The global medical device connectivity market size is expected to be valued at USD 8.42 Billion in 2028 at a CAGR of 24.3% during the forecast period. Increasing demand for better medical device management in healthcare sector and increasing penetration of digital services in healthcare facilities are key factors driving market growth over the forecast period. Rising need for automatic data entry systems and EHRs are expected to further fuel revenue growth of market over the forecast period. In addition, rising implementation of health information exchange (HIE) solutions that enable interoperability of medical devices is also expected to boost revenue growth of market over the forecast period.
Medical device connectivity refers to combination of medical devices and information systems that automates and streamlines workflow of medical equipment and device. It facilitates uninterrupted data transmission between devices and information systems. Medical device connectivity also eliminates need for manual data entry and this reduces risk of errors, thereby increasing patient safety. Increasing focus on improving patient safety and care quality across healthcare industry is expected to further drive market growth over the forecast period. Increasing capital expenditure in healthcare sector and rising need to improve patient monitoring system is further expected boost demand for medical device connectivity in turn drive market growth over the forecast period.
Increasing collaborations between IT services providers and healthcare facilities are further driving revenue growth of market and this is expected to continue over the forecast period. However, inability and reluctance to adopt advanced digital information technology systems and high costs associated with deployment of medical device connectivity solutions are expected to restrain market growth to a certain extent over the forecast period. In addition, rising incidence of cyber-attacks across the healthcare sector is expected to restrain adoption of medical device connectivity solutions and in turn hampering market growth to a significant extent over the forecast period.
Some Key Highlights in the Report:
- Medical device integration segment is expected to register a significant revenue CAGR over the forecast period. Medical device integration is a software-based solution that collects and combines patients’ vital signs via various medical devices simultaneously. Deployment of this software has increased in the recent past owing to its convenient usage and this is expected to drive revenue growth of segment over the forecast period.
- Implementation and integration segment revenue is expected to expand considerably over the forecast period owing to increasing adoption of medical device connectivity solutions to facilitate integration of medical devices with advanced solutions such as electronic health records (EHRs) and electronic medical records (EMRs).
- Wireless segment is expected to account for largest revenue share in the global market over the forecast period. Growth can be attributed to increased capability of wireless systems to enable doctors to offer high level of healthcare service and improved treatments according to real-time patient data.
- Hospital segment is expected to dominate in terms of market share among other end-user segments owing to increasing adoptions of electronic health records (EHRs) and electronic medical records (EMRs) across healthcare facilities such as hospitals and clinics.
- North America is expected to account for largest revenue share in the global market over the forecast period owing to increasing implementation of patient safety regulations in hospitals across the region. Additionally, robust presence of key healthcare information and technology companies is expected to further support revenue growth of regional market.
- Major companies in the market include Infosys Limited, Cisco Systems, Inc., Medtronic plc, Cerner Corporation, Digi International Inc., Lantronix, Inc., Masimo Corporation, Stryker Corporation, Qualcomm Inc., and Baxter International Inc.
- In January 2021, Stryker Corporation gained a controlling stake in OrthoSensor, Inc., which is a leading manufacturer of medical sensor products that enable surgeons and hospitals to make data-driven assessments. Orthosensor, Inc. is considered a pioneer in joint replacement sensor technology and its product portfolio is expected to support Stryker’s wide range of smart technologies.
For the purpose of this report, Emergen Research has segmented the global medical device connectivity market on the basis of solution, service, technology, end-use, and region:
Solution Outlook (Revenue, USD Billion; 2018–2028)
- Interface Devices
- Telemetry Systems
- Connectivity Hubs
- Medical Device Integration
Service Outlook (Revenue, USD Billion; 2018–2028)
- Support & Maintenance
- Implementation & Integration
Technology Outlook (Revenue, USD Billion; 2018–2028)
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Ambulatory Care Centers
- Diagnostic & Imaging Centers
- Home Healthcare Centers
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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