Medical Device Connectivity Market is Expected to Reach $4.9 billion | MarketsandMarkets.

Chicago, April 04, 2023 (GLOBE NEWSWIRE) -- The medical device connectivity industry is expected to experience tremendous growth in the near future. With the advancement of technology, medical devices are increasingly being connected to the Internet of Things (IoT) and the cloud. This will allow for the sharing of data across multiple systems and provide real-time insight into patient health. Additionally, the use of artificial intelligence and machine learning will enable the development of predictive models that can help improve care and provide more accurate diagnosis and treatments. Furthermore, the use of blockchain technology will help increase security and accuracy of data exchange between medical devices, providers, and patients. This will create new opportunities for improved patient care, preventative care, remote monitoring, and more.

*Medical Device Connectivity market* in terms of revenue was estimated to be worth $1.7 billion in 2021 and is poised to reach $4.9 billion by 2026, growing at a CAGR of 24.4% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. Growth in this market is majorly driven by the increasing consolidation among healthcare providers, growth in the telehealth and remote patient monitoring markets, and the growing inclination towards home healthcare are expected to provide significant growth opportunities for players operating in the medical device connectivity market. The importance of integrating increasingly complex data sets is increasing with the growing adoption of electronic medical records and the implementation of a number of healthcare IT initiatives and healthcare reforms. The high burden of COVID-19, increasing healthcare costs, strong government support and initiatives, increasing need for data analytics in healthcare, and the growing focus on the quality of care and patient safety are further driving the market for medical device connectivity solutions across the globe.

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*Medical Device Connectivity** Market** Scope:*

*Report Coverage* *Details*
Market Revenue in 2021 $1.7 billion
Estimated Value by 2026 $4.9 billion
Growth Rate Poised to grow at a CAGR of 24.4%
Market Size Available for 2019–2026
Forecast Period 2021–2026
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Product & Services, Technology, Application and End-user
Geographies Covered North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increasing consolidation in the healthcare industry
Key Market Drivers Increasing penetration of EHRs & health information exchange systems in healthcare organizations

However, concerns related to integration between various hospital information systems and medical devices, the high installation costs of medical device connectivity platforms and the reluctance of healthcare professionals to adopt advanced healthcare IT solutions are expected to limit the growth of this market to a certain extent.

The global medical device connectivity market is fragmented and highly competitive, with various players governing major shares in the medical device integration solutions in the medical device connectivity markets. Some of the major players governing the overall medical device connectivity market include Cerner Corporation (US), Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), GE Healthcare (US), Stryker Corporation (US), iHealth Labs Inc. (US), Cisco Systems (US), Lantronix Inc. (US), Infosys (India), S3 Connected Health (Ireland), Spectrum Medical Ltd. (UK), Hill-Rom Holdings Inc. (US), Iatric Systems Inc. (US), and Silex Technology (Japan). With the intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired technological capabilities or geographic presence.

Based on product and services, the medical device connectivity market is segmented into medical device connectivity solutions and medical devices connectivity services. The medical device connectivity solutions accounted for the largest share of the medical device connectivity. The large share of this segment can be attributed to the increased adoption of EHRs and other interoperability solutions in healthcare organizations, growing regulatory requirements and healthcare reforms, the shift of point-of-care diagnostics from hospitals to home care settings, and the growing need for integrated healthcare systems to improve the quality and outcome of healthcare.

Based on type, the medical device connectivity solutions market is segmented into medical device integration solutions, interface devices, telemetry systems, and connectivity hubs. In 2020, the medical device integration solutions segment accounted for the largest share of the medical device connectivity solutions market. The large share of this segment is mainly driven by the rising healthcare costs, government support and initiatives to curtail the rising healthcare costs, the growing need to integrate healthcare systems, and efforts from healthcare providers to maximize their returns on investment.

Based on type, the medical device connectivity services market is segmented into implementation & integration services, support & maintenance services, training services, and consulting services. In 2020, the support & maintenance services segment accounted for the largest share of the medical device connectivity services market. Support & maintenance services take care of interoperability and software complexity issues. These services ensure that clients (healthcare providers) obtain access to the vendor company’s technical knowledge base, gain support from its product support team, and acquire application management skills. These factors are supporting the growth of the support & maintenance services market.

Based on technology, the medical device connectivity market is segmented into wired technologies, wireless technologies, and hybrid technologies. In 2020, the wireless technologies segment accounted for the largest share of the medical device connectivity market. Wireless technologies offer a better quality of healthcare as doctors constantly receive real-time updates about patients, enabling faster treatments. These technologies also enable shorter hospital stays and reduced healthcare expenditure through remote patient monitoring without hampering the efficiency of the treatment. These advantages are supporting the growth of the wireless technologies segment.

Based on applications, the medical device connectivity market has been segmented into vital signs & patient monitors, anesthesia machines & ventilators, infusion pumps, and other applications. The other applications segment comprises imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and fetal monitoring devices. The vital signs & patient monitors segment accounted for the largest share of the medical device connectivity market in 2020. This can be attributed to the widespread use of such monitors for continuous patient monitoring due to the rising incidence of chronic disorders among the aging populations and its need in emergency settings and operating rooms. Also, the increasing adoption of such monitors for remote patient monitoring during the COVID-19 pandemic is propelling the market growth.

Based on end users, the medical device connectivity market is segmented into hospitals, home healthcare centers, diagnostic & imaging centers, and ambulatory care centers. In 2020, the hospitals segment accounted for the largest share of the medical device connectivity market. The large share of this segment can be attributed to the large patient volume, the high purchasing power of hospitals to buy advanced medical device connectivity solutions, decreasing margins in hospitals, and increasing focus on offering high-quality patient care and safety. Also, the increasing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19 and the increasing incidence of various chronic respiratory diseases is driving the adoption of medical device connectivity solutions and services in this segment.

In 2020, North America accounted for the largest share of the medical device connectivity market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of this region can be attributed to factors such as growing consolidation among healthcare providers, widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus patients in the US, and stringent regulations and guidelines laid down by various government and non-government authorities such as the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS). The presence of a large number of players in the region is also a key factor contributing to the large share of North America in the medical device connectivity market.

*Key Market Players:*

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

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*Hypothetic Challenges of Medical Device Connectivity Market in Near Future:*

· Ensuring data security and privacy: As medical device connectivity becomes more commonplace, the security and privacy of the data collected and transmitted must be actively protected. This includes encrypting data, using secure protocols, and limiting access to authorized personnel.
· Addressing interoperability issues: Medical device connectivity is only successful if all the connected devices are able to communicate with each other. This requires creating and maintaining standards for interoperability.
· Ensuring reliable and robust connectivity: Connectivity between medical devices must be reliable and robust in order to ensure the safety and efficacy of the devices.
· Managing costs: The increasing complexity of medical device connectivity brings with it increasing costs. Companies must find ways to manage and reduce these costs in order to remain competitive.
· Adapting to changing regulations: As medical device connectivity becomes more common, regulatory bodies around the world are beginning to set standards for its use. Companies must stay up to date with these regulations in order to remain compliant.

*Top 3 Use Cases of Medical Device Connectivity Market:*

· Remote Patient Monitoring: Remote patient monitoring (RPM) is a medical device connectivity technology that enables healthcare providers to monitor patients’ vital signs and health data remotely, in real-time. This technology is used to detect signs of illness or disease, monitor recovery progress, and provide timely feedback to patients and their care teams.
· Clinical Decision Support: Clinical decision support (CDS) is a medical device connectivity technology that provides clinicians with real-time data and evidence-based guidelines to inform their decisions. This technology is used to quickly identify potential diagnoses, suggest treatment options, and provide decision support for patient care.
· Automated Medication Administration: Automated medication administration (AMA) is a medical device connectivity technology that automates the process of dispensing and administering medications. This technology is used to ensure accurate and timely dosing of medications, reduce errors, and improve patient safety.

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*Recent Developments:*

· In 2021, Koninklijke Philips N V signed an agreement to acquire Capsule Technologies Inc. This strategy expanded Philips’ leadership in patient care management connectivity solutions for hospitals, as Capsule Technologies is a leading provider of medical device integration and data technologies for hospitals and healthcare organizations.
· In 2021, Masimo Corporation launched iSirona, a connectivity solution for EMR integration, surveillance monitoring, alarm management, mobile notifications, smart displays, and analytics.
· In 2021, Lantronix launched EDS3000, a multi-serial port for ethernet services that delivers next-generation hybrid ethernet terminal/multi-serial port device server connectivity for easy remote access and management of virtually any IT/networking equipment or edge device (ideal for medical devices).

*Related Reports:*

*mHealth Solutions Market*

*Healthcare IT Market*

*IoT Medical Devices Market*

*Remote Patient Monitoring Market*

*Medical Wearables Market*

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