Medical Device Connectivity Market is set to Witness the Valuation of USD 13.13 Billion at a CAGR of 25.5% by 2030
With Medical Device Connectivity Market research report, best market opportunities are brought into focus along with the well-organized information to bring about growth in the market. When globalization is touching new boundaries every day, businesses opt to take advantage of the global market for marketing and trading their product. A panel of industry experts, brilliant researchers, innovative forecasters and knowledgeable analysts work with full devotion to offer clients with this qualitative market analysis report. Complex market insights are turned into simpler ones and then merged in Medical Device Connectivity Market report for a better understanding of end user.
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 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.
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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.
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
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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.
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.)
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Key Pointers Covered in the Medical Device Connectivity Market Industry Trends and Forecast to 2030
Market Size
Market New Sales Volumes
Market Replacement Sales Volumes
Market By Brands
Market Procedure Volumes
Market Product Price Analysis
Market Regulatory Framework and Changes
Market Shares in Different Regions
Recent Developments for Market Competitors
Market Upcoming Applications
Market Innovators Study
FREQUENTLY ASKED QUESTIONS
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