Report Id: SNS/HC/1778 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
The Medical Device Connectivity Market Size was valued at USD 1.8 billion in 2021, and expected to reach USD 8.6 billion by 2028, and grow at a CAGR of 24.5% over the forecast period 2022-2028.
Medical device connection is a broad concept that also encompasses AI and Big Data Analytics. With the growth of wireless connectivity in nearly every domain, the demand for wireless instruments in the medical field is skyrocketing. Medical device connection is being used extensively in the modernization of hospitals and nursing homes for patient monitoring and dose monitoring. Alerts and emergency alarms are also important components that work as connected devices. The government's regulatory framework encourages interconnectivity in medical facilities, making it increasingly common.
IMPACT OF COVID-19
The COVID-19 epidemic had a significant impact on the medical device connectivity market, as demand for remote monitoring and patient engagement solutions increased dramatically. COVID-19 has sparked a surge in interest in medical device connectivity integration in patient monitoring systems and devices, both in hospitals and at home. On the other hand, manufacturers are concentrating their efforts on increasing their product ranges in order to meet this growing demand. Various healthcare facilities are aggressively expanding patient monitoring to include home care and other temporary settings. In addition, several devices associated to the COVID-19 response, such as respiratory, wireless monitoring systems, and point-of-care cardiac monitoring equipment, have witnessed an increase in demand.
The interest for and acknowledgment of medical device connectivity solutions, then again, stayed steady consistently, and the pattern has continued well into 2021. The pandemic has created a flood in interest in remote clinical gadgets, EHR frameworks, and telemetry answers for distant COVID-19 patient checking, with non-medical clinic settings seeing the most take-up.
VALUE CHAIN ANALYSIS
According to a survey conducted by the American Health Association, around 5300 hospitals in the United States are affiliated with a large medical group. Consolidation is required for the medical records and data generated on a daily basis. In addition, the PPACA mandates that health-care businesses use health-care IT solutions in the United States. The Medical Device Connectivity sector has virtually eliminated the scanning and shredding of medical records, as well as the hiring of additional personnel to monitor the documents.
By Product & Services
The medical device connectivity market is portioned into medical device connectivity solutions and clinical gadgets network administrations. The medical device connectivity solutions addressed the greatest part of the clinical gadget availability arrangements. The huge portion of this fragment can be ascribed to the expanded reception of EHRs and other interoperability arrangements in medical services associations, developing administrative necessities and medical care changes, the shift of point-of-care diagnostics from emergency clinics to home consideration settings, and the developing requirement for coordinated medical care frameworks to work on the quality and result of medical services.
Wired technologies, wireless technologies, and hybrid technologies are the three types of medical device connectivity. The medical device connectivity market will be dominated by wireless technology. Wireless technologies improve healthcare by allowing clinicians to obtain real-time updates about their patients, allowing for faster treatment. Remote patient monitoring enabled by these technologies also allows for shorter hospital stays and lower healthcare costs without compromising treatment efficiency. The growth of the wireless technology segment is aided by these benefits.
Vital signs and patient monitors, anaesthetic machines and ventilators, infusion pumps, and other applications are all part of the medical device connection industry. Imaging systems, implantable cardiac devices, respiratory devices, neurological devices, and foetal monitoring devices are among the other applications segment's offerings. The imperative signs and patient screens portion overwhelmed the clinical gadget association market. This is owing to the widespread usage of Like monitors for continuous patient monitoring, which is required in emergency rooms and operating rooms due to the rising incidence of chronic diseases among the elderly population. The market is also growing due to the growing use of such monitors for remote patient monitoring during the COVID-19 epidemic.
By End User
Hospitals, home healthcare facilities, diagnostic & imaging centres, and ambulatory care centres make up the medical device connection industry. The hospital sector held the highest proportion of the medical device connectivity market. The high purchasing power of hospitals to buy modern medical device connectivity solutions, diminishing hospital margins, and a growing focus on providing high-quality patient care and safety are all factors contributing to this segment's substantial share. Also boosting the adoption of medical device connection solutions and services in this category is the growing focus on remote patient monitoring devices for continuous monitoring of patients affected by COVID-19, as well as the rising incidence of various chronic respiratory disorders.
Some of the major key players are as follows: Cerner Corporation, GE Healthcare Ltd., Cisco Systems Inc., Digi International Inc., Honeywell HomeMed LLC, Philips Healthcare, Cardiopulmonary Corporation and Qualcomm Inc.eDevice Inc., and Siemens Healthcare.
By Product and Services
Medical Device Connectivity Solutions
Implementation and Integration services
Support & maintenance services
Vital signs & patient monitors
Anesthesia machines & Ventilators
By End User
Home Care Centers
Diagnostic & Imaging Centers
Ambulatory Care Centers
Due to rising disposable income and rising healthcare expenditure, the market is likely to be dominated by North American countries, followed by countries in the European region. In addition, the medical device connectivity market has benefited from the existence of significant industry participants with improved healthcare products. During the estimate time frame, the Asia-Pacific locale is supposed to increment at the quickest rate. Rising R&D spending for the creation of technologically superior healthcare infrastructure are among the elements contributing to the expansion. Market development will also be aided by government initiatives and an increase in per capita income.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 1.8 Billion|
|Market Size by 2028||US$ 8.6 Billion|
|CAGR||CAGR of 24.5% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product and Services (Medical Device Connectivity Solutions, Implementation and Integration services, Support & maintenance services, Training services, Consulting services)
• By Technology (Wired technologies, Wireless technologies, Hybrid technologies)
• By Application (Vital signs & patient monitors, Anesthesia machines & Ventilators, Infusion pumps)
• By End User (Hospitals, Home Care Centers, Diagnostic & Imaging Centers, Ambulatory Care Centers)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Cerner Corporation, GE Healthcare Ltd., Cisco Systems Inc., Digi International Inc., Honeywell HomeMed LLC, Philips Healthcare, Cardiopulmonary Corporation and Qualcomm Inc.eDevice Inc., and Siemens Healthcare.|
|DRIVERS||• COVID-19 is becoming more common throughout the world.
• EHRs and health information exchange systems are becoming more widely used in healthcare settings.
• In terms of cost savings, linked healthcare environments outperform unconnected healthcare environments. escalating medical costs
|RESTRAINTS||• Little medical care organizations have a high sending cost.
• Medical practitioners' reluctance to use advanced healthcare IT technologies
Frequently Asked Questions (FAQ) :
Cerner Corporation, GE Healthcare Ltd., Cisco Systems Inc., Digi International Inc., Honeywell HomeMed LLC, and Philips Healthcare are some of the key players of Medical Device Connectivity market.
Drivers, Restraints, Opportunities, and Challenges are the factors of marketing dynamics Medical Device Connectivity market.
The COVID-19 epidemic had a significant impact on the medical device connectivity market, as demand for remote monitoring and patient engagement solutions increased dramatically.
Yes, this report covers qualitative and quantitative analysis.
Medical Device Connectivity Market Size was valued at USD 1.8 billion in 2021, and expected to reach USD 8.6 billion by 2028, and grow at a CAGR of 24.5% over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine ware
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Medical Device Connectivity Market Segmentation, By Product and Services
8.1 Medical Device Connectivity Solutions
8.2 Implementation and Integration services
8.3 Support & maintenance services
8.4 Training services
8.5 Consulting services
9. Medical Device Connectivity Market Segmentation, By Technology
9.1 Wired technologies
9.2 Wireless technologies
9.3 Hybrid technologies
10. Medical Device Connectivity Market Segmentation, By Application
10.1 Vital signs & patient monitors
10.2 Anesthesia machines & Ventilators
10.3 Infusion pumps
11. Medical Device Connectivity Market Segmentation, By End User
11.2 Home Care Centers
11.3 Diagnostic & Imaging Centers
11.4 Ambulatory Care Centers
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13 Company Profiles
13.1 Cerner Corporation
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 GE Healthcare Ltd.
13.3 Cisco Systems Inc.
13.4 Digi International Inc.
13.5 Honeywell HomeMed LLC
13.6 Philips Healthcare
13.7 Cardiopulmonary Corporation and Qualcomm Inc.
13.8 eDevice Inc.
13.9 Siemens Healthcare.
14 Competitive Landscape
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.