Wireless technologies are predicted to hold the largest market share during the forecast period due to their high-quality patient care. Doctors and careers can continuously monitor patients' health, who can also get real-time updates, allowing for quicker treatment. The industry is growing due to factors including shorter stay times in healthcare facilities and remote patient monitoring to assure patient care and safety. The wired and hybrid technologies are anticipated to expand at lucrative rates.
Data Bridge Market Research shows that the Medical Device Connectivity Market accounted for USD 1.7 billion in 2021 and is expected to reach USD 10 billion by 2029. The market is expected to grow with a CAGR of 24.9% from 2022 to 2029.
"High Adoption Across Healthcare Will Aid Growth"
The telehealth and remote patient monitoring markets are developing, and home healthcare is becoming more and more popular. These are the main factors influencing this market's growth. Furthermore, the market's growth will be accelerated by COVID-19's heavy burden. The use of EHRs is expanding, producing a sizable amount of electronic data that needs to be carefully maintained. This hastens the adoption of connected medical devices even more. It is also projected that the growing focus on patient safety and care quality will fuel market expansion.
What restraints the growth of the Medical Device Connectivity Market?
"Various Limitations Are Expected to Hamper the Market's Growth"
The inability of healthcare professionals to adopt cutting-edge healthcare IT solutions and various integration issues between hospital information systems and medical equipment are projected to hinder market expansion. The lack of qualified specialists will impede market expansion. Additionally, during the forecast period of 2022–2029, the market for medical device connectivity is expected to face challenges from factors like the rising adoption of healthcare startups and data security issues.
Segmentation: Medical Device Connectivity Market
The medical device connectivity market is segmented on the basis of product and service, technology, application, and end user.
- On the basis of product and service, the medical device connectivity market is segmented into medical device connectivity solutions and medical device connectivity services.
- On the basis of technology, the medical device connectivity market is segmented into wired, wireless, and hybrid technologies.
- On the basis of application, the medical device connectivity market is segmented into vital signs and patient monitors, anesthesia machines and ventilators, infusion pumps and others.
- On the basis of end users, the medical device connectivity market is segmented into hospitals, home healthcare centers, diagnostic centers, and ambulatory care centers.
Regional Insights: North America is expected to dominate the Medical Device Connectivity Market
North America is expected to dominate the market due to the growing consolidation of healthcare providers, the widespread usage of clinical device connections, and the stringent regulations set by the many local government and non-government organizations.
- In addition, Europe is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of the region's growing disposable income, rising healthcare costs, improved healthcare products, and growing disposable income.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-medical-device-connectivity-market
Recent Developments in Medical Device Connectivity Market
- In 2021, Koninklijke Philips N.V. was acquired by Capsule Technologies Inc. This strategy improved Philips' position in patient care management connection solutions for hospitals. Capsule Technology is a well-known medical device integration and data technology supplier for hospitals and healthcare organizations.
The Prominent Key Players Operating in the Medical Device Connectivity Market Include:
- Cerner Corporation (U.S.)
- Medtronic (Ireland)
- Masimo (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- General Electric (U.S.)
- Stryker (U.S.)
- iHealth Labs Inc., (U.S.)
- Cisco (U.S.)
- Lantronix Inc. (U.S.)
- Infosys Limited (India)
- Silicon & Software Systems Ltd. (Ireland)
- Spectrum Medical (U.K.)
- Hill-Rom Services Inc. (U.S.)
- Iatric Systems Inc. (U.S.)
- Silex technology, Inc. (Japan)
- Digi International Inc. (U.S.)
- Baxter (U.S.)
- TE Connectivity (Switzerland)
- Bridge-Tech (U.S.)
- Medicollector (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of medical device connectivity market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Medical Device Connectivity Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
