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The global medical device connectivity market size is estimated to grow by USD 5,260.83 million at a CAGR of 24.84% between 2023 and 2028.
Digital healthcare refers to the use of electronic devices, smartphones, information and communications technology (ICT), and advanced medical devices in the healthcare industry. Such services combine next-generation IT solutions such as analytics, cloud computing, IoT, and virtualization technology. Healthcare service providers are investing in advanced IT solutions to support the implementation of healthcare 4.0 architecture, which provides a holistic IT ecosystem in hospitals and clinics. Furthermore, mobile healthcare systems deliver healthcare through devices equipped with electronic communications technologies. Such devices include patient monitoring devices, mobile phones, and personal digital assistants. Thus, such factors are expected to drive the growth of the global medical device connectivity market during the forecast period.
Technavio has segmented the market into Technology, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the wireless technologies segment will be significant during the forecast period. In wireless technologies, Bluetooth is used to connect healthcare devices. As most mobile devices support Bluetooth technology, the implementation of this technology in medical applications reduces energy needs as well as costs. Real-time location systems (RTLS) provide real-time data regarding the actual geolocation of an object or people. By combining Bluetooth and RTLS, it is possible to provide the real-time location of patients and their health conditions.
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The wireless technologies segment was valued at USD 465.88 million in 2018. Market players are leveraging IoT for complete temperature tracking and monitoring solutions for multiple requirements of hospital areas. The use of IoT-enabled devices allows more efficient collection and analysis of data than using manual data collection methods. It also reduces the time and increases the level of accuracy. The integration of IoT in the medical sector will also increase the adoption of IoT in medical device systems, which will enhance the features of these communication systems. Thus, such factors are expected to drive the growth of the wireless technologies segment of the market during the forecast period.
Hospitals are considered one of the major end-users where various chronic and neurological surgeries are performed. The growing demand for patient monitoring devices in hospitals is driven by the need for enhanced patient safety, technological advancements, the rising prevalence of chronic diseases, the growing aging population, the need for cost-effectiveness in healthcare, and the demand for remote monitoring solutions. Furthermore, patient monitoring devices play a crucial role in ensuring patient safety by monitoring vital parameters, such as heart rate, blood pressure, oxygen saturation, and respiratory rate, continuously. Consequently, rising demand for patient monitoring equipment from hospitals will boost the growth of the hospital segment of the global medical device connectivity market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers in the market growth and forecasting report that will shape the market during the forecast period. As per the Market forecasting, North America is a dominating region in the global medical device connectivity market, with the US and Canada as the leading revenue-generating countries. Growing awareness of the benefits of medical device connectivity, patient monitoring solutions, increasing work pressure across healthcare facilities, growing advances in patient data collection technologies, and the rising prevalence of chronic diseases are propelling the growth of the medical device connectivity market in the region. Thus as per the market forecast, it is expected to continue the growth in the region.
Furthermore, in North America, the majority of the geriatric population suffers from mental and chronic disorders and is unable to visit hospitals frequently. Thus, these patients significantly rely on remote patient monitoring and home monitoring services and solutions. The market in North America is also driven by the adoption of electronic health records (EHRs) and electronic medical record (EMR) apps. The demand for EMRs and EHRs is highest in the US because of favorable government policies and incentives that promote the use of EMRs in healthcare organizations. Hence, such factors are driving the growth of the regional medical device connectivity market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Baxter International Inc.: The company offers medical device connectivity solutions through its subsidiary Hillrom.
Qualitative and quantitative market research and growth analysis of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key market trends, and challenges.
Growing focus on traditional strategies such as mergers and acquisitions is the primary trend shaping market growth. Market players are opting for business strategies such as acquisitions, to improve their distribution channels and upgrade their product portfolios. For example, in January 2021, Koninklijke Philips N.V. announced the acquisition of Capsule Technologies, Inc., a provider of medical device integration and data technologies for hospitals and healthcare organizations.
Moreover, the acquisition of the Capsule Medical Device Information Platform will allow Koninklijke Philips N.V. to enrich patient care management for all care settings in the hospital, as well as remote patient care. Similarly, In July 2022, Medtronic Plc announced a co-promotion agreement with CathWorks, with an option to acquire the company. Thus, such developments are expected to propel the growth of the market during the forecast period.
Complexities associated with the deployment of medical device connectivity solutions is a challenge that affects market growth. The implementation process of medical device connectivity solutions is complex, as it requires the customization of the system to support safe, quality healthcare to ensure that there is minimal downtime. It is a multi-stage process, and hence, it is important to understand what support and IT infrastructure are required to make it convenient. There is a lack of clarity and knowledge regarding all these requirements, which often leads to improper deployment, resulting in frequent errors and downtime.
Furthermore, to deploy and maintain such a complex system, additional resources, including a dedicated team, are required, which increases labor costs. Data and model issues, workflow changes, financial limitations, and organizational changes are the other obstacles faced during the deployment of medical device connectivity solutions. Hence, the complexity of all the systems and the challenges faced during the integration and deployment of medical device connectivity solutions limit their adoption, thereby impeding the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Device Connectivity Market Customer Landscape
The medical device connectivity market analysis and report forecasts market growth analysis by revenue at global, regional & country levels and provides an analysis of the latest market growth as well as market trends and analysis opportunities from 2018 to 2028.
Medical Device Connectivity Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 24.84% |
Market Growth 2024-2028 |
USD 5,260.83 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
23.73 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 38% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Baxter International Inc., Bridge Tech Medical Inc., Carl Zeiss AG, Cisco Systems Inc., Digi International Inc., Dragerwerk AG and Co. KGaA, GE Healthcare Technologies Inc., Iatric Systems Inc., Infosys Ltd., Koninklijke Philips N.V., Lantronix Inc., Masimo Corp., MediCollector LLC, Medtronic Plc, Murata Machinery Ltd., Oracle Corp., Silicon and Software Systems Ltd., Spectrum Medical Ltd., TE Connectivity Ltd., and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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