Rising prevalence of chronic diseases, growing demand for telehealth and remote patient monitoring, and increasing need for automatic data entry systems to reduce manual errors are key factors expected to drive global market growth.
Rising prevalence of chronic diseases, growing demand for telehealth and remote patient monitoring, and increasing need for automatic data entry systems to reduce manual errors are key factors expected to drive global market growth
According to Emergen Research, the global medical device connectivity market size was USD 1.49 billion in 2020 and is expected to reach USD 8.42 billion in 2028 and register a robust revenue CAGR of 24.3% during the forecast period, 2021-2028.
Market Dynamics:
Medical device connectivity solutions and software provide uninterrupted data flow between medical devices and information systems to receive or transmit data from another device or internet. Medical device connectivity helps to eliminate the need for manual data entry, reduce human errors and improve overall workflow. Medical devices can be connected via wireless, wired networks, or hybrid network. Many medium to large scale hospitals, ambulatory care centers, imaging and diagnostic centers, and clinics are adopting these advanced solutions for accessing accurate, up-to-date patient information, remote monitoring of patients with chronic illnesses, improving workflow efficiency, and reducing overall costs.
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Factors such as rapid adoption of health information exchange solutions in health centers, increasing demand for better medical management systems, high penetration of internet and smart devices, and rising geriatric population are expected to drive global market revenue growth during the forecast period. In addition, increasing adoption of homecare settings, growing inclination towards remote monitoring, improving overall healthcare infrastructure, and rising investments in research and development activities are other factors expected to fuel market growth over the forecast period.
However, rising concerns about cyber-attacks, high initial investment required for deploying medical device connectivity solutions, and low awareness about these solutions in many developing and underdeveloped countries are some key factors that can hamper overall market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Hybrid Segment To Register Steady Revenue CAGR:
The hybrid segment is expected to register a steady revenue CAGR over the forecast period owing to rapid adoption of medical device connectivity solutions and systems by many healthcare providers, increasing penetration of internet services, and growing demand for interoperability.
Hospitals Segment to Account for Largest Revenue Share:
The hospitals segment is expected to account for largest revenue share between 2021 and 2028. This can be attributed to large patient pool, rapid adoption of remote patient monitoring and advanced Electronic Health Records (EHR) in hospitals, improving healthcare infrastructure, and increasing need for automatic data entry systems to reduce manual errors and manage large patient data.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market owing to rising prevalence of chronic diseases, growing preference for point-of-care diagnostics, rapid adoption of advanced medical device connectivity solutions, and increasing need for automatic data entry systems. In addition, increasing patient safety regulations in health centers across the region, presence of leading companies, high demand for automatic data entry solutions, and rising investments in developing advanced solutions are expected to drive North America market growth during the forecast period.
Major Companies in the Market Include:
- Infosys Limited
- Cisco Systems, Inc.
- Medtronic plc
- Cerner Corporation
- Digi International Inc.
- Lantronix, Inc.
- Masimo Corporation
- Stryker Corporation
- Qualcomm Inc.
- Baxter International Inc.
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For the purpose of this report, Emergen Research has segmented the global medical device connectivity market on the basis of solution, service, technology, end-use, and region.
Solution Outlook (Revenue, USD Billion; 2018–2028)
- Interface Devices
- Telemetry Systems
- Connectivity Hubs
- Medical Device Integration
Service Outlook (Revenue, USD Billion; 2018–2028)
- Training
- Support & Maintenance
- Consulting
- Implementation & Integration
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Wireless
- Wired
- Hybrid
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Ambulatory Care Centers
- Hospitals
- Diagnostic & Imaging Centers
- Home Healthcare Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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