$4.9 Bn Medical Device Connectivity Markets, 2026: Integration Solutions, Telemetry, Connectivity Hubs, Vital signs Monitors, Ventilators
DUBLIN, Aug. 24, 2021 /PRNewswire/ -- The "Medical Device Connectivity Market Research" report has been added to ResearchAndMarkets.com's offering.
The global medical device connectivity market is projected to reach USD 4.9 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 24.4%.
Growth in this market is majorly driven by the increasing healthcare cost, the importance of integrating increasingly complex data sets, the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms. The rising COVID-19 cases and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe.
However, the high installation costs of medical device connectivity platforms and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.
Based on the products and services, the medical device connectivity solutions accounted for the largest share during the forecast period
Based on product and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical devices connectivity services.
The medical device connectivity solutions accounted for the largest share of the medical device connectivity, which is attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations. The growing regulatory requirements, healthcare reforms and the shift of point-of-care diagnostics from hospitals to home care settings are also contributing to the growth of this market.
Based on the technology segment, wireless technologies accounted for the largest share during the forecast period
Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. In 2020, the wireless technologies segment accounted for the largest share of the medical device connectivity market.
Wireless technologies offer a better quality of healthcare as doctors constantly receive real-time updates about patients, enabling faster treatments. These technologies also enable shorter hospital stays and reduced healthcare expenditure through remote patient monitoring without hampering the efficiency of the treatment. These advantages are supporting the growth of the wireless technologies segment.
Based on application segment, vital signs & patient monitors segment accounted for the largest share during the forecast period
Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, anesthesia machines & ventilators, infusion pumps, and other applications. The other applications segment comprises imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and fetal monitoring devices.
The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2020. This can be attributed to the widespread use of such monitors for continuous patient monitoring due to the rising incidence of chronic disorders among the aging populations and its need in emergency settings and operating rooms.
Also, the increasing adoption of such monitors for remote patient monitoring during the COVID-19 pandemic is propelling the market growth.
Based on end user segment, hospitals accounted for the largest share during the forecast period
Based on end users, the medical device connectivity market is segmented into hospitals, home healthcare centers, diagnostic & imaging centers, and ambulatory care centers. In 2020, the hospitals segment accounted for the largest share of the medical device connectivity market.
The large share of this segment can be attributed to the large patient volume, the high purchasing power of hospitals to buy advanced medical device connectivity solutions, decreasing margins in hospitals, and increasing focus on offering high-quality patient care and safety.
Also, the increasing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases is driving the adoption of medical device connectivity solutions and services in this segment
North America accounted for the largest share in the medical device connectivity market during the forecast period
In 2020, North America accounted for the largest share of the medical device connectivity market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
The large share of this region can be attributed to factors such as growing consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities such as the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS).
The presence of a large number of players in the region is also a key factor contributing to the large share of North America in the medical device connectivity market.
Premium Insights
- Growing Number of COVID-19 Cases and the Need for Continuous Patient Monitoring to Drive Market Growth
- Hospitals Accounted for the Largest Share of the Asia-Pacific Market in 2020
- China to Register the Highest Revenue Growth During the Forecast Period
- North America Will Continue to Dominate the Medical Device Connectivity Market During the Forecast Period
- Developing Markets to Register a Higher Growth Rate During the Forecast Period
Market Dynamics
Industry Trends
- Shift Towards Cloud-Based Solutions
- Integration of Medical Device Data into Care Delivery Processes
- Growing Need for Semantic Interoperability Through Medical Device Connectivity Solutions
- Transition of Poc Diagnostics from Hospitals to Home Settings
- Growing Adoption of Telehealth Solutions
- Shift from Payment-For-Performance to Payment-For-Outcomes Models is Boosting the Demand for Medical Device Connectivity Solutions
- M2M Communications & Artificial Intelligence Boom in Healthcare
- Low-Power Connectivity Solutions & Advancements in Software Architecture
Market Drivers
- Growing Global Prevalence of COVID-19
- Increasing Penetration of Ehrs & Health Information Exchange Systems in Healthcare Organizations
- Cost Benefits of Connected Healthcare Environments Vis-A-Vis Rising Healthcare Expenditures
- Increasing Integration of Medical Devices with Hospital Information Systems
- Favorable Government Support and Initiatives
- Growing Focus on Care Quality and Patient Safety
- Medical Device Connectivity Aids in Data Analytics
- Growing Investments to Improve Healthcare Infrastructures
Market Restraints
- High Cost of Deployment for Small Healthcare Organizations
- Reluctance of Medical Professionals to Adopt Advanced Healthcare It Solutions
Market Opportunities
- Increasing Consolidation in the Healthcare Industry
- Growing Inclination Towards Home Healthcare
- Growing Telehealth and Remote Patient Monitoring Markets
- Emerging Markets
Market Challenges
- Integration Between Various Hospital Information Systems and Medical Devices
- Data Security Concerns
- Lack of Skilled Healthcare It Professionals
Companies Mentioned
- Ascom Holdings Ag: Company Overview
- Bridge-Tech Medical, Inc.
- Cerner Corporation
- Cisco Systems
- Digi International Inc.
- Dragerwerk AG & Co. KGaA
- GE Healthcare
- Hill-Rom Holdings Inc.
- Honeywell International Inc
- Iatric Systems, Inc.
- Ihealth Labs Inc.
- Infosys
- Koninklijke Philips N.V.
- Lantronix
- Masimo Corporation
- Medicollector LLC
- Medtronic plc
- Osi Systems, Inc.
- S3 Connected Health
- Silex Technology, Inc.
- Spectrum Medical Ltd.
- Stryker Corporation
- Te Connectivity Ltd.
- True Process (A Subsidiary of Baxter International)
- Wipro Limited
For more information about this report visit https://www.researchandmarkets.com/r/398ne1
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