Medical Device Connectivity Market Worth $7.4 Billion | MarketsandMarkets

CHICAGO, Dec. 13, 2023 /PRNewswire/ -- Medical Device Connectivity Market in terms of revenue was estimated to be worth $2.6 billion in 2023 and is poised to reach $7.4 billion by 2028, growing at a CAGR of 21.5% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of the medical device connectivity market is majorly driven by the rise in telehealth and monitoring patients from far away, which is giving big chances for companies in the medical device connectivity market to grow. People also prefer getting healthcare at home, which adds to these growth opportunities.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=83792455

Browse in-depth TOC on "Medical Device Connectivity Market"
417 - Tables
38 - Figures
471 - Pages

Medical Device Connectivity Market Scope:

The medical device connectivity solutions segment is expected to account for the largest share of the medical device connectivity market in 2022.

Categorized by product and services, the medical device connectivity market consists of medical device connectivity solutions, peripheral technologies/medical devices, and medical device connectivity services. In this market, the largest share was attributed to medical device connectivity solutions. This segment's significant market share is driven by heightened EHR and interoperability solution adoption in healthcare organizations. This trend is fueled by escalating regulatory demands, evolving healthcare policies, and the transition of point-of-care diagnostics from hospitals to home-based care. Additionally, the increasing necessity for integrated healthcare systems aimed at enhancing healthcare quality and outcomes further contributes to this segment's prominence in the market.

The wireless technologies segment accounted for the largest share of the medical device connectivity market in 2022.

Categorized by technology, the medical device connectivity market is divided into wired, wireless, and hybrid technologies. In the year 2022, the wireless technologies segment held the greatest market share within medical device connectivity. Wireless technologies in healthcare provide improved quality by ensuring doctors receive immediate patient updates, allowing quicker treatments. These tools facilitate shorter hospital stays and cost reductions via remote patient monitoring, all while maintaining treatment effectiveness. These advantages are driving the expansion of the wireless technologies sector in the industry.

The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022.

Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, ventilators, anesthesia machines, infusion pumps, imaging systems, respiratory devices, and other applications. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2022. This is because these monitors are widely used for ongoing patient monitoring, particularly due to the increasing occurrence of chronic conditions among older demographics. They're crucial in emergency settings and operating rooms, contributing to their extensive adoption.

The hospitals segment accounted for the largest share of the medical device connectivity market in 2022.

Based on end users, the medical device connectivity market is segmented into hospitals and surgical centers, maternity and fertility care, trauma and emergency care, tertiary care centers, home care settings, ambulatory and OPD, imaging and diagnostic centers, and others. In 2022, the hospitals and surgical centers segment accounted for the largest share of the medical device connectivity market. A significant portion of this segment's market share is due to several factors. Firstly, there's a high number of patients, and hospitals have substantial financial capabilities to invest in advanced medical device connectivity solutions. Additionally, hospitals are experiencing declining profit margins, pushing them to prioritize top-quality patient care and safety. Moreover, the rising use of remote patient monitoring devices, especially for COVID-19 patients and those with chronic respiratory illnesses, is boosting the adoption of medical device connectivity solutions and services in this sector.

North America is expected to register the highest CAGR in the medical device connectivity market.

The North American market is expected to grow at the highest CAGR from 2023 to 2028. The reasons for this include increasing collaboration among healthcare providers, extensive use of clinical device connections to manage healthcare expenses, higher cases of COVID-19 patients in the US, strict regulations set by government and non-government bodies, and the existence of numerous companies in the area.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=83792455

Medical Device Connectivity Market Dynamics:

Drivers:

1.  Favourable government support and initiatives

Restraints:

1.  High cost of deployment for small healthcare organizations

Opportunities:

1.  Increasing consolidation in the healthcare industry

Challenge:

1.  Integration between various hospital information systems and medical devices

Key Market Players of Medical Device Connectivity Industry:

The prominent players in the global medical device connectivity market are, GE Healthcare (US), Silex Technology (Japan), Digi International Inc. (US), Bridge-Tech Medical (US), Iatric Systems Inc. (US), Honeywell International (US), Ascom Holdings AG (Switzerland), Wipro Ltd. (India), Medicollector LLC (US), Dragerwerk AG & CO. KGAA (Germany), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), True Process (US), TE Connectivity (Switzerland), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Oracle Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Baxter International Inc. (US), and OSI systems (US).

The break of primary participants was as mentioned below:

• By Company Type – Tier 1–35%, Tier 2–45%, and Tier 3–20%
• By Designation – C-level–35%, Director-level–25%, Others–40%
• By Region – North America–45%, Europe–30%, Asia Pacific–20%, Latin America- 3%, Middle East and Africa–2%

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=83792455

Medical Device Connectivity Market Recent Developments:

• In October 2023, Philips announced new interoperability capabilities that offer a comprehensive view of patient health for improved monitoring and care coordination. The interoperability of Philips Capsule Medical Device Information Platform (MDIP) with Philips Patient Information Center iX (PIC iX), provide hospitals with a first-of-its-kind, comprehensive patient overview. Philips is creating an open patient monitoring ecosystem to bring together disparate medical devices and systems on a single interface. Interoperability between MDIP and PIC iX gives clinicians a new clinical perspective that enables the capture of streaming data flowing freely from a variety of medical device manufacturers on an open, scalable, secure platform.
• In February 2023, the province of Nova Scotia, in collaboration with Nova Scotia Health Authority (NSHA) and IWK Health (IWK), entered into a 10-year agreement with Oracle Cerner to implement an integrated electronic care record across the province. This technology can help improve access to patient information for healthcare professionals.
• During 2021, Koninklijke Philips N V entered into an agreement to purchase Capsule Technologies Inc. This move aimed to enhance Philips' position in delivering connectivity solutions for patient care management within hospital settings. Capsule Technologies, being a prominent provider of medical device integration and data technologies to healthcare organizations, contributed to this strategy of expanding Philips' leadership in the field.
• During 2021, Masimo Corporation introduced iSirona, a connectivity solution designed for integrating with EMRs, surveillance monitoring, managing alarms, providing mobile notifications, incorporating smart displays, and enabling analytics.

Medical Device Connectivity Market - Key Benefits of Buying the Report:

The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.

This report provides insights into the following pointers:

• Analysis of key drivers (rising geriatric population and the subsequent need to expand healthcare access, cost benefits of telehealth, ability to reduce burden on medical resources, advancements in telecommunications, and rising investments in telehealth solutions), restraints (variable regulatory standards across regional markets, healthcare fraud, informal usage of social media for healthcare practices), opportunities (impact of AI in remote patient monitoring market, RPM benefits againts infectious diseases), challenges (behavioral barriers and healthcare affordability, and data accessbility issues).
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global medical device connectivity market. The report analyzes this market by products & services, technology, applications and end users.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global medical device connectivity market
• Market Development: Comprehensive information on the lucrative emerging markets by products & services, technology, application, and end user
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global medical device connectivity market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global medical device connectivity market.

Related Reports:

IoT Medical Devices Market - Global Forecasts to 2028

Remote Patient Monitoring Market - Global Forecasts to 2028

mHealth Solutions Market - Global Forecasts to 2028

Telehealth & Telemedicine Market - Global Forecasts to 2028

Healthcare IT Market - Global Forecasts to 2027

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
2.60 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/medical-device-connectivity-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/medical-device-connectivity.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg