The increase in the development of modern technologies, equipment designing, and manufacturing sectors are driving the Medical Device Connectivity Market
The market for medical device connectivity was valued at USD 2.02 billion in 2022, and it is anticipated to grow to USD 11.07 billion by 2030, at a CAGR of 23.3%.
Covid-19 Impact & Market Status
Due to COVID-19, the value of the global medical device connectivity market increased because every service shifted from offline mode to online mode that required remote connectivity for service delivery. This caused the healthcare sector to look for an option that will provide remote connectivity with the patients and help them to track, monitor, and analyze their health conditions. This demand provided new opportunities to all the potential companies and they started the development of various wired and wireless devices that would serve this specific purpose. Hence, doctors and consultants were able to connect with their patients and do their proper diagnoses.
Apart from the hardware services, patients can also access software application that provides them with real-time tracking of their health condition and keep them updated.
Wireless connectivity increases the networking efficiency of the healthcare sector.
To monitor remote patients, the use of Bluetooth-connected hardware devices, i.e., wireless devices, is increasing because they provide high range coverage with low latency and high speed. This enables the consultants and doctors to work on live medical data and generate precise reports. In this way, an effective and efficient network channel is built between the patient and the doctor that provides full-time access to the patient’s health condition, tracking, and monitoring features.
The increase in the development of hospitals has increased the market value of North America’s medical device connectivity market.
The medical device connectivity market of North America is the dominating one over all the nations because North America is paying high attention to the growth and development of hospitals. Hospitals are one of the major users of medical connectivity devices, both hardware and software applications. Hence, they pace the growth of the medical device connectivity market and this provides the potential companies to grow their market value and generate a high amount of revenue that increases the GDP of a nation.
The increasing demand for advanced medical devices, both wired and wireless, is providing growth opportunities to the global Medical Device Connectivity Market
The increasing technical development is increasing the demand for more convenient and sophisticated devices that will help the healthcare department to keep track of the physical activities and health of the patients. It also allows the patients to monitor their current health status and gives them a broad view of their health condition and suggests the measures that they should take. In this way, there is an increase in health awareness among various people that helps in the connectivity of healthcare and technical devices.
One of the major benefits of the medical device connectivity market is its ability to help doctors or physicians, and patients track real-time health data. This enables them to have precise analysis. Also, as the number of diseases and injuries is increasing, it is not possible to monitor all the patients individually from time to time. Hence, there is an urgent requirement for a particular device that would aid the healthcare department by tracking and monitoring the health status of the patients. In this way, there will be less burden on the medical staff and they will get timely and precise updates about the health of the patient under observation.
These devices are easy to easy, therefore, a patient can also monitor various features like heart rate, pulse control, oxygen level, and much more. Mobile healthcare applications are one of the widely used software services provided by the medical device connectivity market. These applications work on your android and provide you a platform where you can track, monitor, record, and analyze your daily physical activities, pulse rate, the water level of your body, calories burnt, and much more. Apart from checking these values, the user also has access to a chatbot that will help a patient to get connected to the main authority or provide him with relevant suggestions.
But there are a few restrictions to the medical device connectivity market. This includes the high coverage required by the medical devices that might not be possible in rural areas. In rural areas, people are not much familiar with the software applications, therefore, tracking and health monitoring via mobile applications won’t be a good choice there. Another limitation is data security and privacy. If you are using a hardware or software health monitoring platform, you will share your health data and other registered information with the respective consultant, i.e., your doctor or attendant. Hence, your data no longer remain private and can be accessed by anyone in your network to whom you or your consultant has provided the access authority.
Also, the cost of manufacturing the hardware, wired or wireless, medical connectivity devices is very high. This limits its usage in small healthcare sectors because they are not able to afford these devices for diagnosis and monitoring of the patient’s health. There is heavy cost related to the installation of network connectivity, providing services across various regions, setting the devices in all healthcare sectors, and so on. For this, the expenditure is very high and in developing countries, various medical sectors are not able to afford it.
The major players of the global medical device connectivity market are OSI Systems, Cerner Corporation, Wipro Ltd., Medtronic Plc., Ascom Holdings AG, Masimo, Honeywell International, Koninklijke Philips N.V., Dragerwerk AG & Co. KGAA, GE Healthcare, Medicollector LLC, Stryker Corporation, Bridge-Tech Medical, iHealth Labs Inc., TE Connectivity, Cisco Systems, True Process, Lantronix Inc., Digi International Inc., Infosys, Silex Technology, S3 Connected Health, Latric Systems Inc., Spectrum Medical Ltd., Capsule Technologies Inc., Qualcomm Inc., Nanthealth Inc., Bernoulli Enterprise, and Hill-Rom Holdings Inc.
Latest Innovations in the Global Medical Device Connectivity Market: a Snapshot
- In October 2021, leading medical device connectivity company, Royal Philips has announced the successful integration of Philips Capsule Medical Device Information Platform (MDPI) with over a thousand medical device models via Philips HealthSuite Platform which is already available across several thousand healthcare facilities worldwide. The development is a milestone achievement to fuel growth in the global medical device connectivity market.
Medical Device Connectivity Market Scope
|Revenue forecast in 2030
|USD 2.02 billion
|CAGR of 23.3% during 2020-2030
|Types, Applications, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|OSI Systems, Cerner Corporation, Wipro Ltd., Medtronic Plc., Ascom Holdings AG, Masimo, Honeywell International, Koninklijke Philips N.V., Dragerwerk AG & Co. KGAA, GE Healthcare, Medicollector LLC, Stryker Corporation, Bridge-Tech Medical, iHealth Labs Inc., TE Connectivity, Cisco Systems, True Process, Lantronix Inc., Digi International Inc., Infosys, Silex Technology, S3 Connected Health, Latric Systems Inc., Spectrum Medical Ltd., Capsule Technologies Inc., Qualcomm Inc., Nanthealth Inc., Bernoulli Enterprise, and Hill-Rom Holdings Inc.
Key Segments of the Global Medical Device Connectivity Market
Product and Services Overview, (USD Billion)
- Integration Solutions
- Medical Device Connectivity Solutions
- Medical Device Connectivity Services
- Connectivity Hubs
Technology Overview, (USD Billion)
Application Areas Overview, (USD Billion)
- Vital Signs Monitors
Component Overview, (USD Billion)
- WiFi Hardware
- Wireless Medical Telemetry Hardware
- Bluetooth Hardware
- Wired Hardware
End-Users Overview, (USD Billion)
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa