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Medical Device Connectivity Market

Medical Device Connectivity Market Size, Share & Segment 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), by Regions and Global Forecast 2022-2028

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.

Medical Device Connectivity Market

MARKET DYNAMICS

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
  • Medical equipment are becoming more integrated with hospital information systems.
  • Support and initiatives from the government
  • Patients' safety and quality of care are becoming increasingly important.
  • Data analysis is aided by medical device connectivity.
  • Increasing funding for hospital infrastructure improvements

RESTRAINTS

  • Little medical care organizations have a high sending cost.
  • Medical practitioners' reluctance to use advanced healthcare IT technologies

OPPORTUNITIES

  • Combination in the medical care industry is turning out to be more normal.
  • An increasing number of people are opting for home healthcare.
  • Telehealth and remote patient monitoring markets are expanding.
  • Markets in transition

CHALLENGES

  • Interoperability of hospital information systems and medical devices
  • Worries about data security
  • There is a scarcity of qualified healthcare IT personnel.

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.

By Technology

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.

By Application

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.

COMPETITIVE LANDSCAPE

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.

MARKET SEGMENTATION

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

Medical Device Connectivity Market

REGIONAL ANALYSIS

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

Medical Device Connectivity Market Report Scope:
Report Attributes Details
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
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

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

11.1 Hospitals

11.2 Home Care Centers

11.3 Diagnostic & Imaging Centers

11.4 Ambulatory Care Centers

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13 Company Profiles

13.1 Cerner Corporation

            13.1.1 Financial

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

 

15 Conclusion

 

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Secondary Research

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