation and Integration
o Training
o Consulting
By Technology:
• Wired Technologies
• Wireless Technologies
• Hybrid Technologies
By End-User:
• Hospitals
• Home Healthcare Centers
• Diagnostic and Imaging Centers
• Ambulatory Care Centers
By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America