Global Medical Device Connectivity Market – Industry Trends and Forecast to 2030

Global Medical Device Connectivity Market, By Product and Service (Medical Device Connectivity Solutions, Medical Device Connectivity Services), Technology (Wired Technologies, Wireless Technologies, Hybrid Technologies), Application (Vital signs and patient monitors, Anesthesia machines and Ventilators, Infusion pumps, Others), End User (Hospitals, Home Healthcare Centers, Diagnostic Centers, Ambulatory Care Centers) – Industry Trends and Forecast to 2030.

Medical Device Connectivity Market Analysis and Size

Electronic data is a rapidly developing adoption in the healthcare IT market. EHR databases and software offer rich resources to enhance precision medicine development. As per the NCHS (National Center for Health Statistics) at the CDC (Center for Disease Control and Prevention), U.S., the EHR adoption by primary care physicians surged from 72.1% in 2013 to 78.6% in 2014, witnessing an increase of 6.5%. Furthermore, the COVID-19 pandemic increased the demand for medical device connections, which boosted the growth and expansion of the market in the future.

Data Bridge Market Research analyses that the medical device connectivity market, which was USD 2.13 billion in 2022, would rise to USD 13.13 billion by 2030 and is expected to undergo a CAGR of 25.5% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Medical Device Connectivity Market Scope and Segmentation

Market Definition

Medical device connection (MDC) is a patient-oriented integrated medical equipment system that evaluates and observes patients' electronic health records (EHR). Medical gadgets connected through wireless network technologies enable medical care personnel to be on a patient at all times, even when not around. Hospitals demand thorough, accurate, and detailed medical device data enhance clinical outcomes and patient safety as medical device technology advances.

Global Medical Device Connectivity Market Dynamics

Drivers

• Growing Cases of Cancer

According to the International Agency for Research on Cancer (IARC) and Global Cancer Observatory (GLOBOCAN), cancer cases are rising. In Asia, China witnessed 4,285,033 cancer cases in 2018, followed by India and Japan, with 1,157,294 and 883,395 new cases, respectively. Globally, there were an expected 18.1 million cancer cases in 2020, of which 9.3 million were men and 8.8 million were women. The increasing burden of cancer is increasing the demand for advanced technologies, enhancing the wireless technology of the market. These patients need detailed care and constant monitoring, which is possible through this technology. Thus, this factor boosts market growth.

• Increasing Adoption of Wireless Networks

Hospitals and other healthcare providers using wireless medical devices offer increased patient safety and data accuracy, improving patient care. Hospitals are now being provided with the wireless local area network (WLAN) in the infrastructure. WLAN is used in hospitals for health data transmission, communication, and patient monitoring. For instance, clinicians and nurses can make better clinical decisions with accurate patient information delivered through a personal digital assistant (PDA) or phone. Such applications of WLAN are very helpful in improving patient care and healthcare management. Thus, this factor boosts market growth.

Opportunities

• Increasing Initiatives by Organizations

Many initiatives by authorized organizations have surged the market's growth. For instance, HealthIT.gov has stated that the United States Department of Health and Human Services (HHS) is taking various initiatives to achieve an interoperable health IT infrastructure. The growing focus on health IT infrastructure directly boosts the demand for medical device connectivity solutions. Also, India aims to collaborate with Japan to manufacture medical equipment due to a 5-year USD 42 billion investment and finance plan signed in March 2022. It was signed by Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi. Thus, this factor boosts market growth.  

Restraints/Challenges

• High Cost of Deployment for Small Healthcare Organizations

The cost of interoperability and connectivity solutions for various medical devices is significantly high. Small-scale healthcare organizations need help to use internet connectivity to medical devices. This is mainly because of difficulties implementing multiple networks with health setups, wireless connectivity options, and the constant need to install subsequent security layers to prevent data breaches. The high price of this service is restricting the market growth.

This medical device connectivity market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the medical device connectivity market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2021, Capsule Technologies Inc. was acquired by Koninklijke Philips N V. Capsule Technology, a huge provider of data technologies and medical device integration for hospitals and healthcare organizations. This strategy boosted Philips' position in hospital patient care management connection solutions.

Global Medical Device Connectivity Market Scope

The medical device connectivity market is segmented on the basis of product and service, technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product and Service

• Medical Device Connectivity Solutions
• Medical Device Integration Solutions
• Interface Devices
• Telemetry Systems
• Connectivity Hubs
• Medical Device Connectivity Services
• Implementation and Integration Services
• Support And Maintenance Services
• Training Services And Consulting Services

Technology

• Wired
• Wireless
• Hybrid

Application

• Vital signs and patient monitors
• Anesthesia machines and Ventilators
• Infusion pumps
• Others

End User

• Hospitals
• Home Healthcare Centers
• Diagnostic Centers
• Ambulatory Care Centers

Medical Device Connectivity Market Regional Analysis/Insights

The medical device connectivity market is analyzed and market size insights and trends are provided by product and service, technology, application and end user as referenced above.

The countries covered in the medical device connectivity market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the medical device connectivity market because of the growing merging among the major market players, the wide implementation of the clinical device connectivity, and the strict guidelines by the numerous government and non-government authorities within the region.

Asia-Pacific is expected to grow significantly due to the rising R&D investments for producing several technologically advanced healthcare infrastructures. Moreover, many favorable initiatives undertaken by the government, along with an increase in per capita income, will boost market growth.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The medical device connectivity market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for medical device connectivity market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the medical device connectivity market. The data is available for historic period 2011-2021.

Competitive Landscape and Medical Device Connectivity Market Share Analysis

The medical device connectivity market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to medical device connectivity market.

Some of the major players operating in the medical device connectivity market are:

• 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 Systems, Inc. (U.S.)
• Lantronix Inc. (U.S.)
• Infosys Limited (India
•  Silicon & Software Systems Ltd. (Ireland)
• Hill-Rom Services Inc. (U.S.)
• Silex Technology America, Inc (Japan)
• Digi International Inc. (U.S.)
• Baxter (U.S.)
• TE Connectivity (Switzerland)
• Bridge-Tech (U.S)
• MediCollector (U.S.)