Medical Device Connectivity Market Research Report: By Product & Services (Medical Device Connectivity Solutions and Medical Device Connectivity Services), by Technology (Wired Technologies), by Application, and by End-User - Forecast Till 2027
Medical device connectivity market is projected to register a valuation of USD 3.8 billion by 2027, at a CAGR of 25.2% over the forecast period. Moreover, the increasing penetration of Electronic Health Records (EHRs) and health information exchange systems in healthcare organizations, are the factors responsible for the market growth.
Segmentation:
The global medical device connectivity market is segmented on the basis of products and services, technology, and end-user. By products and services, the market is segmented into medical device connectivity solutions and medical device connectivity services. Medical device connectivity solutions are further segmented into medical device integration solutions, telemetry systems, connectivity hubs, and interface devices. Whereas, medical device connectivity services are further segmented into support and maintenance services, implementation and integration services, and training services. Based on application the market is segmented into anesthesiology, respiratory therapy, dialysis, cardiology, oncology, home healthcare, and others.
Based on technology the market is segmented into wired technologies, wireless technologies, and hybrid technologies. By end-user, the market is segmented into hospitals, ambulatory care centers, diagnostic centers, and others. The global medical device connectivity market, by region, is majorly categorized into Americas, Europe, Asia Pacific, and the Middle East and Africa. The American medical device connectivity market is segmented into two regions, namely, North America and South America.
The European region includes both Eastern and Western European countries which are involved in the deployment of medical device connectivity. The countries that are majorly involved in the medical device connectivity market are the U.K., France, Germany, Spain, and Italy, among others.
Key Players:
Some of the key players in this market are Qualcomm (U.S.), Cerner (U.S.), GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Bernoulli Enterprise (U.S.), Medtronic (U.S.), Cisco Systems (U.S.), Nanthealth (U.S.), Infosys (India), Lantronix (U.S.), True Process (U.S.), Ihealth Lab (U.S.), Nuvon, Inc, Stryker Corporation, eDevice, Inc., and others.
Medical Device Connectivity Market – Market Highlights
The integration of IT and healthcare is being widely hyped to possess the potential to reshape the medical care sector and its quality without compromising on the cost. This will help patients especially those who have diabetes and other chronic diseases. The medical device connectivity services and solutions are easy to access and can be used by anyone beyond the barriers of age, class, or country. The medical device connectivity solutions are cost-effective as they save frequently visiting costs in clinics, consultation fees of doctors, and transportation costs, among others. Furthermore, they use real-time health information and provide convenience to patients to avail their benefits and services while sitting in their comfort zones.
Regional Analysis
The Americas dominates the global medical device connectivity market owing to the increasing application in the healthcare IT industry and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure, growing geriatric population, and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global medical device connectivity market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for medical device connectivity. This can be attributed to the presence of developing economies such as India and China and increasing patient population. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
On the other hand, the Middle East and Africa has the least share in the global medical device connectivity market due to the low per capita healthcare expenditure and stringent government policies, especially within the African region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
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